Recently, we asked, "What's one thing you wish you knew before starting your own private music studio?" Here are some of the comments we received.

Want to have access to an online teaching platform that actually works for music? Online Studio might be the solution for you.

With all but one of my children driving and displaying functional levels of independence, I recently decided it was time for me to revisit one of my first loves: playing the piano.

How do you handle the possibility of changing teaching schedules in your music studio during the summer months?

Do you have a set of values that guide your teaching and the way you've set up your studio? Here are some ideas to get you started.

A note via Bank of America economists on expectations and wariness on US October CPI data due Wednesday at 8.30 am US Eastern time.

BoA expect core CPI to show an increase of 0.3% m/m month

• holding at 3.3% y/y
• would be the third consecutive month with a 3.3% core reading

BoA say that looking ahead, the rise is inflation tilted to the upside:

• "We see pro-growth fiscal policy, tariffs, and tighter immigration as potential sources of upside inflation risk over the coming years if they are implemented"

Higher inflation to come would slow/halt/reverse (you can pick more than one ;-)) Federal Reserve rate cuts.

0900 GMT / 0400 US Eastern time: Olli Rehn, Governor of the Bank of Finland, and Bank of England Chief Economist Huw Pill speak on a panel at a conference organised by UBS in London

As Governor of the Bank of Finland Rehn is a member of the European Central Bank monetary policy board, the Governing Council.

Thus we'll get policy/economy comments relevant for the ECB and BoE for this one.

Heads up for a barrage of Fed speakers due Tuesday 12 November 2024:

10:00 AM ET / 1500 GMT

• Fed's Waller (Governor, Voter) speech (the topic is 'payments')

10:15 AM ET / 1515 GMT

• Fed's Barkin (Richmond Fed President, non-voter) speech

2:00 PM ET / 1900 GMT

• Fed's Kashkari (Minneapolis Fed President, non-voter)

5:00 PM ET / 2200 GMT

• Fed's Harker (Philadelphia Fed President, non-voter) speech

5:30 PM ET / 2230 GMT

• Fed's Barkin (Richmond Fed President, non-voter) speaks again

• The pace of the moves depends on the data
• We are data dependent but not data point dependent
• Growth outlook has deteriorated due to manufacturing sector
• If disinflation stays on track, it would make a case for further rate cuts
• We could be leaving restrictive territory in the spring of 2025
• The last thing we need now is yet another trade war
• Tariffs impact will be medium-to-long term
• Protectionism by definition is inflationary

The remarks are as you would expect from the ECB at this current stage. But they are already starting to recognise the potential impact of Trump tariffs and that's a warning signal to the outlook for next year I guess.

• Euro area growth is projected to be sluggish
• Sees downside risks to growth
• Waiting on December projections for a better picture of where we stand

So far, he's not saying anything to jolt market pricing. And that's the other main consideration for any of their communications before making policy decisions. As such, a 25 bps rate cut in December remains the likeliest option at this stage. EUR/USD remains down 0.2% on the day at 1.0626 currently.

• One year inflation expectations 2.9% versus 3.0% last month. That is the lowest in four years
• Three-year inflation expectations 2.5% versus 2.7% last month
• Five-year inflation expectations 2.8% versus 2.9% last month

other details :

• Consumers in October saw lower likelihood of missing a minimum debt payment for the first time in five months
• Consumers in October saw lowest likelihood of a rising US unemployment rate over the next year since February 2022
• Consumers saw lower chance of losing current job and improved prospects for finding a new job if current job were lost
• Unemployment expectations decline to 34.5%, lowest since February 2022
• Probability of finding a job increase the highest level since October 2023

This is good news is inflation expectations help to keep a lid on actual inflation. Nevertheless yields remain near highs for the day.

• 2 year 4.321%, +6.7 basis points
• 5-year 4.281%, +8.9 basis points
• 10 year 4.390%, 8.2 basis points

US stocks are lower:

• Dow -0.38%
• S&P -0.33%
• NASDAQ -0.14%

Deutsche Bank has revised its forecast for the European Central Bank’s (ECB) terminal rate, lowering its central-case projection from 2.25% to 1.50%. The bank now anticipates the ECB’s policy rate will dip slightly below the neutral rate by the end of 2025, rather than returning to neutral by mid-year as previously expected.

This shift in outlook is driven by several factors, including the potential for new tariffs from a Trump administration, which would likely impact trade, along with weaker macroeconomic performance in Europe and the increasing risk of inflation falling below target.

According to Deutsche Bank, the uncertainty surrounding these dynamics is considerable, especially given the unclear timing and effects of U.S. tariffs and potential European responses. Reflecting this uncertainty, the bank has outlined a broad target range of 1.00% to 1.75% for the ECB’s terminal rate.

Deutsche Bank notes that the terminal rate’s trajectory and ultimate level will depend on key influences such as:

1. European fiscal policy,
2. the economic health of Germany,
3. developments in China,
4. and fluctuations in oil prices.

The bank further suggests that the global economy may be entering a new phase, with Europe potentially experiencing increasingly divergent economic conditions compared to the U.S.

The election is going to dominate early November trading so making moves based on seasonals is unwise. That said, it's useful to keep them in mind as the dust settles.

• November is the best month for USD/JPY
• Best month for the Nasdaq
• Third-best month for the US dollar
• The November through February is strong for gold
• Second-best month for the S&P 500
• Second-best month for the MSCI world index
• Second-best month for the German DAX
• Best month for the Nikkei 225
• The final month of the seasonal slump for oil. Seasonals neutral in Dec-Jan then strongly positve from Feb-June

Going into last November, the S&P 500 had declined for three straight months but that month marked a turning point as it recouped nearly all the gains in what was the beginning of a five-month rally. This time, we're coming into the month with better momentum, though October was negative for stocks.

The USDCAD has backed backs off from ceiling area again. That area comes between 1.3945 and 1.3958.

The subsequent move to the downside has the pair heading toward 200 and 100-hour MA support targets at 1.39054 and 1.3898 respectively (green and blue lines on the chart below). A move below that level would target the rising 100 bar moving average on the 4-hour chart at 1.38784. Last week the price fell below that moving average line on two separate occasions only to fail and bounce back to the upside.

If the price were to get above the ceiling area, the 2022 high price comes in at 1.3977. Get above that and the price is trading at the highest level since 2020.

USDCAD Summary

The USDCAD is trending upward, approaching a key swing area between 1.3945-1.39581.

Key Levels:

Resistance

• 1.3945 to 1.3958. Swing highs over the last 7 trading days (from swing highs from Oct 31, Nov 1, 6, and 7.

• 1.3977 (2022 high)

Support

• 1.3905 - 200-hour MA)

• 1.3898 Rising 100-hour MA

Outlook:

• Break above 1.3977 targets highest level since 2020.

• Move below 1.3905 and rising 100-hour MA favors sellers.

• Otherwise, buyers maintain control, pushing for new highs.

Fundamental Overview

The puzzling weakness in the US Dollar following Trump’s victory looks more and more like it was just a “sell the fact” reaction. The greenback is now back in the driving seat, and we might also be seeing some pre-positioning into a potentially hot US CPI report tomorrow.

At the latest Fed’s decision, Fed Chair Powell said that they expect bumps on inflation and that one or two bad data months on inflation won’t change the process. This keeps the 25 bps cut in December in place even if we get higher inflation readings.

The market though is forward-looking, and the rise in Treasury yields showed that the market sees risks to the inflation outlook. Moreover, the red sweep could increase those fears if the progress on inflation stalls, or worse, reverses.

USDJPY Technical Analysis – Daily Timeframe

On the daily chart, we can see that USDJPY continues to consolidate above the key 152.00 support zone maintaining a bullish bias. If we were to get another pullback into the support, we can expect the buyers to step in once again to position for a rally into the 160.00 handle. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the 148.00 handle next.

USDJPY Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have a minor upward trendline defining the current bullish momentum. The price recently bounced near the trendline and we can expect the buyers to keep leaning on it, while the sellers will look for a break lower to gain more conviction for a bigger correction to the downside.

USDJPY Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we have a minor support zone around the 153.40 level. This is where the buyers are stepping in with a defined risk below the zone to position for the continuation of the uptrend. The sellers, on the other hand, will want to see the price breaking lower to target a pullback into the trendline. The red lines define the average daily range for today.

Upcoming Catalysts

This week is a bit empty on the data front with the most important releases scheduled for the latter part of the week. Tomorrow, we have the US CPI report. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales data.

See the video below

The AUDUSD has moved lower to a swing area low at 0.65357. The high of the swing area comes in at 0.65537. It would take a move above that level and then the 61.8% at 0.6575, to give the buyers more confidence and cause the sellers to have some cause for pause.

ON the downside, a break of 0.6535 would target the low from last weekend 0.6511. That is near the last two session lows going back to early August. oh below that level and traders look toward 0.6463 to 0.6486.

The price action last week in the AUDUSD was up and down with big moves in either direction.Through the first two days of this week, volatility is less, but the bias is more to the downside. That bias would be even more bearish if the 0.6535 level can be broken along with the low price from last week at 0.6511.

------------------------------------

AUD/USD Summary

The AUD/USD fell to a swing area low at 0.65357.

Key Points:

1. Swing area: 0.65357 (low) - 0.65537 (high).

2. Buyers need a break above 0.65537 and 0.6575 (61.8% level).

3. Sellers target last weekend's low: 0.6511.

Outlook:

Bullish Scenario

Move above 0.65537 and 0.6575 boosts buyer confidence.

Bearish Scenario

Break below 0.6535 and 0.6511 confirms bearish bias, targeting 0.6463-0.6486.

Levels to Watch:

• Resistance: 0.65537, 0.6575

• Support: 0.65357, 0.6511, 0.6463-0.6486

The high yield close for the 10-year note last week reached 4.433%. The current yield is currently at 4.4315%, up 12.3 basis points. A close above would be the highest close going back to July 1, 2024 when the close came in at 4.465%.

BofA suggests staying short on CHF, particularly against USD and GBP, as post-election volatility subsides and G10 rate repricing supports a weaker CHF. While political risks may pose a minor obstacle, BofA sees CHF depreciation as likely due to policy divergence, with recent fiscal stimulus in the UK reinforcing the case for long GBP/CHF.

Key Points:

• CHF Weakness Expected: Following the US election, BofA expects normalization in volatility and G10 rate adjustments, which support a weaker CHF heading into year-end.

• Policy Divergence and SNB Cuts: CHF depreciation has been driven by Swiss policy moves, including an SNB rate cut, and ongoing yield compression. Increased Swiss inflation has also pressured CHF.

• Positioning in USD/CHF and GBP/CHF: BofA favors short CHF positions in USD/CHF and recently opened a long GBP/CHF position via a three-month ratio call spread, driven by UK fiscal stimulus enhancing policy divergence.

• Risk Management Considerations: While CHF shorts are promising, BofA advises a cautious approach due to potential political uncertainties that could affect CHF.

Conclusion:

BofA recommends holding short CHF positions in USD/CHF and GBP/CHF, as volatility recedes and policy divergence favors a weaker CHF. Though political noise may cause short-term volatility, BofA sees CHF depreciation persisting into year-end, with UK fiscal moves strengthening the case for GBP/CHF.

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The US CPI will be released tomorrow at 8:30 AM ET. What is expected?

• October Headline CPI expected to rise by 0.2% MoM, which is the same as last month. The forecasted range is 0.1 to 0.3%.
• YoY Headline CPI expected to increase to 2.6%, up from 2.4%, with a forecast range of 2.3 to 2.6%. A change of 0.0% will fall out of the YoY calculation this month.
• Core CPI projected to rise 0.3% MoM and 3.3% YoY, matching the previous month. The forecast range is 0.2 to 0.3% MoM and 3.2 to 3.4% Y/Y. A year ago, a gain of 0.2% falls out of the calculation.

The US PPI will be released on Thursday with the expectations of 0.2% for the MoM headline and 0.3% for the core measure.

Fed's Barkin this morning on inflation kept it simple saying::

• Inflation might be coming under control or might risk getting stuck above Fed 2% target.

Kashkari had more to say about inflation today with different influences. He said.

• Uncertainty exists around the impact of new government policies on inflation.
• A one-time tariff increase is transitory but could become a sustained issue if it escalates, introducing inflation risks.
• Immigration policy changes could have a significant effect on inflation, but the outcome is uncertain.
• Inflation from new leases will take a couple of years to work through the system.
• Housing inflation is expected to return to normal levels, but it may take a year or two.
• If inflation surprises to the upside before December, it may affect policy decisions.
• Current long-term yield increases don’t seem to reflect heightened inflation expectations.
• Higher productivity could suggest a higher neutral rate, potentially influencing future rate cuts.

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:

There were numerous Fed speakers on Tuesday, US time:

• Fed's Kashkari: The fundamentals seems strong and I'm optimistic that will continue
• Fed's Barkin: Fed in position to respond appropriately regardless of how economy evolves
• Fed's Waller: Makes no comments on economy or monetary policy outlook

and we get one more today in Asia:

• 2200 GMT / 1700 US Eastern time - Federal Reserve Bank of Philadelphia President Patrick Harker speaks on "Fintech, AI and the Changing Financial Landscape".

Which doesn't sound too promising for remarks from him on the economy or monetary policy. But, perhaps we'll get a mortsel thrown to us in any Q&A.

***

As for the data agenda, it's a bit of a yawn, none of it likely to move around major FX upon release.

From Japan we'll get an update of wholesale inflation - the PPI for October. The Producer Price Index (PPI) in Japan is also known as the Corporate Goods Price Index (CGPI)

• its a measure of the average change over time in the selling prices received by domestic producers for their output
• is calculated by the Bank of Japan

Unlike the Consumer Price Index (CPI), which measures the price change that consumers see for a basket of goods and services, the CGPI focuses on the change in the prices of goods sold by companies.

The PPI reflects some of cost pressures faced by producers

• its based on a basket of goods that represents the range of products produced within the Japanese economy, including items such as:
  • raw materials like metals and chemicals
  • semi-finished goods
  • and finished products
  • different weights are assigned to each category within the index based on its contribution to the overall economy.
• it does not account for the quality improvements in goods and services over time, which might lead to overestimation of inflation
  • additionally, it reflects only the prices of domestically produced goods, leaving out the impact of imported goods

The PPI can be used as a guide to inflationary pressures in the economy:

• If producers are facing higher costs, they may pass these on to consumers, leading to higher consumer prices.

***

From Australia we'll get wages data for Q3. Wage growth is expected to keep slowing (y/y) in Q3 2024. With the labor market softening, upward pressure on wages has been easing over recent quarters.

In Commonwealth Bank of Australia's preview they cite their internal data as indicating a quarterly wage growth of around 0.9%, a notable decrease from the 1.3% growth seen in the same quarter last year, which had been boosted by a significant 5.75% increase in award and minimum wages. As a result, the annual wage growth rate is projected to fall to 3.6%, bringing it closer to a level compatible with sustainable, in-target inflation.

While the labour market softening, but from strong levels, the RBA is eyeing wage growth as a factor helping keep inflation sticky. A moderation in growth for wages will be welcomed by the bank if it translates into softening price pressure also.

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
• I’ve noted data for New Zealand and Australia with text as the similarity of the little flags can sometimes be confusing.

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About CreationNetwork.ai

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Midnight Evergreen Technologies, Inc. (Midnight) dares to reimagine the role of an AA game publisher, with a mission to fundamentally reshape how we play together. Midnight is building The Evergreen, the first (of-its-kind) publishing platform designed as a deconstructed, composable MMORPG, delivering immersive, cross-genre experiences that seamlessly span across various platforms, pushing the boundaries of how games are played and enjoyed.

The Evergreen fuses enduring player progression with constantly evolving gameplay, creating an interconnected arcade of games that offer the reach, engagement, and monetization of a traditional MMO—without the risks of a single theme, game narrative, or prolonged production cycles.

Midnight proudly announces the launch of the first of its 26 planned core games in this Deconstructed MMO: The Evergreen: Midnight Market. Set to release on Web, Mobile, and Telegram, and built in partnership with Aptos Foundation, Midnight Market is a daring game of risk and reward where every spin teeters between fortune and mischief. Combining the thrill of crypto gaming with the reliability and scalability of Aptos' Layer 1 blockchain, Midnight Market sets a new standard for decentralized gaming.

Players will find themselves in a high-stakes world of chance, crafting items, earning tokens, and navigating encounters with the elusive Night Pig. How far will you push your luck in pursuit of the ultimate prize?

“Our partnership with Aptos Foundation marks a significant tipping point,” said Steve Wade, Founder & CEO of Midnight. “Aptos’ innovative Web3 infrastructure aligns perfectly with our strategy to focus on player participation in the ecosystems they engage with. Specifically, we’ve solved for interoperability between games, and Aptos makes that solution a reality.” Wade further explained, “We believe in the creator economy and see Web3 as the next logical step—empowering individuals and communities to shape the ecosystems they interact with. With Aptos, we envision a world where players’ stories matter and endure long after the game is over.”

Key Features of The Evergreen: Midnight Market

• Engaging, Unpredictable Gameplay: Players experience unpredictable rewards or unexpected encounters, with every spin holding the potential for either fortune or a surprise interaction with the Night Pig. This element of suspense enhances the gameplay experience with an entertaining, high-stakes twist.
• Decisive Risk-Reward Mechanics: With each turn, players must choose between pushing their luck for higher rewards or banking their earnings. This gameplay design adds strategic depth, enhancing engagement through meaningful player choices.
• Aptos Powered Player Economy: Midnight Market features a blockchain-powered economy, enabling players to craft items known as Keys and earn tickets that can be redeemed for the native ecosystem token or other exclusive merchandise. This player-driven system ensures that every reward has tangible value, heightening the stakes and making the game’s risk-reward mechanics even more impactful.

The game is the first major title to utilize the Aptos high-throughput blockchain, which boasts low latency and high transaction speeds, creating a seamless gaming environment for thousands of players worldwide.

“Powered by the speed and security of the Aptos blockchain, we’re excited to see Midnight’s ambitious vision for The Evergreen brought to life,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “Players can expect an immersive, genre-spanning experience where every move shapes their unique journey, and the time they spend leaves lasting echoes within the game’s universe and control over the assets they acquire. This isn’t just a step into the future of Web3 gaming—it’s a bold leap forward, placing players at the heart of a dynamic ecosystem, where every moment they choose to spend has a meaningful impact on the worlds they explore".

The Evergreen: Midnight Market is in closed beta now and available to players globally November 13th.

About Aptos Foundation

Aptos Foundation is dedicated to supporting the development of the Aptos protocol, decentralized network and ecosystem and driving engagement with the Aptos ecosystem. By unlocking a blockchain with seamless usability, Aptos Foundation aims to bring the benefits of decentralization to the masses.

About Aptos Network

Aptos is a next-generation Layer 1 blockchain. Aptos’ breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards.

About Midnight

Midnight (https://www.midnight.io/) is at the forefront of innovation with The Evergreen, the first-ever publishing platform that operates as a deconstructed, composable MMORPG. Players engage with and explore diverse, interconnected game worlds, all linked by The Evergreen, a dynamic nexus that binds these unique experiences together. Each game is its own universe, offering new adventures while feeding into a broader progression system. By combining immersive gameplay with a shared economy and evolving narratives, Midnight is reshaping how players discover and interact with new worlds across genres and platforms.

What we know so far

As of 7:00 a.m. UTC, most data providers, including ABC, CBS, NBC, and CNN, projected that Donald Trump would become the next president of the United States. However, even as Trump’s victory looks almost guaranteed at this point, it is the balance of power in the U.S. Congress that will determine how successfully and effectively the next president will be able to govern.

So far, Republicans have won an extra seat in the Senate, but neither of the parties has a clear advantage in the battle for the House of Representatives. Overall, the counting of votes is still at a relatively early stage, and it could be hours or even days before a final outcome is known. The contest will come down to seven swing states, only three of which (North Carolina, Georgia, and Pennsylvania) have been most likely won by Trump so far. Still, judging by the latest market reaction, it appears reasonable to infer that global investors are pricing in a decisive victory by Donald Trump.

What has been the impact so far

As of 7:00 a.m. UTC, the global markets were positioned for Donald Trump’s victory. U.S. Treasury yields and U.S. stock benchmark indices rallied sharply, pushing the U.S. Dollar Index (DXY) higher. Given that, it is no wonder other major fiat currencies plunged, with EURUSD and GBPUSD down 1.82% and 1.32%, respectively, while bitcoin hit a new all-time high of $75,410, as per Coinbase.

'Such a dramatic shift in market sentiment is explained by Trump’s official policies, or more precisely by the possible effect these policies are likely to have,' says Kar Yong Ang, a financial market analyst at Octa Broker. 'Generally, it all boils down to Trump's tax, immigration, and trade policies, which differ greatly from what Harris proposed. The market perceives them as inflationary, which is why we are seeing a bullish impact in the U.S. dollar.'

The United States controls the world's primary reserve currency, the U.S. dollar, so only a few countries will not feel the effect of the latest U.S. presidential and congressional elections. Major currencies are already experiencing the initial impact. 'Major currencies are falling predominantly because the U.S. dollar is rising, but there is also a fear that Trump's policy on tariffs may hit their domestic economies,' Kar said.

Indeed, the primary reason for such a dramatic decline in EURUSD, for example, is that investors fear that Trump's policies on immigration and taxes will spur inflation and force the Federal Reserve (Fed) to tighten its monetary policy. This may expand the interest rate differential between the two economies, favouring the greenback. In addition, Trump has repeatedly threatened to impose tariffs on certain European goods like autos and chemicals. According to some analysts, Trump's proposed 10% universal tariff on all U.S. imports may erode Europe's GDP by up to 1.5% or about €260bn.

A similar kind of impact may await the United Kingdom, where Trump's blanket tariffs would hit billions of pounds of U.K. automotive, pharmaceutical, and liquor exports. It stands to logic that GBPUSD was down more than 1.3% today.

For similar reasons, CNYUSD (Chinese renminbi / U.S. dollar spot rate) hit a 3-month high. 'For the Chinese economy, the risks are even greater, as Trump promised to impose higher tariffs on Chinese goods. On top of that, under his administration, tensions are likely to grow over the CNYUSD exchange rate,' comments Kar Yong Ang, a financial market analyst at Octa Broker. Although the currency policy of the future Trump Administration is unclear, in his interview with Bloomberg, he had this to say: ‘We have a big currency problem because the depth of the currency now in terms of strong dollar / weak yen, weak yuan, is massive.

Interestingly, the impact on the gold market has been relatively muted so far. As of 7:00 a.m. UTC, XAUUSD was down 1.2%, but historically, it is not a significant swing, especially given how much the U.S. dollar has strengthened. 'Because Trump's victory appears to be decisive, it lowers the probability of social tensions in the U.S., which is not a minor factor considering how fractious U.S. politics has become lately. Thus, XAUUSD is selling off, but I think there are bullish risks ahead as relations between China and the U.S. turn bitter,' comments Kar Yong Ang.

Indeed, Donald Trump will likely heighten the Sino-U.S. trade tensions, which is a positive factor for gold in general. In addition, Trump's massive tax cuts will likely expand the U.S. fiscal deficit and may turn some strategic investors away from the U.S. dollar and into gold and bitcoin. In fact, BTCUSD hit a new all-time high on the news of Trump's potential victory. He is seen as more actively supportive of cryptocurrencies than Harris.

In the short term, all the bullish dollar trades may temporarily reverse as traders buy the dips in EURUSD and GBPUSD in hope of a technical rebound. In the long term, however, the bearish pressure on these pairs will likely persist.

About Octa

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

Since its foundation, Octa has won more than 70 awards, including the ‘Best Forex Broker 2023’ award from AllForexRating and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine.

Since its founding in 2004, Dukascopy has grown into a trusted, innovative leader in the fintech and online trading space, providing clients with advanced tools and a stable platform for smart financial decisions.

Over the past 20 years, Dukascopy has reached major milestones that reflect its core values of stability, innovation, and putting clients first. From its proprietary JForex platform to the popular MT4 and MT5, Dukascopy offers a variety of trading platforms along with modern neo-banking services for both individuals, businesses, and institutions. The bank has also led the way in technology upgrades with White Label and banking-as-a-platform solutions.

As Dr.Andre Duka, Dukascopy’s founder, says, "Innovation has always been at the heart of what we do. We aim to continue delivering these high standards into the future. Thank you, our clients, for choosing us for these 20 years."

Currently, Dukascopy (https://dukascopy.click/agw) proudly serves over 400,000 clients across both trading and banking services. This commitment to delivering cutting-edge solutions, backed by Swiss-grade stability, has allowed the company to maintain long-term relationships with clients, many of whom have been trading and banking with Dukascopy for decades.

As the company looks toward the future, Dukascopy remains focused on empowering traders and banking clients, expecting significant growth of its client base across all segments, from trading to neo-banking, corporate to white-label services.

In a big step for decentralized technology, Deutsche Telekom MMS has partnered with Meta Pool as part of its Enterprise Node Operator (ENO) program, becoming the first telecommunications giant to operate a validator node on the NEAR blockchain. This collaboration not only enhances NEAR’s network security and decentralization but also signals a new era of enterprise-driven blockchain adoption, powered by Meta Pool.

Meta Pool, a leader in liquid staking solutions on NEAR, developed the ENO program to connect established industry leaders with the decentralized ecosystem. By joining this initiative, Deutsche Telekom provides NEAR with enterprise-grade infrastructure that boosts both network reliability and performance. This partnership marks a milestone in Meta Pool’s mission to transform the decentralized ecosystem, elevating NEAR’s technology to new levels of scalability and security through trusted industry partnerships.

About Meta Pool

Meta Pool is a multi-chain liquid staking ecosystem and a DAO with multi-chain governance on NEAR and Ethereum. It offers Vote-to-Earn governance rewards, Liquid Staking Tokens on Ethereum, NEAR, Solana, Aurora, ICP, and Q, and Solana's first restaking aggregator, supporting mpSOL, jitoSOL, bSOL, and SOL. Meta Pool makes liquid staking simple and accessible across multiple blockchains, with plans for further expansion.

A Visionary Collaboration for Decentralized AI and Blockchain Innovation

Meta Pool’s (https://www.metapool.app/) ENO program was designed to bridge traditional and decentralized worlds, creating a robust and resilient network on NEAR through partnerships with industry leaders. By joining this initiative, Deutsche Telekom empowers NEAR with the infrastructure to support decentralized applications at scale, opening doors for new advancements in AI, blockchain scalability, and multi-chain interoperability. With Meta Pool’s ENO program as the foundation, Deutsche Telekom is taking a leap toward reimagining the future of decentralized networks.

"NEAR stands out as an ecosystem that shares our vision of combining blockchain and AI with a decentralized approach that prioritizes data privacy and security," said Oliver Nyderle, Head of Digital Trust & Web3 Infrastructure at Deutsche Telekom MMS. "Together, we’re breaking new ground and building a future that connects these technologies in ways never seen before."

Meta Pool, Deutsche Telekom, and NEAR: Building a User-First, Decentralized Future

In an era where data sovereignty and transparency are paramount, Meta Pool’s ENO program brings companies like Deutsche Telekom into the NEAR network, securing blockchain and AI solutions that empower users. This partnership sets the stage for a privacy-focused, decentralized future, championed by industry leaders committed to the transformative power of blockchain.

“This partnership is a turning point for NEAR, Meta Pool, and our Enterprise Node Operator program,” said Claudio Cossio, Meta Pool’s co-founder. “With Deutsche Telekom’s world-class infrastructure expertise, we’re taking NEAR’s protocol to unprecedented levels of decentralization and resilience.”

NEAR Protocol - A Unique Foundation for Decentralized Innovation

NEAR is a high-performance, environmentally sustainable Layer 1 blockchain built to host decentralized applications for millions of users. Thanks to its unique sharding technology, NEAR enables fast, energy-efficient transactions, making it a “green” alternative within blockchain technology. NEAR aligns with Meta Pool’s mission to advance accessible, eco-friendly blockchain solutions that support a more inclusive digital future.

Through Meta Pool’s ENO program, Deutsche Telekom gains access to cutting-edge blockchain insights, reinforcing its leadership in decentralized AI. This partnership reflects a shared commitment to exploring Web3 possibilities, setting the stage for a more transparent, secure, and innovative digital world.

0945 GMT / 0445 US Eastern time - Bank of England policymaker Catherine Mann is a panellist on the Female Central Bankers panel organised by BNP Paribas’ Global Markets

*

The Bank of England cut last week

• Forexlive Americas FX news wrap 7 Nov: FOMC/BOE cuts by 25 basis points

Expectations are for slower cuts ahead:

• More gradual Bank of England rate cuts = support for GBP

ING remarks after the wages data from Australia earlier:

• Australia data - Wage Price Index for Q3 2024: +0.8% q/q (expected +0.9%, prior +0.8%)
• Australia - "Wage inflation is moderating as expected"

ING says that year-on-year wage growth slowing to 3.5% is a step in the right direction for the Reserve Bank of Australia (RBA) to consider rate cuts.

However, ING notes this deceleration alone isn’t enough for the RBA to rule out any upside risks to interest rates.

Despite the softer data, ING believes a case for a near-term rate cut remains weak, predicting the earliest possible easing from the RBA could come in the first quarter of 2025.

**

I suspect even Q1 is too early. The RBA next meet on December 9 - 10, where on hold is expected.

At 10 am Sydney time on Thursday, November 14, 2024,

• Panel Participation by RBA Governor Michele Bullock, at the ASIC Annual Forum, Sydney
• that's 2300 GMT, 1800 US Eastern time on Wednesday, November 13, 2024

Perhaps we'll hear something on wages data from earlier today:

• Australia data - Wage Price Index for Q3 2024: +0.8% q/q (expected +0.9%, prior +0.8%)

But, probably not:

• Australia - "Wage inflation is moderating as expected"

The RBA next meet on December 9 and 10 and no change to the cash rate is widely expected.

We had Fed speakers on Tuesday US time, Kashkari watered down the prospect of a December rate cut ... didn;t rule it out but he sounds shaky:

• Fed's Kashkari: The fundamentals seems strong and I'm optimistic that will continue
• Fed's Barkin: Fed in position to respond appropriately regardless of how economy evolves
• Fed's Waller: Makes no comments on economy or monetary policy outlook

The agenda ahead includes another three. The times below are GMT/US Eastern time format:

• 1435/0935 Federal Reserve Bank of Dallas President Lorie Logan gives opening remarks before hybrid "Energy and the Economy: Meeting Rising Energy Demand" Conference hosted by the Federal Reserve Banks of Dallas and Kansas City
• 1800/1300 Federal Reserve Bank of St. Louis President Alberto Musalem speaks before an Economic Club of Memphis luncheon
• 1830/1330 Federal Reserve Bank of Kansas City President Jeffrey Schmid gives luncheon keynote before hybrid "Energy and the Economy: Meeting Rising Energy Demand" Conference hosted by the Federal Reserve Banks of Dallas and Kansas City

Broader markets are still largely clinging on to the post-election sentiment this week. However, today will add something different to the mix as we will have the US CPI report in focus. While inflation numbers haven't been too important in recent months, it is one that could still impact trading sentiment. That especially if the disinflation process meets a couple of bumps along the way.

And looking at the expectations for today's report, that might shape up to be the case at least for the October estimates.

Core monthly inflation is expected to nudge up by ~0.30% while headline monthly inflation is expected to nudge up by ~0.21%. Meanwhile, core annual inflation is expected to hold at 3.3% - similar to September. As for headline annual inflation, it is expected to come in a little higher this time at 2.6%.

According to Goldman Sachs, we should be seeing less disinflationary pressures from previously softer components such as airfares and used cars prices. Their estimates show the former increasing by 1.0% this month with the latter up 2.5%. So, that's one part of the argument.

At the balance, the report today should not provide a major reaction if within estimates. I reckon the balance of risks at this point is favouring an outsized reaction on an upside surprise, as compared to a downside miss.

Fed funds futures are showing ~63% odds of a 25 bps rate cut for December and that has been toned down since last week. If there is any upside surprise, the scope for a materially bigger shift in odds there is much wider as compared to a downside miss. So, that's the key consideration now.

Here's Goldman Sachs' playbook in terms of the S&P 500 reaction:

The dollar continues to sit in a good spot this week, holding gains ahead of the main event later today. It's all about the US CPI report and markets are likely to remain more tentative up until then. As for the bigger picture, the post-election sentiment continues to play out for the most part and that remains the larger focus.

For now, USD/JPY is one to watch as it closes in on the 155.00 mark currently. That will mark the first time since the end of July that the pair is taking a run at the figure level. Is Tokyo going to step up with their verbal interventions? There's going to be little technical resistance in between this pocket here and 160.00 next.

Besides that, EUR/USD is also in focus as the pair closes in on the April low of 1.0601. Large option expiries are in play for now but it's hard to ignore the stronger dollar post-election. If that breaks, sellers will be eyeing the 1.0500 level next before the October lows from last year seen at 1.0448-51.

European trading will be a bit of a snoozer as such with a lack of headlines. But perhaps we might get some interesting market moves to talk about in the run up to the US CPI report. USD/JPY is now inching just above 155.00 for the first time since end July while EUR/USD is looking heavy near the April low of 1.0601. Those will be two of the more interesting charts in play currently.

Elsewhere, US futures are pointing lower with gold back up slightly just above $2,600 and Bitcoin is down to below $87,000 after briefly brushing up against the $90,000 mark overnight. So, there are some mixed moves in there for the time being.

In terms of data releases, there's just the US MBA mortgage applications at 1200 GMT. With rates having shot higher post-election, that is likely to keep sentiment in a more dour spot after last week's report here.

As for euro area releases, there's nothing on the agenda for today.

• German DAX futures -0.2%
• French CAC 40 futures -0.4%
• UK FTSE futures -0.1%

The CAC 40 index is now down to its lowest since mid-August while the DAX is eyeing its October lows of 18,911. This comes with US futures also marked down so far on the day. S&P 500 futures are lower by 0.3% as we look to the session ahead.

• Eurostoxx -0.3%
• Germany DAX -0.2%
• France CAC 40 -0.1%
• UK FTSE +0.1%
• Spain IBEX flat
• Italy FTSE MIB -0.2%

There's some push and pull in the opening stages but the changes here don't take away from the heavy selling yesterday. As mentioned since last week, the outlook for European indices remain challenging considering the more dour economic outlook in the region. So far today, US futures are also a little more subdued with S&P 500 futures down 0.3%.

Fundamental Overview

Gold is now down almost 6% from the US election day. That shouldn’t be surprising as the last time we got a red sweep gold dropped by more than 16%.

The reason is that a red sweep brings a more expansionary fiscal policy and should be not only positive for growth but also for inflation.

In fact, the market now sees just two 25 bps rate cuts in 2025 which is already much less than the four projected by the Fed in September.

In the bigger picture, gold remains in a bullish trend as real yields will likely continue to fall amid the Fed’s easing cycle, but for now the short-term trend is to the downside due to the repricing in rate cuts expectations.

Gold Technical Analysis – Daily Timeframe

On the daily chart, we can see that gold is now trading near the key trendline around the 2600 level. This is where the buyers are stepping in with a defined risk below the trendline to position for a rally into a new all-time high. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the next trendline around the 2400 level.

Gold Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see more clearly the strong support zone we have around the 2600 level where there’s the confluence of the previous swing low level and the trendline. We can see that we also have a downward trendline defining the current bearish momentum.

If we get a pullback, the sellers will likely lean on it to position for the break below the major trendline, while the buyers will look for a break higher to increase the bullish bets into a new all-time high.

Gold Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we have another minor downward trendline defining the bearish momentum on this timeframe. More aggressive sellers might lean on this one to position for the break of the major trendline, while the buyers will look for a break higher to target the pullback into the next downward trendline. The red lines define the average daily range for today.

Upcoming Catalysts

Today, we have the US CPI report. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales data.

See the video below

Fundamental Overview

The puzzling weakness in the US Dollar following Trump’s victory looks more and more like it was just a “sell the fact” reaction. The greenback is now back in the driving seat, and we might have also seen some pre-positioning in the past couple of days into a potentially hot US CPI report today.

At the latest Fed’s decision, Fed Chair Powell said that they expect bumps on inflation and that one or two bad data months on inflation won’t change the process. This keeps the 25 bps cut in December in place even if we get higher inflation readings.

The market though is forward-looking, and the rise in Treasury yields showed that the market sees risks to the inflation outlook. Moreover, the red sweep could increase those fears if the progress on inflation stalls, or worse, reverses.

The market might have already assigned some premium to a higher than expected print, so there's some risk of a short-term "sell the fact" reaction on a higher than expected number.

It goes without saying that a bigger than expected upside surprise should see the momentum increasing immediately with the US Dollar likely rallying across the board and Treasury yields shooting higher.

On the other hand, a soft print will likely see the US Dollar and Treasury yields falling, although one can argue that it's just going to provide a pullback to go long the US Dollar and short bonds again at even better levels as future conditions will likely see inflation getting stuck above the target or even moving back higher.

EURUSD Technical Analysis – Daily Timeframe

On the daily chart, we can see that EURUSD broke through the key support zone around the 1.0777 following the Trump’s victor, retested it and eventually continued lower. We are now testing another key level at 1.06 handle, and this is where the buyers are stepping in with a defined risk below the level to position for a rally back into the 1.0777 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 1.05 handle next.

EURUSD Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have a downward trendline defining the current bearish momentum. We can expect the sellers to lean on it to position for the break below the 1.06 handle, while the buyers will look for a break higher to increase the bullish bets into the 1.0777 level.

EURUSD Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we have a minor resistance zone around the 1.0630 level where we have the trendline for confluence. This is where the sellers are likely to step in with a defined risk above the trendline to position for the break below the 1.06 handle. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 1.0777 level. The red lines define the average daily range for today.

Upcoming Catalysts

Today, we have the US CPI report. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales data.

Fundamental Overview

The puzzling weakness in the US Dollar following Trump’s victory looks more and more like it was just a “sell the fact” reaction. The greenback is now back in the driving seat, and we might have also seen some pre-positioning in the past couple of days into a potentially hot US CPI report today.

At the latest Fed’s decision, Fed Chair Powell said that they expect bumps on inflation and that one or two bad data months on inflation won’t change the process. This keeps the 25 bps cut in December in place even if we get higher inflation readings.

The market though is forward-looking, and the rise in Treasury yields showed that the market sees risks to the inflation outlook. Moreover, the red sweep could increase those fears if the progress on inflation stalls, or worse, reverses.

The market might have already assigned some premium to a higher than expected print, so there's some risk of a short-term "sell the fact" reaction on a higher than expected number.

It goes without saying that a bigger than expected upside surprise should see the momentum increasing immediately with the US Dollar likely rallying across the board and Treasury yields shooting higher.

On the other hand, a soft print will likely see the US Dollar and Treasury yields falling, although one can argue that it's just going to provide a pullback to go long the US Dollar and short bonds again at even better levels as future conditions will likely see inflation getting stuck above the target or even moving back higher.

USDCHF Technical Analysis – Daily Timeframe

On the daily chart, we can see that USDCHF broke through the key downward trendline following Trump’s victory and, after a brief pullback, continued higher as the trend in the US Dollar remains skewed to the upside.

We now have an upward trendline defining the current bullish momentum. If we get a pullback, we can expect the buyers to lean on it to position for a rally into new highs, while the sellers will look for a break lower to pile in for a drop into the 0.85 handle.

USDCHF Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have another minor upward trendline defining the bullish momentum on this timeframe. The buyers will likely keep on leaning on it to push into new highs, while the sellers will look for a break lower to start targeting new lows.

USDCHF Technical Analysis – 1 hour Timeframe

On the 1 hour chart, there’s not much to add here as the buyers will look for a bounce around the trendline, while the sellers will look for a break. The US CPI report today is going to be a major catalyst, so it would be better to wait for the release before taking any position. The red lines define the average daily range for today.

Upcoming Catalysts

Today, we have the US CPI report. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales data.

For some context, these subsidies did come to an end in May but were reinstated in August through to October to cope with the warmer weather. Subsequently, they were continued until this year-end but the funds had to be drawn from reserves in the budget for the fiscal year that started in April.

NHK is now reporting that the government is considering keeping these subsidies from January through to March next year. Amid a higher cost of living in key populated areas such as Tokyo, the measure above is mainly to try and combat rising consumer prices.

WASHINGTON, D.C. – Given broadcasters' integral role in educating the public on COVID-19 and vaccine deployment, the National Association of Broadcasters (NAB) has joined the COVID Collaborative, a national assembly of experts and organizations working on unified action against the COVID-19 pandemic. NAB President and CEO Gordon Smith will serve on the Collaborative’s National Advisory Council.

WASHINGTON, D.C. – The National Association of Broadcasters (NAB) today announced the creation of an advisory committee to the NAB Board of Directors that will provide insights and suggestions on diversity, equity and inclusion (DEI) issues. The committee will consist of senior-level broadcasters who are women and people of color, and may include current NAB and NAB Leadership Foundation (NABLF) board members who are committed to advancing DEI issues in broadcasting.

WASHINGTON, D.C. – Today, the House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law is holding a hearing titled "Reviving Competition, Part 2: Saving the Free and Diverse Pres."

NAB Statement on Increase in Violence Against Asian Americans and March 16 Shootings in Atlanta