Forex Forecast And Cryptocurrencies Forecast For October 15

Forex Forecast And Cryptocurrencies Forecast For October 15 – 19

Oct 14, 2018Jeremy ParkinsonFinance, No picture0

First, a review of last week’s events:

EUR/USD

The US market sees a continuing correction, which leads to a weaker dollar. On Thursday, October 11, the US stock index S&P 500 lost the next 2%, causing investors to get rid of dollar assets. The process was also pushed up by the news that Donald Trump wants to meet with his Chinese counterpart Xi Jingping during the G20 summit. This was taken as a possible weakening of the US position. As a result, having made a throw from south to north, the pair returned to the borders of the mid-term side corridor 1.1525-1.1830, which started in May, and completed the five-day period at 1.1560.

GBP/USD

The weakening of the dollar could not help but affect this pair. On Friday, October 12, it rose to the height of 1.3255, and the difference between the two-week minimum and maximum exceeded 335 points. True, at the very end of the week, after an impressive growth, there followed a rebound down, and the pair met the end of the session at around 1.3150.

USD/JPY

The Japanese yen returned to the mid-September values, thus strengthening against the dollar. The formation of this trend was influenced by the negative reaction of major players to the increasing volatility in the world markets and their desire to hide part of their capital in a quiet Japanese harbor. As a result, the final chord of the week sounded in the zone 112.20.

Cryptocurrencies

One could say that there are no changes on the digital front, because the BTC/USD pair has not gone below the level of mining profitability. Although it made investors nervous, in just a few hours the price of bitcoin fell by $420, dropping to a three-week low of $6.215. The fall of the benchmark cryptocurrency was caused by the collapse of the US stock market and the IMF report, which spoke about the problems of cybersecurity and that digital currencies could become a new cause of the global financial system vulnerability. The absence of the American regulator (SEC) decision on the request for the ETF launch did not add optimism to the market either.