The 13th edition of Blockchain Life 2024 in Dubai takes place on October 22-23.

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Over 10,000 attendees from 120 countries gather in Dubai in anticipation of the bull run. And here's why you shouldn't miss the upcoming event:

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• In addition, as part of Blockchain Life Week, taking place from October 18 to 28, participants can enjoy over a hundred side events designed to enrich their experience.
  
  

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We're heading to Dubai for Blockchain Life 2024. Let's connect there!

• Increasing odds of a 0.5% Fed rate cut in November.
• Markets await strong evidence on US rate cuts

The US dollar fell in European trade on Tuesday against a basket of major rivals, resuming the losses under pressure after bearish remarks from some Fed officials. 

The remarks boosted the odds of a 0.5% Fed interest rate cut in November.

The Index

The dollar index fell 0.2% today to 100.76, with a session-high at 101.05. 

The index closed up 0.2% on Monday, rebounding from 14-month lows at 100.22.

Bearish Remarks 

Fed policymakers said in earlier remarks that the 0.5% rate cut last week was aimed at maintaining a growing and healthy economic balance.

Chicago Fed President Austin Goolsbey said there will be “a lot of rate cuts” in the next 12 months, while Minneapolis Fed President Neil Kashkari said the actual path forward for interest rates will depend on data.

US Rates

Following the remarks, and according to the Fedwatch tool, the odds of a 0.5% Fed interest rate cut in November rose to 51%, while the odds of a 0.25% slipped to 49%.

• US dollar decline boosts gold
• Markets await more data on US interest rate cuts

Gold prices rose in European trade on Tuesday, extending gains for the fourth straight session and scaling a fresh record high, as the dollar lost ground against most rivals.

Earlier cautious remarks from some Fed officials boosted the odds of another 0.5% interest rate cut in November.

Prices

Gold prices rose over 0.4% today to $2640 an ounce, a record high, with a session-low at $2622.

On Monday, gold prices rose 0.3%, marking the third profit in a row, amid growing concerns about the global economy, and mounting geopolitical tensions in the Middle East.

The Dollar

The dollar index fell 0.2% on Tuesday against a basket of major rivals, in turn underpinning the greenback-denominated gold futures.

Cautious Remarks 

Fed policymakers said in earlier remarks that the 0.5% rate cut last week was aimed at maintaining a growing and healthy economic balance.

Chicago Fed President Austin Goolsbey said there will be “a lot of rate cuts” in the next 12 months, while Minneapolis Fed President Neil Kashkari said the actual path forward for interest rates will depend on data.

US Data

Following the remarks, and according to the Fedwatch tool, the odds of a 0.5% Fed interest rate cut in November rose to 51%, while the odds of a 0.25% slipped to 49%.

The SPDR

Gold holdings at the SPDR Gold Trust were flat yesterday at a total of 875.39 tonnes, the highest since January 2.

• The RBA holds interest rates unchanged for seventh straight meeting
• Bets of RBA rate cuts recede 

The Australian dollar rallied in Asian trade to 2024 highs against the US dollar, extending gains for the second day after a bullish stance from the Reserve Bank of Australia.

The RBA held interest rates unchanged for the seventh meeting in a row, and cautioned there remains reasons for vigilance against inflation risks. 

The Price

The AUD/USD pair rose 0.4% today to 0.6865, the highest since December 2023, with a session-low at 0.6826.

Aussie rose 0.45% on Monday against the greenback, marking the fifth profit in six sessions as the risk appetite improved, and China prepared massive new stimulus measures to boost the economy.

The RBA

As expected, the Reserve Bank of Australia maintained interest rates unchanged at 4.35%, already the highest since November 2011.

The RBA said it’s important that monetary policies remain constrictive to ensure that inflation is sustainably heading towards the 2-3 target.

It added that inflation remains above targets, and the central bank will remain cautious and vigilant for risks. 

Australian Rates 

Most analysts now don’t expect the Reserve Bank of Australia to start cutting interest rates until 2025.