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Bitcoin Falls Below $60K, The UK’s Autumn Budget Revealed & Oil Prices Drop as Inventories Rise

GBPUSD unchanged, as UK autumn budget revealed

On Wednesday, British Finance Minister Rishi Sunak revealed the nation’s latest budget, with hopes that this will help boost GDP to pre-pandemic levels.

A key takeaway from Sunak’s budget was the increase of the national minimum wage from £8.91 – £9.50 per hour.

This comes as inflation expectations recently surged to their highest levels since 2008, as a result of rising cost of goods and services post-pandemic.

💡 An expert’s analysis…
The British pound has pulled back a bit during the course of the trading session on Wednesday to reach down towards the 1.37 handle. This is an area that has been important more than once…keep reading

In a statement following the release of the budget, Sunak stated, “Today’s budget does not draw a line under COVID. We have challenging months ahead, but today’s budget does begin the work of preparing for a new economy post-COVID”.

Although volatile throughout Wednesday’s session, GBPUSD was trading near its open as of writing, after hitting a 10-day low of 1.3710.

Crude inventories rise, sending oil prices lower

Oil prices were trading lower on Wednesday, as data showed that Crude inventories had risen by more than expected.

Figures from the American Petroleum Institute reported that oil inventories increased by as much as 2.3 million barrels for the week that ended October 22nd.

Markets had forecast that stockpiles would rise by 1.9 million barrels, however with production gradually gaining momentum, stockpiles have begun to grow.

💡 Despite the rise in inventories fuel supplies fall
Gasoline stockpiles dropped by 2 million barrels to 215.7 million barrels, compared with analysts’ expectations for inventories to decrease by 1.8 million barrels from the previous week.

Distillate stocks, which include heating oil and diesel fuel, slipped by 432,000 barrels to 125 million barrels, and are now about 8% below the five-year average, the EIA said. Analysts were forecasting a 2.1-million-barrel decline from the previous week.

WTI Crude fell to an intraday low of $83.27, its lowest level this week, and comes ahead of next week’s OPEC+ meeting.

Despite this, analysts, including those at Goldman Sachs expect the price per barrel to climb to as high as $90 in the near future.

Bitcoin falls below $60,000, with Shiba Inu recording new high

Bitcoin prices fell below $60,000 in Wednesday’s trading session, as Meme coin Shiba Inu continued its recent rally.

The fall in Bitcoin prices comes a few days removed from it reaching a record high of $66,923.

Many believe that the sell-off was due to investors closing positions and securing profits, after sending BTCUSD to new heights.

Twitter users are thrilled about Shiba’s performace

On the other hand the price of Shiba Inu was up over 30% on Wednesday, after it was reported that Robinhood could consider adding the coin to its platform.

As of writing, BTCUSD was trading at $58,982.

If you personalize losses, you can’t trade.

– Bruce Kovner

Eliman Dambell

Senior Market Analyst

 

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