- The beginning of the week on the international financial markets has been marked by huge rallies in the cryptocurrency sector all along.
- Bitcoin is currently trading at $89,000, a new historic high, and Ethereum is trading in the $3300 zone, the highest since July of this year. However, these major cryptocurrencies have slowed their upward momentum this morning and are trading near yesterday's closing levels. Let's remember that Bitcoin was trading as high as 10% yesterday.
- Among other cryptocurrencies, Dogecoin stands out in a special way, adding 25% today.
- The macro calendar for today's session includes several interesting publications. These will include German inflation data, a report from the British labor market, ZEW data from Germany and a number of speeches by Fed bankers in the evening.
- Asian markets are mostly seeing declines today. A combination of an uncertain economic backdrop in China, where the market is still waiting for a real improvement from the stimulus programs in place, and concerns about high tariffs imposed on Chinese trade are lifting the region's major stock indexes lower. The Hang Seng is currently losing more than 3%, the Nikkei 225 is down 0.6%, and Korea's KOSPI is losing nearly 1.9%.
- In China, new information has emerged about possible further regulations. Local authorities are drafting a proposal that would allow major cities such as Shanghai and Beijing to reduce the deed tax for property buyers to just 1%, compared to the current rate of up to 3%.
- Consumer confidence in Australia rose in November as consumers believed in the RBA's interest rate cuts and their impact on the market. Business confidence also rose in the National Australia Bank's October business survey. Business conditions, however, remained unchanged.
- Most markets are maintaining the sentiment seen in recent sessions. All the while, the dollar continues to do relatively well, thus pushing down precious metals and oil prices. Silver prices are already down more than 1.2% today and have broken out below the 100-day exponential moving average.
Heatmap of the volatility currently observed in the currency market. Source: xStation
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