Market Watch. Awaiting Central Bank Decisions

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00:00 | Market Watch. Awaiting Central Bank Decisions
00:08 | The Bank of Japan disappointed the markets
00:43 | Awaiting the Fed's decision
01:14 | In focus this week
01:45 | Bitcoin as a reserve

The Bank of Japan disappointed the markets

The beginning of the week in the financial markets passed without strong fluctuations, despite the activity in the foreign exchange markets. The dollar rose slightly against the Japanese yen after the head of the Bank of Japan Kazuo Ueda again left market participants in the dark about the timing of an interest rate hike. Despite the fact that Ueda did not rule out a possible gradual tightening of monetary policy if the economy develops in accordance with the bank's forecasts, he did not give a clear signal regarding a rate hike in December. This disappointed many investors who had hoped for more definite statements.

Awaiting the Fed's decision

The prospects for a change in US rates also remain uncertain. Futures contracts suggest a 62% chance that the US Federal Reserve may start cutting rates next month, despite the harsh rhetoric of Chairman Jerome Powell. At least seven Fed representatives are expected to speak this week, and the market assumes that their statements will be cautious about a rapid rate cut. In addition, the choice of a new U.S. Treasury secretary, who is likely to have an impact on economic policy, may add uncertainty.

In focus this week

Important events are also expected in Europe this week. Speeches by representatives of the European Central Bank may provide additional information on further monetary policy in the region. Inflation data will be released in the UK and Canada, which will help form expectations about possible changes in rates in these countries. Also this week, preliminary business activity indices for November will be published, which may reflect global economic sentiment after the US elections.

Bitcoin as a reserve

And now to the crypto market. In the United States, Wyoming Senator Cynthia Lummis is calling on the Treasury Department to convert some of its gold reserves into bitcoin in order to create a strategic cryptocurrency reserve. And this is not the first time this initiative has been announced. Meanwhile, bitcoin quotes remain near the historical maximum. Nevertheless, the growth dynamics has slowed down significantly and there is a possibility of correction. But at the same time, it is worth remembering that the price of bitcoin remains at maximum levels even with the strengthening of the US dollar. Thus, if conditions develop in the market for a decline in the exchange rate of the American currency, bitcoin can resume growth.

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