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Financial markets stayed calm, on Monday, ahead the storm of three central bank meetings this week; the Reserve Bank of Australia meets Tuesday, the U. S. Fed on Wednesday and the Bank of England Thursday.
Global stock markets rose helped by developments on fiscal stimulus and undeterred by concerns of future interest rate hikes that have tempered bonds.
Crude oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Bitcoin price is around $62,130 per coin, while rivals Ethereum and Dogecoin are trading around $4,335 (+1.71%) 27.4 cents (3.95%) per coin, respectively. The October rally by bitcoin has stabilized the popular cryptocurrency ahead of awaited meetings of major central banks.
Economic Data
On Monday, the New Zealand Building Permits for September was released with a decline of -1.9% m/m, while the prior reading was +3.8%.
Other Developments
NZD/USD has been teasing 0.7190 figures at the start of Tuesday’s Asian session. The pair recently reacted to comments from Reserve Bank of New Zealand Governor Adrian Orr while hopes of U. S. stimulus, a softer U. S. ISM Manufacturing PMI and US-China headlines also favored the latest positive performance.
While accepting the fact that New Zealand’s housing market challenges financial stability, RBNZ’s Orr also said, according to Reuters, “Expect to see an easing in house prices over the medium term.”
On Monday, gold prices reached $1,788 an ounce. Gold has been rather volatile recently and definitely shows an inverse correlation to the USD.Gold price will fluctuate pretty much this week ahead Fed’s November meeting.
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