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.
The surprise declaration of martial law late on Tuesday caused a standoff with parliament, which rejected his attempt to ban political activity and censor the media, as armed troops forced their way into the National Assembly building in Seoul.
There are three potential scenarios for the Australian dollar through mid-2025, contingent on U.S. policy under President-elect Trump, analysts at Bank of America (BofA) said in a note, stating a wide range of outcomes for the currency, reflecting uncertainties in global trade.
The yellow metal saw some relief this week as fears of a collapse in the Israel-Hezbollah ceasefire also spurred haven demand. But any gains in gold were largely limited by a spike in the dollar, as the greenback soared on uncertainty over the long term outlook for U.S. rates.
Still, traders doubted whether Trump will be able to deliver on all of his crypto promises. A particular point of contention has been the establishment of a Bitcoin reserve, with analysts stating that a focus on reducing government spending and upholding the dollar will take precedence over any government buying of more coins.
South Korea’s President Yoon Suk Yeol on Wednesday said he would lift the surprise martial law declaration he had imposed just hours before, backing down in a standoff with parliament which roundly rejected his attempt to ban political activity and censor the media.
