Headlines:

• Australian dollar surrenders gains from stronger CPI data earlier
• What are the odds of a RBA rate hike next month now?
• Bitcoin consolidates gains after ETF ticker fiasco
• Germany October Ifo business climate index 86.9 vs 85.9 expected
• Eurozone September M3 money supply -1.2% vs -1.7% y/y expected
• Switzerland October Credit Suisse investor sentiment -37.8 vs -27.6 prior
• US MBA mortgage applications w.e. 20 October -1.0% vs -6.9% prior
• IMF’s Georgieva: Inflation is still high
• Hong Kong to cut stamp duty on stock trading to 0.10% from 0.13%
• Japan reportedly eyes one-year income, resident tax cuts from June next year

Markets:

• USD leads, NZD lags on the day
• European equities mixed; S&P 500 futures down 0.3%
• US 10-year yields up 1.9 bps to 4.859%
• Gold up 0.2% to $1,973.24
• WTI crude flat at $83.69
• Bitcoin up 1.0% to $34,253

It was a slower session today as traders didn’t have as much to work with in European morning trade compared to yesterday, though there were some decent moves all around.

The Australian dollar was the standout in Asia, advancing after a stronger-than-expected inflation report but gave it all back during the session and then some. This comes as stocks are pinned down, in particular tech shares after a mixed picture from Microsoft and Google’s earnings releases overnight.

AUD/USD was up to near 0.6400 earlier on but is now down 0.3% on the day to 0.6335 as the dollar also firmed slightly.

USD/JPY continues to hover just below 150.00 as Treasury yields keep steadier while EUR/USD is down 0.1% to 1.0575 from around 1.0590 earlier in the session. GBP/USD is marked down by 0.3% to 1.2125 as the greenback is keeping the advance from yesterday going, amid sluggish European PMI data.

Besides that, Bitcoin continues to consolidate gains after a bit of a fiasco with regards to its ETF ticker – keeping above $34,000 for now.

If anything else, watch out for the 5-year Treasury auction later as that could be a catalyst for a move in markets – more so than the BOC and Powell I reckon.

This article was written by Justin Low at www.forexlive.com.

Today,
The Open Network Foundation (TON Foundation) has announced a strategic alliance with Mantle Network, a
leading Ethereum Virtual Machine (EVM) Layer 2 solutions provider. This
agreement positions Mantle Network as a principal ally to TON Foundation
towards more interoperable EVM-compatible Layer 2 blockchain capabilities on
TON.

A
wrapped version of $MNT, $jMNT, is now accessible for trading and liquidity
provisions on STON.fi, a cross-chain decentralized exchange (DEX). This wrapped
token allows for easier interactions and integrations between Mantle and TON.
$jMNT also streamlines access for fluid and expansive trading capabilities
between networks.

This
comprehensive agreement goes beyond token integration as the two entities will
utilize the @community_bot, a Telegram-native toolset for communities, to serve
as an education and information distribution platform. This initiative will
connect users in Mantle’s Telegram channels and Mantle Ecosystem project
channels directly to TON’s thriving community on Telegram. By fostering mutual
information exchange and enhanced community interactions, both communities will
benefit while building a Web3 ecosystem in Telegram for the messaging
platform’s 800+ million monthly active users.

„This
initiative with Mantle Network bridges the gap between our communities,
establishing a more interconnected and interoperable Web3 ecosystem for
Telegram’s large user base, said Justin Hyun, Director of Growth at TON
Foundation. „Together, we are equipping users across both ecosystems with
the most simple cross-chain experience possible.”“We are thrilled to find a
common purpose with TON Foundation through a strong alliance that will allow
the core competency of each to shine and bring the greatest benefits to both
communities,” said Jordi Alexander, Chief Alchemist of Mantle. “As TON
Foundation’s principal ally towards advancing EVM-compatible Layer 2 blockchain
capabilities on TON, we will work hand in hand with TON to help realize the
vision of an interoperable multichain future that puts the users at the
center.”

About
TON Foundation

The Open
Network Foundation (https://ton.foundation/) is a non-profit organization
founded in Switzerland in 2023. TON Foundation is 100% funded by the community,
acting in the community’s interests, and supports initiatives aligned with The
Open Network’s mission.

About
The Open Network (TON)

The Open
Network (TON) is putting crypto in every pocket. By building a Web3 ecosystem
in Telegram Messenger, TON is giving billions the opportunity to own their
digital identity, data, and assets.

About
Mantle

Mantle Ecosystem
comprises an Ethereum layer 2 (L2) — Mantle Network, a decentralized autonomous
organization (DAO) — Mantle Governance, one of the largest on-chain treasuries
— Mantle Treasury, and an upcoming Ether (ETH) liquid staking product — Mantle
LSD: all built on Ethereum. Mantle token is the unified product and governance
token of the ecosystem. Mantle’s first core product is Mantle Network, an
Ethereum L2. Mantle Network strives to be compatible with the Ethereum Virtual
Machine. Mantle Network’s modular architecture separates transaction execution,
data availability, and transaction finality into modules — which can be
individually upgraded and adopt the latest innovations. Mantle Network is the
first L2 to partner with ETH restaking protocol EigenLayer for the data
availability module. By adopting a rollup architecture, Mantle Network is
secured by Ethereum. As the world’s first DAO-spawned L2, Mantle Network is
pioneering a vision for the mass adoption of token-governed technologies.
Mantle token ($MNT) powers Mantle Network as its native gas token and ecosystem
growth token, and serves as the governance token of Mantle Governance. All
future Mantle products will likewise be initiated by the Mantle token holder
community through vote and powered by Mantle token. To support the next
generation of innovators, builders, and developers, Mantle is growing its
ecosystem via Mantle Grants Program and Mantle EcoFund, a catalyzed capital
pool of $200M.

This article was written by FL Contributors at www.forexlive.com.

Tickmill, the renowned
multi-asset broker, has reinforced its commitment to client security by
securing an insurance policy for client funds. The broker partnered with
Lloyd’s and obtained comprehensive insurance coverage for its clients‘ funds,
providing a safety net of up to $1,000,000 in the event of unforeseen and
extreme circumstances.

While Tickmill has
always been at the forefront of safeguarding client assets, this latest
initiative introduces an additional layer of protection, one that sets it apart
from many brokers in the market. The insurance policy, brokered with the
prestigious Lloyd’s, is a testament to Tickmill’s dedication to its clients‘ funds
protection.

Tickmill already has
several measures in place, including stringent regulatory compliance, robust
finances, vast liquidity, and tight scrutiny of partnering banks. This new
insurance policy, however, serves as the ultimate reassurance for clients, even
in the most improbable and unforeseeable events.

„At Tickmill, we
believe that our clients‘ peace of mind is paramount. We have always taken
extensive measures to protect their investments. This insurance policy is a
testament to our commitment to their funds’ security. Our clients can trade
with confidence, knowing that Tickmill will always go the extra mile to protect
their interests,“ Sudhanshu Agarwal, Executive Director of the Tickmill
Group, commented.

The insurance policy is
subject to terms and conditions, for more information about Tickmill’s
commitment to client security and the new insurance policy, click here.

This article was written by FL Contributors at www.forexlive.com.

The copper market remains
in a tight spot. The Chinese data continues to improve amid more support from
the Chinese officials while the future outlook of the global economy is
weakening given the tighter financial conditions and some early cracks in the labour
markets. The technicals should be more helpful here as we have defined levels
and breakouts will point to the most likely direction.

Copper Technical Analysis –
Daily Timeframe

On the daily chart, we can see that Copper after
breaking out of the symmetrical triangle got
stuck in a descending triangle defined by the support around
the 3.55 level and the top trendline. We
recently got a fakeout below the support and a quick bounce back up as the
buyers continue to target the top trendline amid resilience in the global
economy and the improving Chinese data.

Copper Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that Copper is now
trading in a range between the 3.55 support and the 3.68 resistance where we
have also a trendline for confluence. We can
expect the sellers to lean on the resistance with a defined risk above it to
target the support and ultimately a downside breakout. The buyers, on the other
hand, will want to see the price breaking above the resistance to increase the
bullish bets and target the major trendline around the 3.75 level.

Copper Technical Analysis –
1 hour Timeframe

On the 1 hour chart, we can see that we
have a good support zone around the 3.63 level where we have the confluence
with the trendline and the 50% Fibonacci
retracement level. This is where we can expect the
buyers to step in with a defined risk below the trendline to target the
resistance and eventually a breakout. The sellers, on the other hand, will want
to see the price breaking lower to pile in and target the support.

Upcoming Events

Tomorrow we will see the latest US Jobless Claims data
with the market likely focusing on the Continuing Claims figures as they’ve
missed expectations two times in a row already and might be a signal that the
labour market is weakening. Weak jobless claims could weigh on Copper, while
good data is likely to support it. On Friday, we will get the US PCE report
which is unlikely to change anything for the near-term policy outlook.

This article was written by FL Contributors at www.forexlive.com.

• Prior -6.9%
• Market index 165.2 vs 166.9 prior
• Purchase index 127.0 vs 129.8 prior
• Refinance index 354.0 vs 347.6 prior
• 30-year mortgage rate 7.90% vs 7.70% prior

Yikes, the average rate of the most popular US home loan is now up to near 8% – the highest since September 2000 – and that is continuing to put a drag on mortgage activity. This time, purchase activity is the one slumping and is offset slightly be refinancing activity on the week.

This article was written by Justin Low at www.forexlive.com.