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Gold prices climbed to a record high on Tuesday, surpassing $3,690, supported by a weakening dollar. The market generally expects the Federal Reserve to cut interest rates at this weeks policy meeting. Capital.com analyst Kyle Rodda said, "Market sentiment is very optimistic... Ahead of the Federal Open Market Committee meeting, the market is betting on a rate cut. The short- to medium-term outlook for gold remains strong." He added, "The interest rate curve has already priced in a significant amount of dovish expectations. If the Fed fails to support them in its guidance and forecasts, gold prices could experience a sharp decline. If the Fed meets market pricing, it could be a catalyst that pushes gold prices above $3,700."ECB board member Kazaks: The ECB has already cut interest rates significantly and there is no reason to do so at the moment.On September 16th, the Hong Kong-Zhuhai-Macao Bridge Border Inspection Station learned that since the Hong Kong-Zhuhai-Macao Bridge officially opened in October 2018, as of September 15th of this year, the number of passengers traveling between Guangdong, Hong Kong and Macao through the Zhuhai Port of the Hong Kong-Zhuhai-Macao Bridge has exceeded 90 million, and the number of vehicles has exceeded 18.68 million. Data shows that in recent years, the Hong Kong-Zhuhai-Macao Bridge has maintained strong growth in passenger and vehicle traffic, reaching 16.3 million in 2023 and 27 million in 2024. So far this year, it has exceeded 21.2 million, a year-on-year increase of 19%, and is expected to exceed 30 million for the first time in the year.The gains of newly listed Hong Kong Stock Connect stocks have fallen back, with Yaojie Ankang-B (02617.HK) now up 22%, Mirxes-B (02629.HK) up 12%, and Baize Medical (02609.HK) up 46%.Yaojie Ankang-B (02617.HK) plunged, with the increase narrowing to less than 20%. It once rose by nearly 60% in the morning session. The company announced at noon that it was not aware of any reasons for the abnormal changes in share price and trading volume.

Crypto Market Daily Highlights – ETH and SOL Lead a Bullish Top Ten

Cory Russell

Oct 24, 2022 15:10

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With 90 minutes (UTC) left in the session, the top 10 cryptos are seeing a bullish Sunday session. The top two are ethereum (ETH) and solana (SOL). While avoiding sub-$19,000 for a second session, BTC dropped short of $20,000 for the sixteenth straight day despite the strong session.


The lowering bets of a 75 basis point Fed rate rise in December were left to give a strong close to the week since external market pressures were lacking.


News that FOMC members wanted to talk about less aggressive policy changes broke on Friday. Mary Daly, a member of the FOMC, also expressed support for riskier investments. Daly said that it is appropriate to think about easing back prior to the FOMC blackout period, which should prevent the economy from becoming a Fed-fueled recession.


Janet Yellen, a former chair of the Federal Reserve and US Treasury Secretary, sought to calm market anxiety over inflation by stating that there was no evidence for it to become ingrained in the US economy.


The talk on Friday reduced expectations for a 75-basis point rate increase in December and seems to be on track to give the cryptocurrency market its longest winning run since mid-September—three days.


The likelihood of rate increases in November and December, according to the FedWatch Tool, are 87.5% and 48.7%, respectively, as of this morning. The probability of a 75-basis point increase in December was 69.8% a week ago.


Prior to the US PMI data for October, Q3 GDP results from China will get attention.


Given the FOMC's stance of policy blackout until November 3, economic data might result in policy uncertainty. Positive headline and sub-component statistics may revive hopes for a December 75-basis point increase.


The NASDAQ 100 Mini is anticipated to set the tone. A optimistic start to the week is indicated by the decline in expectations of a hawkish December move, however the markets will need to manage the Chinese figures.

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