Analysis

Investing.com – U.S. equities were mixed at the close on Wednesday, as gains in the Utilities, Technology and Telecoms sectors propelled shares higher while losses in the Oil&Gas, Healthcare and Basic Materials sectors led shares lower.

The USD/JPY pair edges lower to near 144.60 during the early Asian session on Thursday. The weakening of the US Dollar (USD) amid rising bets on a jumbo interest rate reduction from the US Federal Reserve (Fed) in November continues to weigh on the pair.

Ethereum (ETH) price has outshined Bitcoin (BTC) over the last week since the US Federal Reserve (Fed) slashed interest rate by 50 basis points (bps) on September 18, 2024.

Japan equities were lower at the close on Wednesday, as losses in the Gas&Water, Fishery and Retail sectors propelled shares lower.

EUR/GBP continues its recovery, trading up 0.40% in the 0.8360s on Wednesday.

XRP price is still consolidating above the $0.5785 support. The price must clear the $0.5950 and $0.6050 resistance levels to gain bullish momentum.

At the market open in London, the FTSE 100 Index dropped 0.20%.

Bitcoin (BTC) trades slightly down around $63,800 at the time of writing on Wednesday, consolidating within the $62,000 and $64,700 key levels for the sixth day in a row.

TradingKey - Goldman Sachs forecasts consecutive 25 basis point cuts from November 2024 to June 2025, bringing the federal funds rate to a terminal range of 3.25%–3.5%. Previously, they projected continuous cuts this year and quarterly cuts next year.

Silver consolidates near a multi-month peak touched earlier this Wednesday.

As enthusiasm surrounding the introduction of spot Ethereum and Bitcoin ETFs in the United States continues to grow, Hong Kong has embarked on its journey to establish a spot ETF market for these digital assets. 

EUR/JPY attracts buyers for the second straight day, albeit remains below the weekly top.

Ethereum price is holding gains above the $2,650 resistance. ETH is now consolidating gains and might aim for more gains above $2,700.

Citi hiked its price targets on two Chinese electric vehicle makers, forecasting stronger sales on resilient domestic conditions, despite broader headwinds for the Chinese economy. 

Bitcoin (BTC) and Ripple (XRP) are consolidating between their key levels, reflecting a period of indecision among traders.

GBP/USD extended the ongoing Pound Sterling rally for another consecutive day, crossing the 1.3400 handle and chalking in fresh 30-month highs after the US Dollar broadly weakened on Tuesday.

BNB bullish rally has hit a wall as the $600 resistance level proves to be a formidable barrier. After an impressive upward run, momentum has stalled, and downside pressure is starting to build. 

Investing.com-- The Federal Reserve’s first interest rate cut in over four years quelled market fears of a recession, Goldman Sachs (NYSE:GS) said, with improved risk appetite likely to boost rate-sensitive Asian currencies. 

Bitwise Chief Investment Officer Matt Hougan has recently highlighted a growing trend of top financial advisors “allocating to cryptocurrency” in their portfolios.

EUR/USD cut away bearish sentiment and rallied back into recent highs on Tuesday, taking another unsuccessful run at 1.1200. The Euro itself has little reason to be bid up by traders, but a broad-market weakening in the Greenback is helping to keep Fiber bidding action on the high side.