Boo. Forex Cryptocurrency Update: Happy Halloween! Here is today’s update on cryptocurrencies and forex.
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The U.S. dollar fell on Monday after posting its biggest weekly rise this year last week as investors took profits and grew cautious amid news that President Donald Trump’s former campaign manager faces charges of conspiracy against the United States.
USD/CAD: The USD/CAD pair pulled back right below our resistance level of 1.29 ahead of risk events coming up today. The pair continues above the daily Ichimoku cloud and has already reached our first medium-term profit target that was identified last week.
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Economic Calendar: We have a jam-packed economic calendar today, starting with BOJ Kuroda’s speech at a press conference at 6:30 AM GMT. This is followed by Euro-Zone Gross Domestic Product (3Q), as well as their Consumer Price Index Estimate (OCT) at 10 AM GMT.
Canada’s GDP for August and Industrial Product Price (SEP) will be up next at 12:30 PM. Up next is the US Consumer Confidence Index (OCT) at 2 PM. BOC’s Poloz and Wilkins testify at Finance Committee later at 7:30 PM GMT. The combination could add to the USD/CAD rollercoaster ride.
During the next day’s Asian session, New Zealand will release their jobs report to add on to the already high-risk market environment.
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Mining Chip Producer AMD Shares Drop: The essence behind cryptocurrency mining and the blockchain industry, the graphics processor producer AMD stocks have been downgraded. Morgan Stanley reduced its rating for AMD shares as it thinks AMD will face demand problems for its graphics processors next year. Despite this, many experts agree on the huge impact that Blockchain technology will have on fintech in the coming years. Therefore, this pullback in AMD could be temporary.
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Russia to Launch Two Cryptocurrency Agencies: In other news, a city in Russia has been selected as a pilot city to launch two cryptocurrency agencies, following mandates by president Vladimir Putin. One is a crypto-advisory agency; the other is a crypto-detective agency. The crypto-advisory agency will be the first in Russia aimed at providing advice to citizens who want to work with cryptocurrencies. While the cryptocurrency industry has been labeled as a bubble by many experts, it could be a while before we see a burst as the demand continues to grow.
Important note on forex cryptocurrency trading: Trading Forex carries a high level of risk. Trading Forex may not be suitable for all investors. As the 4th point of the IDDA, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. We have shared a couple of medium to high-risk trading ideas with our investing group members. Join us to learn more.