Cryptocurrency prices were lower on Wednesday, even as International Monetary Fund director Christine Lagarde urged central banks to look into issuing digital currencies. “Various central banks around the world are seriously considering these ideas,” Lagarde said in Singapore on Wednesday. “While the case for digital currency is not universal, we should investigate it further, seriously, carefully and creatively.
The British pound weakens slightly versus rivals as U.K. Prime Minister Theresa May attempts to convince a deeply divided government to back a Brexit deal with the European Union.
EUROPE MARKETS European stocks moved higher on Wednesday, reversing earlier losses triggered by swirling economic and political worries, with climbing oil prices and gains in the auto sector helping out.
Investing.com - U.S. futures pointed to a flat to lower open Wednesday, as talks between the U.S. and China failed to lift sentiment and investors looked ahead to inflation data.
CRYPTOWATCH Bitcoin traded lower Wednesday, on track for a third consecutive losing session. In midmorning trade, a single bitcoin (BTCUSD) was fetching $6,261.36, down 1.1% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange.
Italy re-submitted its draft budget for next year to the European Commission with the same growth and deficit assumptions as a draft rejected last month for breaking European Union rules, but with falling debt, the new draft showed. Thu Lan Nguyen, a strategist at Commerzbank, said she "did not anticipate an escalation in the crisis in Italy", but "much will depend on how the Europeans react.
Investing.com - The dollar dipped against a currency basket on Wednesday, while the pound slipped back below the 1.30 level ahead of a key UK cabinet meeting to debate the draft agreement on Brexit hammered out after more than a year of talks.
The euro zone economy grew at its slowest pace in four years in the third quarter of 2018, while employment growth also eased during the period, data released on Wednesday showed. Euro zone gross domestic product (GDP) rose by 0.2 percent in the July-Sept period, European statistics agency Eurostat reported, confirming its earlier preliminary flash estimate from Oct. 30. The economy of Germany, the euro zone's largest, contracted by 0.2 percent, France's was 0.4 percent stronger, while Italy's was unchanged in the quarter.
(Reuters) - Indian shares erased earlier gains to close little changed on Wednesday, with a firm rupee weighing on IT and healthcare stocks, while private sector lender ICICI Bank Ltd rose to a record ...
EURUSD is currently testing the broken 1.13 psychological support as a closest resistance. This movement is quite typical for the forex market and is a normal type of a price action. The first contact with the resistance resulted with a bounce but it looks like buyers will try one more time.
We’re looking at a possible two-sided trade today unless the dollar makes a definitive move in either direction. The Brexit news may have created more uncertainty for Euro traders because the details haven’t been released yet. Furthermore, it still has to be approved by the UK politicians.
Investing.com - Gold prices edged up on Wednesday while the dollar remained unchanged, as investors awaited a speech by Federal Reserve chairman Jerome Powell due later in the day.
Investing.com - The yuan was flat on Wednesday after China reported a mixed economic report card for October. The dollar was unchanged as traders awaited Federal Reserve chairman Jerome Powell’s speech later in the day.
Investing.com - Cryptocurrency prices were mixed on Wednesday morning in Asia, with Bitcoin alone edging up among other major digital tokens, and HSBC investing in New York-based blockchain startup Axoni on Tuesday.
The AUD/USD and NZD/USD should continue to be underpinned as long as investors remain optimistic over the developments over US-China trade relations. Technical factors could slow down the rally because both Forex pairs are nearing potential resistance areas. A risk-off scenario because of heightened stock market volatility, or turmoil in Europe is likely to drive investors into the safe-haven U.S. Dollar, which could put pressure on the AUD/USD and the NZD/USD.
Generally speaking, renewed demand for risky assets and higher Treasury yields should drive the USD/JPY through this week’s high at 114.210 and into the October high at 114.580, followed by the November 6, 2017 main top at 114.728. The latter is a potential trigger point for an acceleration to the upside. A risk-off scenario because of heightened stock market volatility, or turmoil in Europe is likely to drive investors into the safe-haven Japanese Yen, leading to a weaker USD/JPY.
Based on this week’s price action, the direction of the AUD/USD the rest of the week is likely to be determined by trader reaction to the downtrending Gann angle at .7217.
The direction of the December Comex Gold market the rest of the week will be determined by trader reaction to the 50% level at $1206.60 and the 61.8% level at $1197.20.
While inflation figures out of the UK and U.S and 3rd quarter GDP numbers out of Germany will be in Focus, it could all come down to Brexit and Italy.
Euro zone GDP growth will hit a faster albeit still modest rate this quarter, allowing the European Central Bank to end its stimulus programme next month as planned, despite economic and political concerns, a Reuters poll found. The Nov 8-13 poll of nearly 90 economists predicted economic growth of 0.4 percent this quarter, double the unexpectedly weak 0.2 percent - the slowest pace in the bloc more than four years - of the third.
Investing.com - Gold broke below its long-held perch of $1,200 an ounce on Tuesday before settling above that key psychological level, keeping alive bullion fans' hopes of a recovery as equity markets struggled again.
Bitcoin prices are mostly unchanged Tuesday, extending the recent lull in price activity that has pushed a popular gauge of volatility to its lowest level in almost two years.
Investing.com – The dollar eased against its rivals Tuesday, amid a surge in sterling after the European Union and Britain agreed a draft text of a Brexit withdrawal agreement, though doubts lingered about whether the U.K. parliament would back the deal.
The price of oil, one of Canada's major exports, plunged to lows not seen since last November due to ongoing worries about weakening global demand, oversupply and declines across other asset classes, including equities. U.S. crude oil futures settled 7.1 percent lower at $55.69 a barrel. The slide in oil prices "is delivering a very, very hard blow to the Canadian dollar," said Karl Schamotta, director global markets strategy at Cambridge Global Payments.