BITCOIN PRICES HOVER NEAR ALL-TIME HIGHS
It was business as usual for bitcoin on Thursday, as the world’s most active cryptocurrency continued to trade near all-time highs.
BTC/USD continued to trade north of the $8,000 level on Thursday, as prices continued to push forward following weeks of renewed upside. Prices were last seen trading at $8,185, according to Bitfinex, for a market cap of roughly $137 billion.
Bitcoin surged through the stratosphere this week en route to new record highs as rising institutional demand and a failed Segwit2x fork kept demand elevated.
The coin’s technical parameters show continued upside, with analysts growing increasingly bullish on bitcoin’s prospects. Analysts are now targeting $10,000 as the next major resistance test.
Bitcoin is in the midst of a two-week uptrend, as prices recovered from the failed Segwit2x hard fork. The failed implementation of the hard fork sent Bitcoin Cash (BCH) surging.
EUROZONE DATA DRIVES HEADLINES ON US THANKSGIVING
Eurozone economic data will be front and centre on Thursday as US markets remain closed for Thanksgiving.
Germany kicks off the economic calendar at 07:00 GMT with a report on third quarter gross domestic product (GDP). Revised estimates are expected to show a quarterly growth rate of 0.8% for Europe’s largest economy, which translates into a year-over-year gain of 2.6%.
A steady stream of French data will make headlines over the next hour, including a monthly report on the business climate. IHS Markit will also unveil final PMI figures covering manufacturing and services.
Germany is back in the spotlight at 08:30 with PMI reports spanning the manufacturing and services sectors. Germany’s Composite Index is expected to show a reading of 56.7 in November, following a print of 56.6 the month before.
The 19-member Eurozone will also see fresh PMI prints on Thursday, including reports on manufacturing and services. The Eurozone Composite PMI is expected to come in at 56 for the month of November.
At 09:30 GMT, the United Kingdom is scheduled to report on third quarter GDP. The British economy is projected to grow just 0.4% in the third quarter, which translates into an annualized gain of 1.5%.
Total business investment, a closely watched indicator of private sector activity, is expected to climb 0.4%.
In terms of monetary policy, the European Central Bank (ECB) will issue its monetary policy meeting accounts at 12:30 GMT. The report will be closely scrutinized for clues about the future of Eurozone policy.
Later in the day, ECB Board member Benoit Coeure will deliver a speech.
In North America, the Canadian government will report on retail sales at 13:30 GMT. Receipts at retail stores are forecast to climb 0.9% in September after falling 0.3% the month before. Excluding automobiles, sales are projected to rise 1%.
The euro regained momentum in mid-week trade, as the dollar backtracked against a basket of world currencies. The EUR/USD exchange rate is currently trading north of 1.1823 following a sharp, 60-pip acceleration during the previous session. The pair is eyeing the 1.1830 resistance level, followed by 1.1860. Immediate support is located at 1.1790, followed by 1.1745.
The British pound crept higher on Wednesday to retake the 1.3300 US handle. Prices forged higher toward the 1.3320 level, as markets continue to eye resistance at the 50% retracement level near 1.3343. That’s the next target for the GBP/USD.
The US dollar declined sharply versus the yen on Wednesday, with prices falling back toward the 111.00 handle. USD/JPY was last seen trading at 111.358, where it was virtually unchanged compared with the previous close. The pair faces immediate support at 111.20. Resistance is found way up ahead at 112.35.