Skip to content Skip to footer
The NASDAQ vuilding, nasdaq and S&P 500 reached record highs as GDP data came in

NASDAQ Higher on Fed Day, ECB Quash Rate Hike Expectations & ETHUSD Rallies to New High

NASDAQ higher on Fed Day, private payrolls rise

In the United States, the NASDAQ climbed to a new high as markets began to gear up for Wednesday’s FOMC meeting.

The tech centric index rose for a third consecutive session, as investors prepared to receive a timeline from the Fed detailing when they will begin tapering their QE program.

In addition to this, markets were boosted by the news that private payrolls in the U.S. surpassed expectations, ahead of Friday’s NFP report.

Get the most out of trading, every day on TradeGATEHub

Data from the ADP employment survey showed that private employment increased by 571,000 jobs in October, better than the 400,000 expected rise.

The biggest contributor to the increase was the leisure and hospitality sector, which added 185,000 jobs. 

As of writing the NASDAQ was trading marginally higher.

DAX 30 nears record, as ECB quash rate hike expectations

The DAX 30 edged closer to a record high during Wednesday’s session, as ECB President Christine Lagarde doubled down on the bank’s stance on interest rates.

Speaking at an event in Lisbon, Lagarde stated that, “In our forward guidance on interest rates, we have clearly articulated the three conditions that need to be satisfied before rates will start to rise”.

She went on to add that, “Despite the current inflation surge, the outlook for inflation over the medium term remains subdued, and thus these three conditions are very unlikely to be satisfied next year”.

💡 German media, especially critical of the ECB
Invoking Napoleon’s self-coronation, commentator and former Handelsblatt editor-in-chief Gabor Steingart accused the central bank Wednesday of attempting a power grab, infatuated with its role as the savior of the currency union. 

Despite inflation rates in the eurozone at their highest level in over 13-years, the bank still remains hesitant to increase rates, which haven’t been hiked in over a decade.

EURUSD was mainly unchanged on the comments, trading at 1.1579, after falling to an intraday low of 1.1562 earlier in the session.

Ethereum prices rally to new highs

The record highs were not only in index markets, with prices of the world’s second largest cryptocurrency also reaching a new all-time high on Wednesday.

ETHUSD rallied to an intraday high of 4,642.07, its highest on record, cementing a market cap slightly under $550 billion in the process.

The gain comes as Bitcoin, Shiba Inu and Dogecoin all fell lower in the session, and with Ether higher after bullish comments from analysts at Goldman Sachs.

💡 Meme stocks, reddit, Ethereum and the digital space
GameStop stock has gained 22% in three days of trading this week as Redditors cheer rumors that the company could be partnering with an ethereum-based crypto for its NFT project.

Thousands of Redditors upvoted posts from late last week that claimed loopring, which creates a layer 2 ethereum-based token, is behind GameStop’s upcoming nonfungible token efforts.

Managing Director of Global Markets at Goldman, Bernhard Rzymelka, stated that prices could reach as high as $8,000 if current technical patterns continue.

He added that, “The market has started to press against the all-time high with a narrowing wedge: Either a sign of exhaustion and peaking … or a starting point of an accelerating rally upon a break higher”.

“In trading, the impossible happens about twice a year.”

– Henri M Simoes

Eliman Dambell

Senior Market Analyst


Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.