After an intraday decline to the 151.10 region on Thursday, the USD/JPY pair rises for the second day in a row and reaches a two-day high early in the European session. But spot prices stay below the mid-151.00s since there is no follow-through buying.
Due to the Bank of Japan’s (BoJ) more dovish stance and some subsequent US Dollar (USD) strength, the Japanese yen (JPY) continues to perform relatively poorly. This works as a tailwind for the USD/JPY pair. The Bank of Japan is the only major central bank that has negative interest rates, and it has no intention of changing its huge monetary easing programme anytime soon.
BITCOIN ETF AND ANALYSIS
On November 15, the price of bitcoin exceeded $38,000 for the first time in almost 17 months. Market players’ expectation of a spot BTC ETF clearance by US financial regulator, the Securities and Exchange Commission (SEC), is driving the current price surge of bitcoin. The biggest cryptocurrency by market capitalization kept rising despite the delay in Hashdex and Grayscale’s spot ETF applications being approved.
The price of bitcoin surged above $38,000, a significant mark that was last attained in May 2022. It’s interesting to see that in 2021, BTC moved beyond the resistance level at $36,127 into support and advanced towards the next resistance level at $43,200. After breaking through the $38,000 mark, it is anticipated that the price of Bitcoin will successfully retest the psychological barrier before aiming for the $43,000 mark in the upcoming week.
Although it is still below a one-week high, the gold price (XAU/USD) regains upward momentum on Thursday and maintains its little intraday gains through the early part of the European day. The previous day’s high was achieved in the $1,975–1.976 range. One of the main things driving some refuge flows into the precious metal is a perceived softening of the tone surrounding the US equities futures. In addition, the Federal Reserve’s (Fed) anticipated conclusion of its policy tightening campaign provides more backing to the unyielding yellow metal.
Nevertheless, any additional increases in the price of gold are restrained by a further strengthening of the US dollar (USD), which has recovered from its lowest point since September 1 struck in the wake of the weaker US CPI report on Tuesday.