Forex News Today! 17th November 2023: Bitcoin ETF, EUR/USD, Oil Drop!


By the conclusion of the week, the Euro (EUR) and US Dollar (USD) are flirting with the 1.0880 area once more as the Euro (EUR) finds some upside momentum.

Despite the generalised positive tone in the risk-linked market and declining US rates across several periods, the Greenback is under growing selling pressure and is testing the critical 104.00 support. The downward tilt in the index is supported by growing speculation that the Federal Reserve (Fed) may begin lowering interest rates in the spring of 2024.

The weaker-than-expected PPI and CPI inflation data that were announced earlier this week have increased conjecture about potential Fed rate reduction. 

Bitcoin ETF

By January 10, 2024, analysts predict that a spot ETF clearance is very likely. When this happens, it will be a really bullish development for the ecosystem as a whole. This possible scenario has resulted in a massive capital inflow, which has made the market volatile once more. 

Nevertheless, until this ETF decision is finalised and validated, investors should exercise caution because to the unpredictable fluctuations in the price of Bitcoin. In just a few minutes, Bitcoin might breach the crucial $35,000 support level and retest the $31,000–$30,000 support range. Millions of US dollars would be liquidated and widespread fear would result from such a move. 

Oil Drop

A pain in the side for OPEC+ is the declining price of oil. Crude prices fell 5% for the week despite Saudi Arabia’s suggestion that it could prolong its production restrictions well beyond 2024. The markets disregarded this prospect. Based on the shift in supply and demand, it appears that the United States has significantly increased its oil output, which has resulted in an excess supply relative to the current decline in demand. 

In some way, there was a correlation between the decrease in the US Dollar (USD.  Although traders are cheering the Fed’s decision to stop raising rates, there is growing concern that a recession may come before any Goldilocks situation can be celebrated. The US dollar may be worth less in this situation compared to the majority of important currency pairs.

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