#EconomicReview

▫️ The UK unemployment rate fell from 4.2% to 4.4%, but new data showed a 135K rise in claimant claims.

▫️ Earnings growth slows to 4.5% 3m/y, lowest since 2021

▫️ The pound reacted positively to the better-than-expected figures, but there are doubts about the sustainability of the trend for #GBPUSD.

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#WaveAnalysis

▫️#AUDUSD reversed from support zone;

▫️Likely to rise to resistance level 0.6650.

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#WaveAnalysis #USNDAQ100

▫️Nasdaq-100 index reversed from support zone;

▫️ Likely to rise to resistance level 19500.

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▫️ #Crypto cap rose another 2.2% overnight to $2.14 trillion;

▫️ #Bitcoin hovers near $61K and makes no attempt to break 50-day MA.

▫️ #Ethereum is updating local highs and actively climbing out of the pit;

▫️ Mt. Gox has transferred 33.14k BTC to BitGo, keeping another 46.16k on its balance.

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#MarketReview #USSPX500 #USNDAQ100 #US30

▫️ US indices rise above 'just a rebound' milestone;

▫️ Dip in the second half of July corrects October rally and clears the way for upside;

▫️ The sentiment index remains in 'extreme fear' territory, boosting the fresh buying;

▫️ Markets are confident of a rate cut, but normalisation of these expectations reduces market shock.

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#WaveAnalysis

▫️Gold reversed from resistance zone;

▫️ Likely to fall to support level 2400.

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#WaveAnalysis #AXP

▫️American Express rising inside minor impulse wave iii;

▫️ Likely to reach resistance level 250.

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#Crypto

▫️ Crypto market pulled back from $2.15 trillion level, losing 2.9% in 24 hours;

▫️ #Bitcoin pulled back to $58K, losing 4.5% in 24 hours, remaining under 'death cross' pressure;

▫️ #Ethereum has lost 61.8% of its growth momentum from the downturn and is at risk of losing another $500;

▫️ Tether and Circle have issued nearly $2.8bn worth of 'stable coins' over 7 days.

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#MarketReview #CPI #PPI

▫️ US consumer inflation slowed to 2.9%, and producer prices slowed to 2.2% y/y;

▫️ This is below average forecasts but above the Fed's target and does not justify an aggressive rate cut;

▫️ Investors' and the Fed's attention has returned to the labour market, but the dynamics of final demand should not be overlooked.

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#EconomicReview #DXY

▫️ US Retail Sales +1% m/m vs expected 0.4%;

▫️ Weekly jobless claims fall for the second week, erasing earlier gains;

▫️ Dollar rises on a reassessment of interest rate expectations, and stocks rise on reduced risk of economic recession.

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#WaveAnalysis

▫️S&P 500 index rising inside impulse wave 3;

▫️ Likely to test resistance level 5570.

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#WaveAnalysis

▫️EURJPY broke resistance area;

▫️ Likely to rise to resistance level 164.90.

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#Crypto

▫️ The crypto market fell on Thursday, bucking the positive trend in equities;

▫️ #Bitcoin found support near $56K and bounced back above $58K;

▫️ US government wallet transferred 10K bitcoins to Coinbase;

▫️ Bitcoin's mining difficulty fell 4.19% week-on-week, while Ethereum supply rose 0.7% year-on-year.

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#MarketReview

▫️ #Gold is making its third attempt in 30 days to consolidate above $2470;

▫️ $2500 looks like a key near-term upside target.

▫️ The distant bullish target is the $2800-2900 area.

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#WaveAnalysis

▫️#EURGBP broke support area;

▫️ Likely to fall to support level 0.8475.

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#WaveAnalysis #BA

▫️Boeing reversed from support area;

▫️ Likely to rise to resistance level 196.00.

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#Crypto

▫️ Crypto cap is at $2.07, and $2.15 has become a strong resistance, undermining confidence in global risk demand;

▫️ Stablecoin cap is rising, updating all-time highs, with BTC the main beneficiary so far;

▫️ #Litecoin is retreating from the 50-day, which has acted as active resistance for the past 4 months;

▫️ Artificial intelligence-related crypto projects may fail due to a potential 'bubble collapse' in the sector.

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#MarketReview #WTI

▫️ Oil retreated, failing to return to the area above the 200- and 50-week averages;

▫️ The price decline is happening against a favourable background: prices for risky assets are growing, the dollar is falling;

▫️ Purchases for the strategic reserve continue, drilling activity remains low;

▫️ Movement within the trend suggests a decline to $70 by the end of the month.

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#EconomicReview

▫️ Building Activity has fallen to levels where the Fed would start cutting rates in 2007 and 2019;

▫️ Despite expectations of looser policy, this sounds like bad news for equities and bullish for the dollar.

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#Crypto

▫️ Cryptocurrency cap rises to $2.15 (+4% in 24 hours), the August resistance level;

▫️ #Bitcoin at $61.0K makes another attempt to break above 50-day MA and targets 200-day;

▫️ #Solana under pressure on SEC news and remains near lower end of trading range;

▫️ US Fed and FinCEN equate cryptocurrencies and digital assets to money.

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#MarketReview

▫️ The dollar has lost around 4% since the beginning of July and more than 2.3% since its peak in August;

▫️ Pressure comes from expectations of more aggressive Fed rate cuts;

▫️ #DXY has pulled back to key trading range support of the past 20 months;

▫️ Powell's speech has the potential to both turn #USD higher and confirm a path to the downside.

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