However, they note that recent remarks from Federal Reserve officials have increased the likelihood that the Federal Open Market Committee (FOMC) might slow the pace of rate cuts sooner than previously expected, possibly as early as the December or January meetings.
The euro was subdued on Thursday after the widely expected collapse of the French government, stoking worries about the region’s second-biggest economic power, while bitcoin galloped past $100,000 for the first time.
Oil prices were mostly stable on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East.
Looking forward, Bitcoin could reach even greater heights as more institutions begin to perceive it as a viable store of value and allocate funds to Bitcoin ETFs. I’d also expect more institutions to rotate into Ethereum ETFs, which haven’t been as popular as the Bitcoin ones up until now.
Crude oil for January delivery was up 0.34% or 0.23 to $68.77 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February rose 0.30% or 0.22 to hit $72.53 a barrel, while the February Gold Futures contract fell 0.24% or 6.51 to trade at $2,669.69 a troy ounce.
