Opinion: The sentiment in the cryptocurrency market continues to surge, all three major US stock indices are rising, and gold is approaching a new historical high

On October 17, all three major U.S. stock indices rose on Wednesday, with the S&P 500 up 0.47%, the Dow Jones up 0.79% to a new high, and due to concerns about ASML's performance explosion, the tech-heavy Nasdaq was up by only 0.28%. AI concept stocks were mixed, with Nvidia closing up 3.13% near its peak. The cryptocurrency market sentiment continued to surge as Bitcoin broke through $68k for the first time since July before slightly falling back; at press time Bitcoin was up by 0.26%, trading at $67,520 while Ethereum fell by 0.15%, trading at $2,622.

In terms of foreign exchange markets, "Trump Trade" reignited pushing the dollar index over than 0.2% higher to a ten-week high; yen has been continuously probing lower recently; weak inflation data in Europe and UK boosted expectations for rate cuts from Bank of England in November and European Central Bank this Thursday - pound sterling fell to its lowest in two months while euro dropped to a ten-week low; easing worries about Middle East oil supply disruption led oil prices continue their decline wiping out most gains after Iran launched ballistic missiles towards Israel earlier this month; global central banks' expectation for rate cuts strengthened supporting spot gold which rose more than .4% on Wednesday nearing an all-time high.

Expectations are heating up globally that major central banks will make minor interest rate cuts - traders currently estimate around a 94% chance that Federal Reserve will cut rates by twenty-five basis points in November - market is closely watching retail sales data for September released on Thursday looking for clues regarding potential interest rate cuts.