- This topic has 27,673 replies, 54 voices, and was last updated 11 hours, 43 minutes ago by .
-
Forex Market Snapshot
- The dollar is holding firm heading into month end with the commodity currencies (CAD, AUD, NZD) weaker and others consolidating after falling vs, the dollar yesterday.
- Keep an eye on EURGBP (currently bid) as it tends to be active at month end.
- One theme that has been emerging is central bank’s converging policies towards caution over cutting rates.
- Note US turns clocks back one hour over the weekend.
XRP Mirrors 2017 Bull Cycle, Analysts Eye $20 as Institutional Inflows Grow
The cryptocurrency XRP is once again drawing parallels to its explosive 2017 rally as analysts point to mounting institutional demand and bullish chart patterns. Trading in the $2.50–$2.70 range, XRP may be in the early stages of a new upward leg driven by ETFs, treasury-flows, and structural technical setups.
Institutional Flows & Treasury Vehicles Spark Bullish Outlook
XRP’s resurgence is supported by a sharp uptick in institutional interest. A recently launched XRP-exposure vehicle has already pulled in over $115 million in assets, while trading volumes in related futures markets have soared into the billions.
XRP Chart-Setup Resembles 2017 Bull Cycle, Targeting Double-Digits
Technically, XRP’s current structure has drawn comparisons to its 2017 run. Analysts tracking Elliott Wave counts suggest XRP may be in the early phase of Wave 3, a phase that historically triggers major price moves. Under one scenario, this could propel the token from its current $2.56 level into double-digit territory.
Support near the $2.50–$2.60 band remains intact, underpinning the bullish case. If XRP can break and hold above nearby resistance (circa $2.67–$2.70), momentum could accelerate.
Yen Set for Steep Monthly Drop
The Japanese yen hovered near nine-month lows around 154 per dollar on Friday and was on track for a sharp 4% monthly decline, pressured by the election of Prime Minister Sanae Takaichi, who favors expansionary fiscal measures and loose monetary policy.
The Bank of Japan also kept rates unchanged this month, with Governor Kazuo Ueda cautioning that global trade policies could slow growth and hurt corporate profits.
Meanwhile, new Finance Minister Satsuki Katayama clarified that she no longer stands by her March comments suggesting the yen’s fair value is around 120–130 per dollar, citing her current role overseeing currency policy.
Recent data also showed Tokyo’s core inflation rose more than expected in October, complicating the domestic policy outlook.
Externally, the yen weakened further as a stronger dollar gained support from reduced expectations of additional Federal Reserve rate cuts.
A must read in our blog ahead of Friday’s month end
Month-End FX Rebalancing Flows: What They Are and How to Trade Them
Timely and insightful article in our blog
The Path of Least Resistance: How to Identify Forex Trends Like a Flowing River
Apple reports: Shares slip
(Right click on image to open in a new tab)
Newsquawk US Market Wrap
(Right click on image to open in a new tab)
Newsquawk US Market Wrap
(Right click on image to open in a new tab)
NAS100 (NASDAQ) UPDATE
- The runaway train has finally lost some steam but only a test/break of the opening week gap to last Friday’s 25375 would suggest anything more than just a pause.
- Note Amazon earnings beat gave stocks a late day lift. Next up Apple earnings.
- Similar to US500, it’s month end and not a typical end to the week so watch the 26000 level as it will be pivotal in setting the tone.
NAS100 4 HOUR CHART
Amazon beats (stock pops higher)
(Right click on image to open in a new tab)
Newsquawk US FX Wrap
(Right click on image to open in a new tab)
EURUSD UPDATE
- Classic path of least resistance trade where EURUSD bid out of its crosses did not follow through.
- Worked technically as well, break of 1.1576 (stops) made a run at 1.1641. Pause above it 1.1547 low forced a pause.
- Onus on the bull side to close above 1.1576 and regain 1.1600-23 to change risk.
EURUSD 4 HOUR CHART
- You must be logged in to reply to this topic.