Ireland’s AIB Services PMI reached 56.7 in October, up from 53.5. This increase indicates an expansion in the service sector.
The GBP/USD showed modest gains above 1.3000, supported by a softer US Dollar. Potential gains may be tempered by the UK finance minister’s hints at tax rises in the upcoming budget.
Gold prices increased above $3,950 during European trading. This was driven by fears related to the US government shutdown and geopolitical risks, enhancing safe-haven demand.
In the cryptocurrency market, Bitcoin, Ethereum, and Ripple have stabilized following a recent correction. These cryptocurrencies are consolidating near key support levels, as traders assess next steps.
DeFi platform Balancer experienced a $120 million hack. The hack affected older pools on the platform, which could not be paused by Balancer.
Various brokers are highlighted for their offerings towards 2025, focusing on costs, leverage, and regional specifics. Information includes guidance on the best brokers for different trading needs.
We see that the ongoing US government shutdown, now entering its fifth week, is creating significant safe-haven demand and pressuring the US Dollar. The US Dollar Index softening to near 100.00 is a direct result of this prolonged political instability, as seen in last week’s initial jobless claims data that jumped to 250,000. For the coming weeks, traders should consider buying call options on major currency pairs against the dollar, such as the EUR/USD, to capitalize on further dollar weakness.
The flight to safety is pushing gold to unprecedented levels above $3,950 an ounce, a move we haven’t seen since the sovereign debt fears of the last decade. This is not just about the shutdown; persistent global inflation, which the latest US CPI report showed is still high at 4.1%, is also a major factor. Given these prices, using long call spreads on gold futures contracts would be a prudent way to gain upside while managing the high cost of options.
In contrast to the turmoil in the US, Europe is showing signs of resilience, highlighted by Ireland’s strong services PMI of 56.7. This positive Irish data comes after Germany’s latest ZEW Economic Sentiment survey also beat expectations, showing a surprising uptick to 15.2. A cautious European Central Bank coupled with a weak dollar suggests the EUR/USD pair, currently near 1.1500, has more room to run, and selling out-of-the-money put options to collect premium is a viable strategy.
The British Pound is holding above 1.3000, but we see headwinds approaching as the UK Finance Minister has signaled tax rises. Last week’s UK retail sales figures showed a minor contraction of 0.2%, suggesting the consumer is already under pressure before any new tax burdens are introduced. This creates a conflicting picture for the GBP/USD, making range-bound strategies like setting up an iron condor centered around the 1.3050 level potentially profitable.
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