Here are the Top Market Analysis for the 2nd of November, 2023.

Currencies (Forex – FX)

• USD: The US dollar is trading mixed against its major rivals on Thursday, as investors await key economic data releases later in the week. The dollar index, which measures the greenback against a basket of six currencies, is up slightly by 0.1% at 111.20.
• EUR: The euro is trading slightly lower against the dollar on Thursday, at 1.0668. The single currency has been under pressure in recent weeks due to concerns about a potential recession in the European Union. However, the euro could find some support later in the week if economic data from the region is positive. The EUR/USD currency pair is currently trading in a range between 1.0500 and 1.0663. The bulls are looking to break out above the resistance level at 1.0663, while the bears are looking to break down below the support level at 1.0500.
• GBP: The British pound is trading slightly higher against the dollar on Thursday, at 1.2190. The pound has been volatile in recent weeks due to political uncertainty in the UK. However, the pound could find some support later in the week if the Bank of England raises interest rates by more than expected. The GBP/USD currency pair is currently trading in a range between 1.2000 and 1.2133. The bulls are looking to break out above the resistance level at 1.2133, while the bears are looking to break down below the support level at 1.2000.
• JPY: The Japanese yen is trading slightly lower against the dollar on Thursday, at 150.676. The yen has been under pressure in recent weeks due to the widening interest rate differential between Japan and the US. However, the yen could find some support later in the week if the Bank of Japan intervenes to support the currency. The USD/JPY currency pair is currently trading in a range between 149.30 and 150.13. The bulls are looking to break out above the resistance level at 150.13, while the bears are looking to break down below the support level at 149.30.
• Other currencies: The Canadian dollar is trading slightly higher against the US dollar on Thursday, at 1.3280. The Australian dollar is trading slightly lower against the US dollar on Thursday, at 0.7010. The New Zealand dollar is trading slightly lower against the US dollar on Thursday, at 0.6240.

Metals

• Precious Metals (Gold and Silver)
  • Gold prices are trading sideways today, after a sharp rally yesterday. The metal is currently trading around $1,980 per ounce, up slightly from yesterday’s close.
  • Silver prices are also trading sideways, currently trading around $24 per ounce.
• Base Metals:
  • Base metals prices are also trading sideways today, being supported in recent months by strong demand from the manufacturing and construction sectors. However, concerns about a potential global recession have weighed on prices in recent weeks.
  • Copper prices are currently trading around $3.60 per pound, while
  • Aluminum prices are trading around $2,300 per ton.
  • Nickel is tading at $18,000 per tonne, up 1%.
  • Zinc is trading at $2,500 per tonne, up 0.5%.

Commodities

• Energy
  • Oil prices fell on Wednesday, November 2, 2023, as investors weighed concerns about a global economic slowdown against tighter supply outlook from OPEC+.
  • Brent crude oil futures fell 0.96% to settle at $85.44 per barrel, while US West Texas
  • Intermediate (WTI) crude oil futures fell 1.07% to settle at $81.30 per barrel.
  • Natural gas prices also fell on Wednesday, declining 0.20% to settle at $3.49 per million British thermal units (mmBtu).
• Agriculture
  • Agricultural commodity prices were mixed on Wednesday, November 2, 2023. Corn prices fell slightly, while wheat and soybean prices rose.
  • Corn prices are under pressure due to concerns about a slowdown in demand from China, the world’s largest corn importer.
  • Wheat prices are supported by strong demand from the Middle East and North Africa region.
  • Soybean prices are rising due to supply concerns.
• Gold, Silver, Copper: Please check Metals category

Indices

• US Indices
  • The US stock market closed higher on Wednesday, November 2, 2023, as investors were encouraged by strong earnings reports from several major companies.
  • S&P 500 index rose 1.05% to close at 4,237.86
  • Dow Jones Industrial Average rose 0.67% to close at 33,274.58
  • Nasdaq Composite index rose 1.64% to close at 13,061.47
• European Indices
  • The European stock market also closed higher on Wednesday, November 2, 2023, following the lead of US stocks.
  • FTSE 100 index rose 0.28% to close at 7,342.43
  • CAC 40 index rose 0.31% to close at 6,783.20
  • DAX index rose 0.34% to close at 14,278.21
• Asian Indices
  • The Asian stock market closed mixed on Wednesday, November 2, 2023.
  • Nikkei 225 index rose 0.20% to close at 29,207.28
  • Hang Seng Index fell 0.30% to close at 19,673.28
  • Shanghai Composite Index fell 0.50% to close at 3,060.07

Cryptocurrencies

• Bitcoin is leading the way, up over 3% to trade above $30,000.
• Ethereum is also up over 3%, trading above $1,700.
• Solana, up over 7%.
• Chainlink, up over 60%.

Current Factors Affecting the Markets and Events to Watch Out For

• Geopolitical tensions: Geopolitical tensions, such as the war in Ukraine, can also affect currency prices. Investors tend to sell currencies from countries that are involved in geopolitical conflicts, as they are seen as riskier investments.
• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• The Chinese government’s recent efforts to stimulate the economy
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.
• Regulatory uncertainty: The cryptocurrency industry is still facing a lot of regulatory uncertainty around the world. This uncertainty is also weighing on the market, as investors are hesitant to invest in assets that are not well-regulated.
• Positive news from the regulatory front: The US Securities and Exchange Commission (SEC) recently approved the first Bitcoin futures ETF, which could lead to increased institutional investment in Bitcoin.
• Strong on-chain metrics: On-chain metrics, such as the number of active addresses and the number of transactions, have been trending positively in recent weeks.
• Short covering: Some traders believe that the recent sell-off in the cryptocurrency market was overdone and that we are now seeing short covering.
• The weather.