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Bitcoin rallies, dollar strengthens, and oil prices stall
Cryptocurrency surges on regulatory hopes, while currency and commodity markets react to inflation data, central bank policies, and energy demand forecasts.
Bitcoin: climbs to $67K amid speculation over a second Trump presidency and favorable regulation.
USD: Dollar nears two-month highs on expectations of modest Fed rate cuts.
GBP: Falls 0.5% to 1.300 after lower-than-expected UK inflation, raising chances of a rate cut.
Bitcoin rises to $67K
Bitcoin's price climbed on Thursday, nearing three-month highs as speculation about a potential second Trump presidency, along with expectations of more favorable regulations and increased capital inflows, fueled gains in the cryptocurrency market over the past week.
Currencies
The U.S. dollar climbed on Wednesday, nearing two-month highs, as markets anticipated only modest rate cuts from the Federal Reserve this year. Meanwhile, the British pound weakened following softer-than-expected inflation data.
The GBP/USD pair dropped 0.5% to 1.300 after data revealed that UK inflation declined more than expected in September, increasing the likelihood of a rate cut next month. The UK's annual inflation rate fell to 1.7%, below the projected 1.9% and down from 2.2% in the previous month.
The EUR/USD pair hovered close to 1.0882, as investors awaited Thursday's policy-setting meeting by the European Central Bank. The ECB has already implemented two rate cuts this year, and financial markets are largely expecting another reduction in the 3.5% deposit rate this week.
Commodities
Oil prices were under pressure today as investors awaited U.S. oil inventory data and processed China's stimulus plans after this morning’s briefings.
On Wednesday, both benchmarks had declined, marking their lowest closes since October 2 for the second consecutive day, following demand forecast cuts for 2024 and 2025 by OPEC and the International Energy Agency.
Brent was last seen near $73.96 while WTI was last seen close to $69.80.
