The British pound jumped Tuesday, shaking off losses seen at the start of the week, after upbeat comments over a possible Brexit deal from the European Union’s negotiator.
Whatever the outcome of the EU summit that will decide the fate of Brexit later this week, the U.K. government will embark on a big spending binge. But financial markets shouldn’t worry.
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There are no major economic releases in the United States on Tuesday, but it is the start of earnings season on Wall Street. Although most analysts are forecasting a weak earnings season, today’s session started with a bang with a number of major companies posting big earnings beats.
Investing.com -- Gold prices tumbled on Tuesday as reports suggested the EU and U.K. were closing in on a deal to avert a disorderly and economically damaging Brexit on Oct. 31.
Based on the early price action and the current price at 1.1021, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the main 50% level at 1.1021.
Investing.com - The pound spiked on Tuesday after Bloomberg reported that the U.K. and European Union are close to agreeing on a legal draft of a Brexit deal.
GBP/USD has recovered back towards recent highs but was little moved by the UK jobs report as investors continue to focus on Brexit developments.
Investing.com – Wall Street was higher on Tuesday after robust third-quarter earnings from JPMorgan Chase (NYSE:JPM), UnitedHealth (NYSE:UNH) and Johnson & Johnson (NYSE:JNJ).
This week will be critical for the British currency, which may result in increased volatility of sterling both downwards and upwards. Right now, positive market sentiment supported by hopes for approval of the UK exit from the EU.
Precious metals moved strongly on Friday, and did so on significant volume. The reversals we have seen on Thursday got resolved with a heavy thud. Let’s dive into the many charts and perspectives and explore how well they support the upcoming move across the sector.
Wednesday’s Asian session was calm, as the Chinese yuan and NZ and Australian dollars are steady. The RBA minutes were dovish, and New Zealand will release CPI for the third quarter.
It was a quiet Monday session with the U.S. and parts of Asia out for bank holidays. Risk assets skewed lower, and US equities fell back a little on Monday after China signalled it wants more discussion to iron out details of any partial deal before signing it, including the removal of added tariffs planned for December.
Investing.com -- The British pound took center stage again on Tuesday, rising sharply against the dollar and euro on renewed speculation of a deal to allow the U.K. to leave the EU smoothly at the end of the month.
Investing.com - Stocks pulled back slightly Monday after concerns emerged that the U.S.-China trade deal announced Friday might not be as solid as first thought.
A cryptocurrency exchange-traded fund (ETF) has yet to garner regulatory approval, but Grayscale Investments has gotten a green light from FINRA for a publicly-quoted security that derives its value from a basket of digital currencies. The post Grayscale gets FINRA approval for Digital Large Cap Fund appeared first on The Block.
Based on the early price action and the current price at $1497.40, the direction of the December Comex gold market into the close on Monday is likely to be determined by trader reaction to the short-term pivot at $1495.40.
Gold markets did very little to kick off the week on Monday, as traders are essentially trying to figure out where to go in general. This is a market that will ultimately be heavily influenced by a lot of the noise coming out of the US/China trade talks and beyond.
The US dollar chopped back and forth during the trading session on Monday as the 200 day EMA continues to cause bits and pieces of resistance. Beyond that, the market is extraordinarily sensitive to a handful of issues going on around the world, not the least of which would be the lackluster performance of US/Chinese negotiators.
The British pound fell to kick off the week as traders came to the realization that perhaps the market had gotten ahead of itself when it comes to Brexit. With this, and the fact that the 200 day EMA is sitting in the same area, it’s not a huge surprise that the buyers took a break.