<p>Crypto
Market picture</p><p>
The
crypto market has lost over 5% in the last 24 hours, pushing capitalisation
back below $1 trillion. The steep fall in FTT affected Bitcoin and Ether and has
pulled a significant market spectrum.
Bitcoin is now trading at $19.8K, with the most substantial losses coming in
the Asian session, filled with algorithmic traders, pushing the price back to
$19.4K at one point. It is noteworthy that a sell-off did not follow the
sell-off in the first and second cryptocurrencies in the markets. </p><p>Once again,
we are forced to guess whether crypto reflects the internal risk attitude of
the financial markets or whether we have seen a short-term technical sell-off.
In the former case, market sentiment will worsen during the day. In the second,
BTCUSD will redeem during the day and further confirm the market’s reversal to
growth. </p><p class=“MsoNormal“>
According to CoinShares, investments in crypto funds declined last week after a
slight increase the previous week. Outflows amounted to $16m compared to
inflows of $6m a week earlier. Bitcoin investments fell by $13 million, and
Ethereum rose by $3 million. Investments in funds that allow shorts on bitcoin
fell by $7 million. Investors have shown a lack of enthusiasm over the past eight
weeks, CoinShares noted.

</p><p>News background</p><p>
Former
MicroStrategy head Michael Saylor called bitcoin a „hope“ for
Lebanon, whose national currency has fallen 96% against the dollar, and
inflation has reached triple digits. The Middle Eastern country has been in a
deep financial crisis since 2019.
</p><p>Twitter’s new owner, Elon Musk, plans to postpone temporarily or entirely shut
down the development of some of the projects announced by the previous
administration, including, reportedly, work on a cryptocurrency wallet. The
news has hurt Dogecoin, which has been growing in hopes of becoming the social
network’s digital currency.</p><p>
According to Reuters, UK bank Santander will block transactions on
cryptocurrency exchanges in 2023 to protect consumers from fraud.</p><p class=“MsoNormal“>
Mining companies are being forced to sell off cryptocurrency mining equipment
at a massive discount to cover losses from a falling market, The Wall Street
Journal reported.

</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at forexlive.com.

<p style=““ class=“text-align-justify“>So long as the policy divergence between the Fed and the BOJ continues to play out, it is tough to find argue for a change in momentum in USD/JPY in the bigger picture. The recent intervention play from Japan officials just above 150.00 is also a factor that has helped to stifle bulls temporarily but price remains elevated above 145.00 – which is arguably a resting point for buyers.</p><p style=““ class=“text-align-justify“>The above chart says it all. The pair has traded lockstep with the bond market this year as soaring Treasury yields on the back of a more hawkish Fed has underpinned price action. The recent retreat in bond yields has also helped but with inflation data coming up this Thursday, a hotter-than-expected reading could reignite the flames once again.</p><p style=““ class=“text-align-justify“>For now, price action is very much caught in between 145 and 150 as the bond rout stalls and as intervention play presents itself. However, if the selling in bonds starts to pick up again, there is still only one direction that USD/JPY will be headed towards – no matter if Japan wants to try and counteract that.</p><p style=““ class=“text-align-justify“>If there is to be a turning point, perhaps the inflation data later this week could provide a catalyst. If the numbers are soft, that might be reason enough for a correction back towards the 100-day moving average (red line) and 140.00 next.</p>

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

<ul><li>Prior 92.1</li></ul><p style=““ class=“text-align-justify“>US small business sentiment falls in October as high inflation continues to weigh on sentiment with more businesses forecasting a deterioration in the economic outlook. Of note, 33% of owners reported that inflation was the single most important issue for their business – the highest share since Q4 1979.</p>

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

<p style=““ class=“text-align-justify“>On the one hand, a more hawkish Fed and slightly more dovish BOE now makes for a clearer divergence in terms of central bank outlook for the pair. But this has been an ongoing factor for many months now, adding to the bleak outlook for the UK economy while the US economy is still keeping in a solid state.</p><p style=““ class=“text-align-justify“>However, all of the above are known unknowns and one can argue that it is in part what led to the plunge in cable towards 1.0400 – of course conditions were exacerbated by the gilts crisis amid the mini-budget fiasco.</p><p style=““ class=“text-align-justify“>But with that put aside now and the dollar also looking to hit a bit of a peak technically elsewhere, there is reason for cable buyers to be cautiously optimistic.</p><p style=““ class=“text-align-justify“>That said, looking at the chart above, price action is sort of caught in no man’s land for the most part.</p><p style=““ class=“text-align-justify“>The 100-day moving average (red line) at 1.1676 and key trendline resistance at around 1.1710 are the major resistance points to be mindful about while I would argue that any downside push would require a break of 1.1200 first before the next support level at 1.1000.</p><p style=““ class=“text-align-justify“>But for now, the near-term bias is siding with the buyers as price is holding above the 200-hour moving average:</p>

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

<p style=““ class=“text-align-justify“>That’s a positive response to the setback from the start of trading today, with US futures having fallen by around 0.5% as we began European morning trade. The risk mood was rather sluggish early on after news that China is denying any pivot from its zero-Covid policy over the weekend.</p><p style=““ class=“text-align-justify“>That saw the dollar gap higher as well before things turned around as we got into the session earlier <a target=“_blank“ href=“https://www.forexlive.com/news/dollar-extends-fall-as-risk-appetite-recovers-from-early-setback-20221107/“ target=“_blank“>here</a>. For now, the optimism is holding as broader markets are staying steadfast to the optimistic turn after the US jobs report on Friday.</p><p style=““ class=“text-align-justify“>However, as much as stocks are hoping for a better outlook, there are still some headwinds to be noted. The US CPI data later this week will be a key hurdle to work through (especially with a more hawkish Fed) and from a technical perspective, there is still the 100-day moving average that is putting a lid on any upside price action for the time being:</p><p style=““ class=“text-align-justify“>Buyers will have to push past that to really convince of a turnaround in the trend. Otherwise, it seems like we might just be stuck with the lower highs, lower lows pattern going into year-end.</p>

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

<p class=“MsoNormal“>Making headlines with last year’s edition of UF AWARDS, Ultimate Fintech, the top-tier marketing agency, and organiser of the industry-famed iFX EXPO, announces the launch of the UF AWARDS MEA 2023.</p><p class=“MsoNormal“>The UF AWARDS have been regarded as the standard of excellence and distinction for B2B and B2C brands that spearhead innovation and groundbreaking achievements in the online trading and fintech landscape. The UF AWARDS MEA 2023 carry this legacy forward by honouring excellence across the Middle East and Africa. </p><p>Nominations Open Now for UF AWARDS MEA 2023</p><p class=“MsoNormal text-align-start“>Brands eager to stand out from the crowd in various categories can register via the <a target=“_blank“ href=“https://ultimatefintech.com/awards/“ target=“_blank“>Ultimate Fintech website</a> and fill in the nomination form before the 16th of December.</p><p class=“MsoNormal“>With so many market participants eager to attain recognition in today’s ultra-competitive marketplace, getting nominated for one or more UF Awards is one of the highest privileges that fintech industry players can enjoy and a stride towards receiving industry acknowledgement.</p><p>The Award Categories</p><p class=“MsoNormal“>The UF AWARDS MEA 2023 are designed to crown the achievements of the best brokers and financial technology providers in the Middle East and Africa. </p><p class=“MsoNormal text-align-start“>With the MEA region emerging as the next Mecca for financial services and fintech innovation in recent years, the time for launching the UF AWARDS MEA 2023 could not have been more appropriate. <a target=“_blank“ href=“https://ultimatefintech.com/awards/“ target=“_blank“>View the full list of award categories here</a> and nominate your brand in the categories that align with your business strengths.</p><p>A Special Place for the Industry Elite</p><p class=“MsoNormal“>Some of the titles that could propel your brokerage or fintech brand to the vanguard of the industry include:</p><ul><li>Best Broker – Middle East</li><li>Best Mobile Trading App – Middle East</li><li>Most Transparent Broker – Africa</li><li>Fastest Growing Broker – Africa</li></ul><ul><li>Best Crypto Liquidity Provider – MEA</li><li>Best Trading Platform – MEA</li><li>Best Payment Service Provider – MEA</li><li>Best Technology Provider – MEA</li></ul><p class=“MsoNormal“>The winners will be selected based on clearly defined criteria targeting service quality, product offering and industry know-how. If you’re looking to increase your visibility and standing industry-wide, winning an UF title is the best way to achieve it.</p><p>Join the excitement of the UF AWARDS MEA 2023!</p><p class=“MsoNormal“>The advantages that an UF Award can bring you are multifold. Passing through the sieve of a high-calibre organisation such as Ultimate Fintech and winning their acclaim is a merit that never goes unnoticed.</p><p class=“MsoNormal“>Not only will you raise brand awareness but will also gain a hot spot on the industry’s global radar, distinguishing yourself as “the best” in the business. </p><p class=“MsoNormal“>Lastly, winning an UF Award will boost your clientele’s confidence in your products and services, strengthening your company’s footprint in the international market. </p><p>How does it work?</p><p class=“MsoNormal text-align-start“>During the Nomination Round, all applications are carefully reviewed, vetted, and approved. To participate, companies must first fill out the Nomination Form available on the <a target=“_blank“ href=“https://ultimatefintech.com/awards/“ target=“_blank“>Ultimate Fintech website</a>. Interested brands are encouraged to nominate themselves in the categories they are strongest in. </p><p class=“MsoNormal“>Next, the entire industry will be asked to cast their ballots in the Voting Round. To eliminate suspicions of bias, Ultimate Fintech has created a public voting system, which will be available on the website from the 20th of December until the 10th of January. Only subscribed and logged in users will be able to cast their vote. </p><p class=“MsoNormal“>The winners will be announced on the 18th of January 2023, the last day of the iFX EXPO Dubai, all the more reason to submit your nomination and compete for an UF Award MEA!</p><p>Save the date</p><p class=“MsoNormal text-align-start“>Ready to shine? The UF AWARDS MEA 2023 give you the chance to stand out from the crowd. Don’t miss out! <a target=“_blank“ href=“https://ultimatefintech.com/awards/“ target=“_blank“>Register now to nominate your brand</a>.</p>

This article was written by ForexLive at forexlive.com.

<p class=“MsoNormal text-align-start“>Global multi-asset fintech group <a target=“_blank“ href=“https://www.plus500.com/“ target=“_blank“>Plus500</a> announces the launch of its innovative <a target=“_blank“ href=“https://www.plus500.com/en/Insights“ target=“_blank“>‘+Insights’</a>, a new big-data analytical tool, designed to provide customers with access to real-time and historical trends, based on the Group’s base of over 23 million registered customers. ‘+Insights’ is now accessible to all clients through the company’s over-the-counter trading platform, as a complementary service across its web app, iOS and Android offerings.</p><p class=“MsoNormal“>The release of ‘+Insights’ is the latest in a long series of innovative product developments making up Plus500’s array of advanced proprietary technology solutions driving the Group’s popularity to new heights. Despite the economic uncertainty dominating the financial markets, the multi-asset fintech firm has seen its H1 2022 revenue soar 48% from $346.2 million reported in the same period a year ago to $511.4 million.</p><p class=“MsoNormal“>Showing consistent growth throughout Q3 of 2022 regardless of the insipid market conditions, the market leader recorded $709.5 million in revenue, 27% higher compared to the same period a year earlier ($557.6 million). </p><p class=“MsoNormal“>With a robust customer income, which in Q3 of 2022 reached $149.4 million, the company has proven that customer engagement is the linchpin of its business. The Group’s continued investment in its ESG framework is evidenced by the offering of Plus500’s ‘+Insights’. This new tool illustrates the fintech Group’s responsiveness to challenging market conditions and ability to integrate customer feedback into a compelling product release centered around customer care, education, and enhanced trading experience. </p><p class=“MsoNormal“>As a result of the Group’s extensive market position and high levels of volumes on its trading platforms, Plus500 utilises its unique proprietary data to generate dedicated tools and content to empower its customers.</p><p class=“MsoNormal“>By tapping into aggregated and anonymous Big Data based on real-time and historical price action steering the trading community’s activity, traders can use exclusive insights to help them in their daily trading activities and to improve their decision-making, subject to their own independent discretion.</p><p class=“MsoNormal text-align-start“>What <a target=“_blank“ href=“https://www.plus500.com/en/Insights“ target=“_blank“>‘+Insights’</a> essentially brings new to the online trading and investment space is the ability to segment trading data based on customizable filters that allow traders to tailor their experience as they see fit. Essentially, with the aid of these filters, Plus500 clients can zoom in on “Top 10” lists of “Most Followed,” “Most Viewed,” “Most Traded, Bought and Sold” assets and which ones have generated the “Highest Profit/Loss from a Position.”</p><p class=“MsoNormal“>Further strengthening Plus500’s footprint in the fintech and financial sectors, the new release is part of the Group’s foray into the social trading space with a strong emphasis on data analytics and how it can be used in trading. </p><p class=“MsoNormal“>Referring to the launch of ‘+Insights’ as “the latest realization” of the Group’s strategy to further advance its “position as a global multi-asset fintech group,” David Zruia, Plus500 Chief Executive Officer, said:</p><p class=“MsoNormal“>“ ’+Insights’ is a significant technological achievement by Plus500, driven by our technology teams, who have developed a powerful engine which that can analyze millions of data points in real time and aggregate them to help empower customers in their trading decisions. ‘+Insights’ will revolutionize our customers’ approach to trading by enabling them to make more informed decisions.”</p><p>About Plus500</p><p class=“MsoNormal“>Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC (“Over-the-Counter” products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures. </p><p class=“MsoNormal“>The Group retains operating licenses and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, Seychelles, the United States, Estonia, and Japan and through its OTC product portfolio, offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade its OTC products in more than 50 countries and 30 languages. Plus500 does not permit customers located in the US to trade its OTC products.</p><p class=“MsoNormal text-align-start“>For further details, visit <a target=“_blank“ href=“https://www.plus500.com/“ target=“_blank“>www.plus500.com</a></p>

This article was written by ForexLive at forexlive.com.

<p class=“MsoNormal“>It’s going to be a
light week ahead in terms of economic events as is usual after the NFP. There
are no notable economic events on Monday, but Tuesday SNB Chairman Jordan will
deliver a speech at the High-Level Conference on Global Risk, Uncertainty, and
Volatility, in Zurich. </p><p class=“MsoNormal“>This type of event is
not generally supposed to create volatility in the market, but the SNB is known
for its ability to surprise, so it’s worth keeping an eye out for any remarks
about monetary policy in Jordan’s address.</p><p class=“MsoNormal“>SNB continued its
tightening cycle and hiked the rate to 0.50%, out of negative territory. The
inflation rate in Switzerland is above target but didn’t rise alarmingly high
compared to other developed countries. Additional rate hikes are expected in
the future. </p><p class=“MsoNormal“>Also, on Tuesday we
have the U.S. midterm elections. According to FiveThirtyEight estimations
there’s an 80% probability the Republicans will take control of the House. The
Democrats could maintain control of the Senate.</p><p class=“MsoNormal“>If this happens,
passing legislation could be difficult for the next two years. Bank of America
suggests that a Republican win suggests that the electorate wants low
inflation, while a Democrat win will signal a desire for low unemployment.</p><p class=“MsoNormal“>The most important
event of the week will be the inflation data for the U.S. on Thursday, and it
will also be important to watch the unemployment claims. On Friday, we’ll have
the GDP data for the U.K. and the Prelim UoM consumer sentiment in the U.S.
Some Fed members are expected to deliver their remarks over the week. </p><p class=“MsoNormal“>Last week the nonfarm
payrolls surprised again and rose 261K indicating that the labour market is
still tight. The rise was especially in healthcare, professional and business
services, and manufacturing. </p><p class=“MsoNormal“>In the construction
sector the employment was flat despite the fact that real estate was negatively
influenced lately. In the near future, job growth is expected to cool down, but
the FOMC will keep tightening policy even if at some point the pace of
tightening will slow down.</p><p class=“MsoNormal“>Some analysts expect
the Fed to hike the rate by 50bps at the next meeting in December, but hot
inflation data could force another 75bps hike, so this week’s CPI data is very
important. The FOMC said for the first time that it will take into account the
cumulative amount of tightening when deciding future moves which could point to
a slower pace of tightening.</p><p class=“MsoNormal“>The CPI y/y for
October is expected to print lower to 8% from 8.2%, but the monthly gain is
expected to print above expectations. It’s likely that core inflation data will
see some relief but will remain above target.</p><p class=“MsoNormal“>On Friday the
consumer sentiment data in the U.S. could reflect pessimism, with consumers
concerned about high inflation and recession risks. The University of Michigan
Consumer Sentiment index is at a historical low level and Citi analysts expect
a further modest decline in November to 59.6 from 59.9.</p><p class=“MsoNormal“>The GDP data in the
U.K. is not yet expected to show improvement. The consensus is that the economy
likely contracted 0.4% q/q in Q3 making the U.K. one of the most affected
economies among developed countries with recession possibly being under way
already. The BoE will continue to fight against inflation and keep rising
rates, but analysts from Wells Fargo believe the
BoE will likely not tighten to the extent that’s currently priced by markets,
meaning the pound will remain under depreciation pressures for the foreseeable
future.</p><p>USD/CAD
expectations</p><p class=“MsoNormal“>On the H1 chart the
pair looks good for selling opportunities. Last week, the pair closed below the
1.3500 level of support, at 1.3480, which can open the path for further
depreciation. A correction is expected until the 1.3650 resistance level. If
that holds, the next level of support is at 1.3420. On the upside, the next
level of resistance is at 1.3805. </p><p class=“MsoNormal“>The unemployment rate
for the Canadian economy remained at 5.2% and the participation rate rose to
64.9%. There was also an increase in the average hourly wages from 5.2% YoY to
5.5% YoY which reflects excess demand for workers. </p><p class=“MsoNormal“>A risk for this trade
is the U.S. inflation data. The outlook for the USD remains bullish until the
end of the year, but in the short term, its correction might not be over. </p><p class=“MsoNormal“>This article
was written by Gina Constantin.</p>

This article was written by ForexLive at forexlive.com.

<p class=“MsoNormal“>UPCOMING
EVENTS:</p><p class=“MsoNormal“>Thursday: US
CPI</p><p class=“MsoNormal“>The last
week we finally got the FOMC Policy Decision. The statement leant on the less
hawkish side mentioning that “the Committee will take into account the cumulative
tightening of monetary policy, the lags with which monetary policy affects
economic activity and inflation, and economic and financial developments”. The
market interpreted that as a hint to a slower pace of hikes as the Fedwatcher
Nick Timiraos has mentioned in his WSJ article the week prior the FOMC meeting.
</p><p class=“MsoNormal“>The market
reacted positively to such development, and we saw risk rally across the board
and the USD getting offered. What ended the party was the Press Conference
where Powell sounded very hawkish. There are three takeaways that Nick Timiraos
highlighted:</p><p class=“MsoNormal“>1) The Fed
could step down to a slower pace in December even if inflation data don’t
improve much.</p><p class=“MsoNormal“>2) If there
had been new estimates of the terminal funds rate released, they would have
moved up.</p><p class=“MsoNormal“>3) Not ready
to talk about a pause.</p><p class=“MsoNormal“>And then
adding some key lines from Powell:</p><p class=“MsoNormal“>“The
question of when to moderate the pace of increases is now much less important
than the question of how high to raise rates and how long to keep monetary
policy restrictive.“</p><p class=“MsoNormal“>“The
risks are asymmetric. If the Fed does too much, it can cut. If it doesn’t
tighten enough, then you’re in real trouble.”</p><p class=“MsoNormal“>“It is
very premature to be thinking about pausing…Very premature.“</p><p class=“MsoNormal“>Maybe the
Fed wants to slow the pace of hikes but to counteract the likely easing in
financial conditions it can keep on raising the terminal rate. I’d say that
considering how the market is forward looking, the Fed here is taking a gamble
by slowing the pace of hikes when inflation data has not yet shown meaningful
improvement, even though forward-looking indicators are signalling moderation
in price pressures. The risk is that the market looks more at the slower pace
of hikes than the higher terminal rate and financial conditions ease anyway.</p><p class=“MsoNormal“>Maybe we already
got a taste of that on Friday when, after the NFP report, the market rallied,
and we saw a big USD dump. Some say it was because of a higher unemployment
rate and some other citing China reopening rumours. The former is said to be a
noisier data compared to payrolls figure (which beat expectations), and the
latter should be seen as more inflationary rather than being good news. </p><p class=“MsoNormal“>This week will
be all about the US CPI on Thursday. The report is expected to show an increase
of 0.7% M/M from the prior 0.4% and a little dip to 8.1% for the Y/Y figure
from the prior 8.2%. For the Core figures the expectations are for a 0.5% M/M,
down from the prior 0.6% and 6.6% Y/Y which would match the prior reading. The
market is currently split on the likely rate increase in December between 50
bps and 75 bps. This report may not be as important as the one coming days
before the December FOMC meeting, but another hot report should be negative for
risk sentiment and see the USD being bid. On the other hand, a soft report may
see risk rally and USD getting offered. </p><p class=“MsoNormal“>Stanley
Druckenmiller, who began his career in financial markets back in the 70s and
traded successfully through many cycles, had this to say back in June:</p><p class=“MsoNormal“>“We’ve never
had a soft landing after inflation has got above 4.5%.” </p><p class=“MsoNormal“>“Once
inflation gets above 5%, it’s never come down unless the Fed Funds rate is
higher than the CPI.“</p><p class=“MsoNormal“>“Once
inflation gets above 5%, it’s never been tamed without a recession.“</p><p class=“MsoNormal“>The market
prices a terminal rate of 5.00-5.25% in Q2 2023 and just for context the market
priced just 75 bps worth of hikes in 2022 back in 2021, and we are already at
400 bps. The market is not always right. </p><p class=“MsoNormal“>This article
was written by Giuseppe Dellamotta.</p>

This article was written by ForexLive at forexlive.com.

<p>In this video, Greg Michalowski of Forexlive.com reviews the Fed and the US jobs report and previews the CPI data ahead. He also looks at the technicals that define the bias and the risk levels for the major currencies vs the USD.

EURUSD (9:45)
USDJPY (14:10)
GBPUSD (15:38)
USDCHF (17:00)
USDCAD (18:48)
AUDUSD (20:30)
NZDUSD (21:46)</p>

This article was written by Greg Michalowski at forexlive.com.