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Weekly Jobless Claims beat (lower claims)
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UK budget… GBP recovering after knee jerk reaction to the early ODR releaqse
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Newsquawk US Pre-Market Movers
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Bitcoin Faces More Downside After Recent Crash, Data Shows
Bitcoin suffered a sudden and deep drop in November, losing nearly a quarter of its value and wiping out over $1 trillion across the crypto market.Whales Trim Positions Before Crash
According to on-chain data from CryptoQuant, large holders played a central role. Wallets holding between 1,000–10,000 BTC pared back their stakes in the weeks leading up to the fall.
Those big sellers took profits after the October rally, and in many cases selling was steady rather than panicked. When large players step back like that, market depth can vanish quickly.
A quick overview of Bitcoin’s price decline shows prices slid from record highs above $126,000 in October to roughly $81,000 at the lowest point, before a partial bounce to $87k was recorded. Traders and funds were caught off guard by the speed of the move.
At the time of writing, Bitcoin was trading at $87,086, up 1.5% in the last 24 hours.
Retail Selling Added To Pressure
Based on reports, small wallets also leaned toward safety. Holders under 10 BTC and groups up to 1,000 BTC reduced positions, removing another layer of potential buyers.
 FX option expiries for 26 November 10am New York cut
The first ones are for EUR/USD near the 1.1600 level. The pair has been trending more choppily since the end of October, keeping above 1.1500 but below its 100-day moving average (now seen at 1.1645). The expiries above could help to place a bit of a magnet on price action for the session ahead. But amid a weaker dollar this week, buyers will stay poised to keep the momentum going with the near-term chart also turning more bullish now.That being said, the Thanksgiving holiday season will begin tomorrow and that may sap out any real market appetite/liquidity for the next two days.
Then, there is one for AUD/USD at the 0.6500 level. The aussie is getting a boost from the stronger monthly CPI data here earlier, quelling expectations for a rate cut. That sees the near-term bias also nudge up to become more bullish again but the expiries could above could keep a lid on things before rolling off later in the day at least.
Another thing to consider is any continuation of the more bullish risk mood, which will act as another tailwind for the aussie in reducing the impact of the expiries in the session ahead.
Whipsaw city… initial reaction to UK OBR release quickly reverse. GBPUSDÂ up then down, EURGBP down then up, Gilt yields down then up
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Newsquawk UK Budget Preview
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Source: Try Newsquawk free for 7 days and see the full UK budget preview and analysis afterwards
Newsquawk Daily US Opening News
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Thanksgiving holiday trading hours
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Countdown to the UK Budget
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Forex Market Snapshot
The dollar is trading mixed with a risk on mood favoring commodity currencies (AUD, NZD, CAD) at the expense of the JPY.
EURUSD is back to uinchanged on the day afterba run to the upside paused below 1.16.
A key focus will next be on the UK budget and the reaction not only in GBPUSD but its crosses as well.
Note some in the US are already traveling for the Thanksgiving holiday while many will be taking a 4 day weekend as well.
GBP trading this week has been driven anticipation of Wednesday’s UK budget.
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EURGBP UPDATE
- The UK budget will be a focus on Wednesday as GBP buying ahead of it, most notably vs the EURÂ drove it higher until whatever order behind it was filled and the moves ran out of steam
- So, watch EURGBP for a clue (both for GBPUSD and EURUSD) after the budget with 8758-63 (Tuesday low 8765) Â on the downside and 8800 on the upside the levels to watch.
EURGBP 4 HOUR CHART
Newsquawk US Stock Market Wrap
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NAS100 (NASDAQ) UPDATE
- Positive day that saw 25000+ trade despite early underperformance.
- A move through 25283 is needed to not only make a full recovery of the plunge to 23833 but to turn the move into an uptrend.
- If not, range is to 24543 with a bis=d as long as it trades above 24930.
NAS100 4 HOUR CHART
Newsquawk Market Wrap
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Came out awhile ago… may have taken some wind out of USD selling along with GBP buying running out of steam
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