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Dollar hits a 3-month high; USD/JPY breaks 152
The S&P 500: Closed slightly lower as traders reacted to rising Treasury yields and mixed corporate earnings; General Motors stock surged 10% after strong Q3 results.
Bitcoin: Price dropped 0.5% to $67,161.7 amid risk aversion linked to U.S. election uncertainty and adjusted Fed rate cut expectations.
Election Impact: Polls show Republican Trump gaining an edge over Democrat Harris, but the race remains competitive with two weeks to go.
Asian Currencies: Fell as the dollar hits a 3-month high; USD/JPY broke 152, with markets anticipating no change in BoJ policy.
S&P 500
The S&P 500 closed slightly lower on Tuesday, despite paring most of its earlier losses, as traders weighed the impact of rising Treasury yields and a mixed batch of quarterly corporate earnings.
General Motors stock surged 10% after the automaker posted third-quarter earnings that surpassed analyst expectations, driven by strong revenue growth and enhanced profitability.
BTC
Bitcoin’s price dropped on Wednesday as demand for risk-driven assets remained subdued amid uncertainty surrounding the U.S. election and as traders adjusted expectations for smaller interest rate cuts by the Federal Reserve.
The world’s largest cryptocurrency declined by 0.5%, trading at $67,161.7 after struggling to break past the $70,000 mark earlier in the week.
Recent polls and online prediction markets indicated that Republican nominee Donald Trump is gaining an edge over Democratic candidate Kamala Harris in the 2024 presidential election. However, the race remains too close to call, particularly with only about two weeks left until the election.
While heightened optimism regarding a Trump presidency had initially driven up crypto prices, that enthusiasm appears to be waning as the election approaches.
Currencies
Asian currencies fell as the dollar remained near a 3-month high.
The USD/JPY pair broke the 150 level and is now hovering near 152.43. Markets are also waiting for the bank of Japan meeting with expectations of no change in policy which is also weighing on the yen.
