Dollar Rallies On Fed Rate Hike Expectations

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Dollar Rallies

Bitcoin Blasts Past $7,500

Oil Hits Highest Price Since 2015

Mon, November 6: In Today’s Markets…

1. Dollar Rallies On Fed Rate Hike Expectations

The U.S. dollar touched its highest level in almost eight months against the Japanese yen on Monday, supported by expectations for new rate hikes by the Federal Reserve in the near future. The U.S. dollar rose to as high as 114.735 yen, supported by the contrasting outlooks of the Federal Reserve and Bank of Japan. Specifically, the Fed is expected to stay on a path of gradual policy tightening while the BOJ is likely to persist with its ultra-easy monetary policy. BOJ Governor Haruhiko Kuroda has also stated on Monday that BOJ would proceed with powerful monetary easing.*

2. Bitcoin Blasts Past $7,500

Bitcoin prices surged to another new high late last week and continued to trade higher this Monday settling into a new $7,500 range. Chaos in Saudi Arabia, on Sunday, has prompted Bitcoin to jump to as high as $7590, marking a new record high. It should be noted that with a market cap over $125 billion, the cryptocurrency’s mysterious creator is now worth over $7 billion.**

3. Oil Hits Highest Price Since 2015

Oil prices (USOIL) hit their highest levels since July 2015 this morning, amid an anti-corruption crackdown that included high profile arrests in Saudi Arabia. Mohammed bin Salman, Saudi Arabia’s designated future king, has cemented his position by proceeding with an anti-corruption purge and arresting royals, ministers and investors. U.S. West Texas Intermediate (USOIL) crude surged on the news hitting $56.12 per barrel in early Monday trading, its highest since July 2015.***

The week ahead – Key Data Releases To Look Out For

  • 6/11 – Canada’s Ivey PMI (Oct) to affect CAD
  • 07/11- BMW (Bayerische Motoren Werke) to release quarterly earnings pre-market
  • 07/11 – TESO (Tesco Corporation) to release quarterly earnings pre-market
  • 08/11 – RBNZ Interest Rate Decision to affect NZD
  • 09/11 – Siemens AG ADR to release quarterly earnings pre-market 

You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.

*Source: Bloomberg
**Source: CNBC
***Source: Seeking Alpha

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