Crypto Prices Trade Slightly Lower

Cryptocurrency prices traded slightly lower this morning as traders awaited further catalysts.

Consequently, Bitcoin dropped by 0.1% to $10,521.2 and Ethereum lost 2.4% to $173.88. Similarly, both XRP and Litecoin went down by 1%.

Separately, Square and Twitter CEO, Jack Dorsey said that it is too early to consider Bitcoin as a currency.

According to Dorsey, Bitcoin is still not functional as a currency because the peaks and troughs are similar to gold and other investment asset. Hence, to make it accessible as a currency, it has to be widely adopted and usable.

In other news, the head of the IMF, Christine Lagarde revealed that central banks and regulators should start adopting cryptocurrency but should also work on policies to protect consumers.

Mrs. Lagarde also revealed that digital currencies have its share of risks in terms of financial stability, criminal activities and privacy. Hence, it is essential to introduce proper regulation to bring forward new technologies towards the public.

Gold Futures Retreated

Gold futures dropped during the trading session in Asian this morning.

Gold futures for delivery in December went down by 0.43% to $1,553.65 per troy ounce on the Comex division today.

Earlier, the troy ounce was trading in a dollar bearish session as gold found support at $1,528.00 and resistance at $1,566.15.

The US Dollar Futures Index, which tracks the performance of the greenback against six other major currencies, rose by 0.05% to trade at $98,447.

Elsewhere on the Comex division, Silver for December delivery fell by 0.36% and traded at $19,477 per troy ounce. On the other hand, Copper for December delivery rose by 0.58% to trade at $2,610 per pound.

ANZ predicts Australia cash rate at 0.25%

Economists at the Australia and New Zealand Banking Group (ANZ) said this morning that they expect Australia's central bank to sharply cut its cash rate to as low as 0.25% by May 2020.

On the other hand, the other three major Australian banks - Westpac, National Australia Bank and Commonwealth Bank expect the cash rate to be between 0.5% and 0.75% by the end of the year 2020.

The Reserve Bank of Australia (RBA) cut its benchmark rate twice this year to a record low of 1% and stated that it might move again.

Financial Events to watch for today

12:15 GMT
ADP Nonfarm Employment Change (Aug) [US]
15:00 GMT
Crude Oil Inventories [US]