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Wall Street is poised to start the week slightly higher as investors closely watch the latest inflation data, seeking confirmation

What’s Moving Markets: US CPI, Retail Earnings, and UK Inflation

What’s Moving Markets: US CPI, Retail Earnings, and UK Inflation

Wall Street is poised to start the week slightly higher as investors closely watch the latest inflation data, seeking confirmation that the Federal Reserve might begin cutting interest rates in September. While the quarterly earnings season is winding down, the retail sector will take center stage in the coming days.

  1. July CPI in Focus

The trajectory of U.S. interest rates remains a key concern for investors, making Wednesday’s U.S. consumer price data the most anticipated economic release of the week.

Federal Reserve Governor Michelle Bowman, known for her typically hawkish stance, acknowledged some progress on inflation recently, though she stressed that it still remains “uncomfortably above” the Fed’s 2% target. The Fed held its policy rate steady at 5.25%-5.50% in late July but hinted at a possible rate cut in September if inflation continues to ease.

The July CPI is expected to show further movement toward the Fed’s 2% annual inflation target, with core inflation predicted to drop slightly to 3.2%, its lowest level since April 2021. Fed fund futures suggest a 49% chance of a half-point rate cut in September, down from a near certainty last week.

  1. Futures Edge Higher on Inflation Watch

U.S. stock futures rose modestly on Monday, as investors cautiously approach a week filled with key inflation data and significant retail earnings.

As of 04:00 ET (08:00 GMT), Dow futures were up 40 points (0.1%), S&P 500 futures gained 11 points (0.2%), and Nasdaq 100 futures climbed 60 points (0.3%).

Last week, the main Wall Street indices ended with minor losses, recovering slightly after an early-week slump. Jobless claims data helped ease concerns about the labor market and the overall health of the U.S. economy. Now, the focus shifts to the consumer price index and insights from several Federal Reserve officials, including Atlanta Fed President Raphael Bostic, Philadelphia Fed President Patrick Harker, and Chicago Fed President Austan Goolsbee.

Comments from these policymakers last Thursday suggested growing confidence that inflation is cooling enough to warrant rate cuts.

  1. Earnings Season Winds Down

As the quarterly earnings season draws to a close, the spotlight shifts to key retailers like Home Depot (NYSE

) and Walmart (NYSE

), who are set to report this week. Investors are particularly interested in the outlook for consumer spending, a critical driver of economic growth, amid recent signs of economic softness.

Other prominent companies reporting include Cisco Systems (NASDAQ

) and Fox Corporation (NASDAQ

). In Europe, UBS (SIX

) reports on Wednesday, and it’s a busy week for insurers like Hannover Re (OTC

), Aviva (LON

), NN Group (AS

), and Admiral (LON

). China’s leading internet firms, including Tencent Holdings (OTC

), Alibaba Group (NYSE

), and JD.com (NASDAQ

), will also announce their June quarter results.

  1. UK Inflation in the Spotlight

The U.K. has a packed economic data calendar this week as investors seek clues on whether the Bank of England will continue its rate-cutting cycle next month.

After cutting rates for the first time since 2020 earlier this month, the BoE faces a market pricing in a roughly 33% chance of another quarter-point cut in September. Wage growth data, due Tuesday, and Wednesday’s inflation figures will be closely monitored for signs of persistent price pressures, particularly in the still-hot services sector.

Catherine Mann, an external member of the Bank of England’s Monetary Policy Committee, expressed concerns in a podcast about the persistence of wage and price pressures, suggesting that these could be structural and take years to dissipate. Mann voted against this month’s rate cut, in a narrow 5-4 decision.

  1. Crude Oil Prices Continue to Rise

Crude oil prices climbed for the fifth consecutive session on Monday, supported by easing concerns over the U.S. economy and ongoing geopolitical tensions in the Middle East.

As of 04:00 ET, U.S. crude futures (WTI) were up 0.9% to $77.55 a barrel, while Brent crude rose 0.7% to $80.25 a barrel. Both benchmarks gained over 3% last week, their first positive week in five.

Geopolitical risks, particularly fears of a broader conflict in the Middle East that could disrupt oil supplies, have added a risk premium to prices. Encouraging U.S. economic data, suggesting that a recession in the world’s largest oil consumer is not imminent, also bolstered the oil market last week.

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Asian stock markets

Asian Stocks Climb on Eased Recession Worries, Positive China Inflation Data

Asian Stocks Climb on Eased Recession Worries, Positive China Inflation Data

Asian stock markets saw gains on Friday as fears of an imminent U.S. recession eased, bolstered by mildly encouraging inflation data from China, which lifted investor sentiment.

However, despite the upbeat session, regional markets were still on track to post weekly losses, having experienced steep declines earlier in the week.

Asian stocks benefited from a positive handover from Wall Street, where better-than-expected jobless claims data suggested that the U.S. labor market might not be in as much trouble as initially feared. U.S. stock index futures also saw a slight uptick during Asian trading hours.

Chinese Markets Lag Behind Despite Positive CPI Data

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes each rose by 0.3%, though they underperformed compared to other Asian markets. Both indexes were down approximately 0.8% for the week, marking their third consecutive week of losses.

China’s inflation data showed some signs of improvement. The consumer price index (CPI) rose more than expected, while the producer price index (PPI) contracted at a slower pace than anticipated. This suggests that the series of interest rate cuts by the People’s Bank of China in July may be beginning to yield results. However, it remains uncertain whether these measures will be enough to reverse China’s broader deflationary trend.

Investor sentiment towards Chinese markets has deteriorated in recent weeks, driven by a series of weak economic indicators. As a result, the country’s benchmark indexes are hovering near six-month lows.

Japanese Stocks Rally, Recovering Weekly Losses

Japan’s Nikkei 225 and TOPIX indexes surged by 2% and 1.5%, respectively, on Friday. While both indexes were still on track to lose about 1.5% for the week, they managed to recover a significant portion of their earlier losses.

The rebound in Japanese markets followed efforts by Bank of Japan officials to downplay the central bank’s unexpectedly hawkish stance from the previous week. Bargain hunting in major tech stocks and strong earnings reports from companies like Tokyo Electron, which rose 1.7% after posting better-than-expected quarterly earnings, also supported the recovery.

Broader Asian markets also advanced, with tech-heavy indexes such as South Korea’s KOSPI and Hong Kong’s Hang Seng rising between 1.5% and 2%. These gains mirrored the rebound seen in U.S. markets.

Australia’s ASX 200 gained 1.4% but remained down 1.9% for the week, having clawed back most of its earlier losses.

Futures for India’s Nifty 50 index indicated a slightly positive open after the index, along with the BSE Sensex 30, fell on Thursday. The decline followed the Reserve Bank of India’s unexpectedly hawkish stance and a slight downgrade in its growth outlook for the current quarter.

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Australian Dollar Appreciates Amid Hawkish Sentiment

Australian Dollar Appreciates Amid Hawkish Sentiment Surrounding RBA

Australian Dollar Appreciates Amid Hawkish Sentiment Surrounding RBA

The Australian Dollar (AUD) strengthened against the US Dollar (USD) following comments from Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday. Bullock emphasized the need to remain vigilant about inflation risks, indicating the possibility of further rate hikes if necessary. She noted that inflation might not return to the RBA’s 2–3% target range until the end of 2025. The AUD/USD pair also gained support from the RBA’s decision to maintain the cash rate at 4.35% earlier this week, reinforcing a hawkish outlook.

In contrast, the US Federal Reserve (Fed) is expected to adopt a more aggressive rate-cutting stance starting in September, driven by weaker July employment data and growing concerns about a potential recession. The CME Fed Watch tool now shows a 72.0% probability of a 50-basis point interest rate cut by the Fed in September, a sharp increase from 11.8% just a week ago. This expectation of deeper rate cuts is likely to weigh on the US Dollar in the near term.

Technical Analysis: Australian Dollar Hovers Around 0.6550

On Thursday, the Australian Dollar is trading around 0.6530. Technical analysis of the daily chart suggests that the AUD/USD pair is consolidating above a descending channel, signaling a potential weakening of the bearish trend. The 14-day Relative Strength Index (RSI) has risen from the oversold level of 30, indicating the possibility of further upward movement.

In terms of support, the AUD/USD pair may find support around the upper boundary of the descending channel near the 0.6470 level. A break below this support could push the pair down toward the lower boundary of the channel around 0.6420.

On the upside, immediate resistance is seen at the nine-day Exponential Moving Average (EMA) at 0.6535, with additional resistance at 0.6575, where previous support has now turned into resistance. A breakout above this level could drive the AUD/USD pair toward a six-month high of 0.6798.

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EUR/USD

EUR/USD Continues to Decline Near 1.0900 Amid US Dollar Strength

EUR/USD Continues to Decline Near 1.0900 Amid US Dollar Strength

The EUR/USD pair is trading lower around 1.0915 after pulling back from seven-month highs near 1.1008 during the Asian session on Wednesday. A stronger US Dollar (USD) is putting downward pressure on the pair. Investors are now looking ahead to Germany’s June Trade Balance and Industrial Production reports, expected later today.

Improved risk sentiment and rising US Treasury bond yields are offering some support to the Greenback. However, market participants are anticipating more aggressive rate cuts from the Federal Reserve (Fed) starting in September. This expectation could limit the USD’s gains and potentially provide a boost to EUR/USD. Currently, the market has priced in a 69.5% chance of a 50 basis point (bps) Fed rate cut in September, up significantly from 13.2% last week, according to the CME Fed Watch tool.

In the US, the trade deficit narrowed to $73.1 billion in June, with exports of goods and services increasing at their fastest pace this year, according to the US Census Bureau’s Tuesday report.

On the other hand, weak data from the eurozone is putting additional pressure on the Euro (EUR). Eurostat reported on Tuesday that Eurozone retail sales unexpectedly fell by 0.3% in June, compared to a 0.5% increase in May. The market had expected a modest 0.1% rise.

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Australian Dollar

Australian Dollar Rises After Hawkish Remarks from RBA Governor Bullock

Australian Dollar Rises After Hawkish Remarks from RBA Governor Bullock

The Australian Dollar (AUD) has strengthened following the Reserve Bank of Australia’s (RBA) recent monetary policy decision on Tuesday. The RBA opted to keep the Official Cash Rate (OCR) steady at 4.35% for the sixth consecutive time. After the decision, RBA Governor Michele Bullock spoke at a press conference, stressing the importance of maintaining focus on inflation. Bullock pointed out the ongoing risk that inflation could take longer to reach the target, indicating that interest rates may need to stay elevated for an extended period. She also noted that a near-term reduction in the cash rate does not align with the current strategy.

The AUD has faced pressure against the US Dollar (USD) due to rapid policy shifts by central banks and growing concerns about a potential hard landing for the US economy. Additionally, second-quarter inflation data has lowered expectations for another rate hike by the RBA. Market forecasts now anticipate an RBA rate cut as soon as November, much earlier than the previous prediction of April next year.

Meanwhile, the US Dollar is weakening as expectations build for a 50-basis point (bps) interest rate cut by the US Federal Reserve (Fed) in September. The CME FedWatch tool shows a 74.5% probability of this larger-than-expected cut occurring at the September meeting, a sharp increase from the 11.4% likelihood reported just a week earlier.

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EUR/JPY Stabilizes Around 157.00, Rebounds

EUR/JPY Stabilizes Around 157.00, Rebounds Following PMI Data

EUR/JPY Stabilizes Around 157.00, Rebounds Following PMI Data

EUR/JPY continues its downtrend for the sixth consecutive day, trading around 156.90 during the early European session on Monday. However, the pair has trimmed some of its intraday losses after the release of key economic data, including the Eurozone Producer Price Index (PPI) and Germany’s Purchasing Managers’ Index (PMI).

The HCOB Eurozone Composite Purchasing Managers Index (PMI) for July edged up to 50.2, slightly above the forecasted 50.1. Meanwhile, Germany’s Composite PMI registered at 49.1, compared to the anticipated 48.7 and previous readings. The Services PMI also rose to 52.5, surpassing expectations and the prior 52.0 figure.

In Europe, market participants are anticipating at least two additional rate cuts by the European Central Bank (ECB) in 2024, with the next cut likely to occur in September. ECB policymaker Yannis Stournaras indicated in a Thursday interview that the sluggish eurozone economy might push inflation below the ECB’s 2% target, supporting his outlook for two interest rate cuts this year, as reported by Reuters.

The Japanese Yen (JPY) is gaining strength amid growing expectations that the Bank of Japan (BoJ) might further tighten its monetary policy, which could offer continued support to the JPY in the near term.

Minutes from the BoJ’s June meeting revealed that some members expressed concern about rising import prices due to the recent weakening of the JPY, which could pose an upside risk to inflation. One member emphasized that cost-push inflation could intensify underlying inflation if it leads to higher inflation expectations and wage growth.

Additionally, safe-haven demand is bolstering the JPY, exerting downward pressure on the EUR/JPY cross. This trend is partly driven by escalating geopolitical tensions in the Middle East. On Sunday, an Israeli airstrike struck two schools, resulting in at least 30 casualties, according to Reuters. Moreover, U.S. Secretary of State Tony Blinken indicated that Iran and Hezbollah might be preparing to launch an attack against Israel as early as Monday, based on information from three sources briefed on the situation, as reported by Axios.

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USD/CHF Extends Losses Amid Rising Fed Rate Cut Prospects

USD/CHF Extends Losses Amid Rising Fed Rate Cut Prospects

USD/CHF Extends Losses Amid Rising Fed Rate Cut Prospects

The USD/CHF pair continues its decline for the fourth consecutive trading day on Monday, staying below the key psychological level of 0.9000. This decline is primarily driven by a weakening US Dollar (USD) amid increasing speculation that the Federal Reserve (Fed) will shift towards policy normalization starting from the September meeting.

The US Dollar Index (DXY), which measures the USD against six major currencies, found temporary support near a three-week low around 104.85. Meanwhile, the 10-year US Treasury yields edged higher to 4.3% but remained close to their weekly low.

The growing expectations for the Fed to cut interest rates sooner than previously anticipated have negatively impacted the USD and bond yields. In the latest dot plot, Fed officials indicated only one rate cut for this year, expected in the last quarter. However, the possibility of the Fed lowering interest rates as early as September has increased, partly due to signs of moderating strength in the US labor market. The Nonfarm Payrolls (NFP) report for June showed the Unemployment Rate rising to 4.1%, while annual Average Hourly Earnings, an indicator of wage inflation, decelerated as expected to 3.9%. Although the payrolls data exceeded estimates, it remained below May’s figures.

This week, investors are particularly focused on the US inflation data for June, scheduled to be released on Thursday. This data will be crucial in shaping expectations for future Fed policy moves.

On the Swiss Franc front, easing inflationary pressures could prompt the Swiss National Bank (SNB) to consider further interest rate reductions. The annual Swiss Consumer Price Index (CPI) decelerated to 1.3% in June, slightly below economists’ expectations of a steady growth rate of 1.4%. This decline in inflation suggests that the SNB might continue its trend of reducing interest rates to manage economic conditions effectively.

Overall, the combination of a potentially dovish Fed and easing inflation in Switzerland is creating a complex trading environment for the USD/CHF pair. Market participants will closely watch upcoming economic indicators and central bank communications to navigate these dynamics. The key factors to monitor include the US inflation data and any further signals from the Fed regarding their policy direction, which could significantly impact the future trajectory of the USD/CHF pair.

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Gold Price Consolidates Below $2,750 Amid Mixed Market Signals

Gold Price Consolidates Below $2,750 Amid Mixed Market Signals

Gold prices (XAU/USD) continue to trade within a narrow range near the $2,740 level during early European trading on Tuesday. The market remains influenced by conflicting factors, leaving traders hesitant to make strong directional moves.

US President Donald Trump’s renewed trade tariff threats have sparked inflationary concerns, driving a modest rebound in US Treasury bond yields. This, in turn, supports a recovery in the US Dollar (USD) from its recent one-month low, creating downward pressure on gold prices.

However, fears of potential economic disruptions from Trump’s trade policies are providing support for the safe-haven asset, helping limit its downside. Market participants are also exercising caution ahead of the upcoming two-day Federal Open Market Committee (FOMC) meeting, while US macroeconomic data due later in the day could further influence market sentiment.

Key Developments Impacting Gold Prices

  1. Trade Tariff Concerns:
    President Trump recently announced emergency tariffs of 25% on Colombian imports, though implementation was delayed following an agreement on the acceptance of illegal migrants returned from the US. Trump also signaled impending tariffs on pharmaceuticals, computer chips, aluminum, copper, and potentially steel. These moves have heightened fears of inflation and pushed US Treasury bond yields higher, bolstering the USD and weighing on gold.
  2. Monetary Policy Speculation:
    Despite Trump’s tariff announcements, markets are pricing in two potential 25-basis-point interest rate cuts by the Federal Reserve this year. This expectation could cap bond yields and limit USD gains, offering some support to gold prices.
  3. Data and Events to Watch:
    Later on Tuesday, US economic data such as Durable Goods Orders, the Conference Board’s Consumer Confidence Index, and the Richmond Manufacturing Index may provide additional trading cues. The spotlight will then shift to Wednesday’s FOMC decision, which could significantly impact USD dynamics and set the tone for gold’s next directional move.

Technical Outlook: Resistance and Support Levels

Gold prices showed resilience on Monday, holding above the 23.6% Fibonacci retracement level of the December-January uptrend. Daily chart oscillators remain in positive territory, reinforcing the case for an upward bias.

  • Support Levels:
    Immediate support lies near $2,730, followed by the $2,725-2,750 zone. A break below these levels could push prices toward the 38.2% Fibonacci retracement level near $2,707-2,705, and further to the 50% level around $2,684.
  • Resistance Levels:
    The nearest resistance is at $2,755-2,757, with further hurdles at $2,772-2,773 and $2,786. A decisive break above $2,800 would signal renewed bullish momentum, potentially leading to a test of the all-time high near $2,790 and further gains.

Outlook for Gold

Gold prices remain range-bound as traders weigh opposing forces of inflationary concerns and safe-haven demand. A move above $2,755-2,757 is necessary for bulls to regain control in the short term, while a break below $2,730 would signal deeper corrections. With critical economic data and the FOMC decision on the horizon, gold’s next big move may hinge on shifting market dynamics in the coming days.

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Supermicro Stock Skyrockets 29% After Investigation Clears Fraud Allegations

Super Micro Computer (NASDAQ: SMCI), popularly known as Supermicro, saw its stock price soar by 29% on Monday, closing around $42 per share. This significant jump follows the conclusion of a governance investigation that found no evidence of fraud or misconduct, boosting investor confidence.

Investigation Findings: No Fraud or Misconduct

The investigation, initiated by a special committee in August, addressed concerns raised by Ernst & Young (EY), Supermicro’s former auditor, regarding governance, sales practices, and financial reporting. Key findings include:

  1. Management Integrity: The committee found no substantial concerns regarding the integrity of Supermicro’s senior management, audit committee, or financial reporting practices.
  2. Audit Independence: The audit committee demonstrated appropriate independence and oversight during financial reporting.
  3. Rehiring Practices: The company’s decision to rehire certain employees was deemed consistent with a commitment to legal compliance and accurate financial reporting.

EY’s concerns were ultimately found unsupported, with the committee emphasizing the accuracy of interim and final findings.

Governance Overhaul and Next Steps

To strengthen its governance, Supermicro has embraced the committee’s recommendations, including:

  • Leadership Appointments: Hiring a new Chief Financial Officer (CFO), appointing Kenneth Cheung as Chief Accounting Officer, and recruiting a Chief Compliance Officer and General Counsel.
  • Enhanced Oversight: Improving internal accounting and compliance systems, with better training, monitoring, and oversight practices.

The company has also filed a compliance plan with Nasdaq to catch up on overdue financial reports, ensuring continued listing.

Stock Performance: Recovery in Progress

Supermicro’s stock had plummeted by 85% in mid-November, hitting $17 per share, following its October 10-for-1 stock split and governance concerns. However, confidence rebounded after the investigation’s positive findings. Since November 15, the stock has surged back to $42, marking a 48% year-to-date increase.

With a price-to-earnings (P/E) ratio dropping from 79 in March to 16, Supermicro’s valuation is now drawing comparisons to AI-driven market leaders like NVIDIA. Its focus on AI-enabled servers for high-performance computing positions it as a key player in the tech sector.

Investor Considerations

While the governance investigation cleared Supermicro of fraud, investors are advised to exercise caution until the company releases its delayed financial reports. These filings will provide deeper insights into its financial health and help solidify its recovery. For now, Supermicro’s low valuation and strong earnings potential make it a compelling, albeit cautious, investment opportunity.

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Asian Stocks Decline on Geopolitical Tensions; Nikkei Falls on Inflation Data

Asian Stocks Drop Amid Geopolitical Tensions; Nikkei Slides on Strong Inflation Data

Asian Stocks Drop Amid Geopolitical Tensions; Nikkei Slides on Strong Inflation Data

Asian equities fell on Friday as geopolitical concerns and strong economic data from Japan weighed on sentiment. The escalation of the Russia-Ukraine conflict further dampened risk appetite, while China’s tech sector provided a rare bright spot amid easing regulatory fears.

Key Market Highlights

Geopolitical Tensions Weigh on Markets
Russia intensified its attacks on Ukraine, targeting energy infrastructure and escalating the conflict. President Vladimir Putin issued threats to strike decision-making centers in Kyiv with ballistic missiles, exacerbating global geopolitical uncertainty.

Broad Declines Across Asia

  • Thailand’s SET Index: Dropped 0.2%.
  • Indonesia’s Jakarta Composite: Declined 0.8%.
  • South Korea’s KOSPI: Fell nearly 2%, driven by a 1.8% drop in Samsung Electronics and a 0.7% decline in SK Hynix. Concerns over slowing economic growth deepened after data showed declines in industrial output, retail sales, and facility investment in October.
  • Australia’s ASX 200: Edged 0.3% lower.
  • Malaysia’s KLCI: Dipped 0.2%.

Japan’s Nikkei Slips Amid Yen Strength
Japan’s Nikkei 225 fell 0.5%, and the TOPIX index declined 0.3% as the yen strengthened to a one-month high against the U.S. dollar. Strong inflation data from Tokyo fueled speculation of a Bank of Japan (BOJ) rate hike in December.

  • Tokyo’s core consumer prices exceeded expectations in November, highlighting persistent inflationary pressures.
  • BOJ Governor Kazuo Ueda signaled plans to tighten monetary policy further, supported by a “virtuous cycle” of rising wages and steady inflation.

Chinese Tech Stocks Buck the Trend
Contrary to broader declines, Chinese equities rallied:

  • Shanghai Shenzhen CSI 300: Rose 1.6%.
  • Shanghai Composite: Gained 1.4%.
  • Hang Seng Index: Jumped 1.3%.

Reports suggested that the U.S. may impose less severe sanctions on China’s semiconductor industry than initially feared.

  • Semiconductor Manufacturing International Corp (SMIC) surged over 4%.
  • Hua Hong Semiconductor climbed 3.7%.

Investors are optimistic about Beijing’s recent stimulus measures, and a Reuters poll anticipates modest growth in China’s manufacturing Purchasing Managers’ Index for November, due Saturday.

Outlook

The Asia-Pacific region remains under pressure from geopolitical risks and mixed economic signals. Japan’s inflation dynamics could shift BOJ policy, while China’s tech rally might offer temporary relief amid broader concerns of an economic slowdown.

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WTI Steady at $69 Amid Geopolitical Risks and US Crude Inventory Build

WTI Steadies Near $69.00 Amid Mixed Signals from Geopolitical Risks and US Crude Inventory Build

WTI Steadies Near $69.00 Amid Mixed Signals from Geopolitical Risks and US Crude Inventory Build

West Texas Intermediate (WTI), the US benchmark for crude oil, is trading near $68.95 during Thursday’s session, maintaining a steady stance amid conflicting market drivers. A modest build in US crude inventories and weak Chinese demand weigh on prices, while escalating geopolitical tensions between Russia and Ukraine offer potential support.

US Crude Inventory Build Weighs on Prices
The Energy Information Administration (EIA) reported an increase of 0.545 million barrels in US crude stockpiles for the week ending November 15, slightly above market expectations of a 0.400 million barrel rise but significantly lower than the previous week’s 2.089 million barrel build. The smaller-than-expected inventory increase adds mild pressure to oil prices.

Weak Chinese Demand Adds Downside Pressure
China’s demand for crude oil continues to show weakness, dampening the outlook for global consumption. In October, China’s crude oil demand fell by 5.4% year-on-year. The International Energy Agency (IEA) projects demand growth in China to reach just 140,000 barrels per day (bpd) for 2024, a sharp decline compared to the 1.4 million bpd growth seen in 2023.

Geopolitical Risks Provide Support
Heightened geopolitical tensions involving major oil producers Russia and Ukraine are keeping supply-side concerns alive. This week, Russia accused Ukraine of targeting a facility in the Bryansk region with ATACMS missiles, prompting Russian President Vladimir Putin to lower the threshold for a potential nuclear response. Such risks could disrupt oil supplies, offering a counterbalance to bearish demand factors.

John Kilduff, a partner at Again Capital, highlighted, “These risks to supply are definitely keeping the support here and offsetting to a degree concerns around the global demand outlook.”

Outlook
WTI prices remain at the mercy of mixed signals, with inventory builds and sluggish Chinese demand capping gains while geopolitical risks lend underlying support. Traders will look toward further updates on geopolitical developments and upcoming economic data to gauge the balance between supply and demand factors in the oil market.

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Gold Prices Under Pressure as Stronger USD Weighs Ahead of Fed Decision

Gold Prices Remain Under Pressure as Stronger USD Weighs Ahead of Fed Decision

Gold Prices Remain Under Pressure as Stronger USD Weighs Ahead of Fed Decision

Gold (XAU/USD) continues to trade lower for the second consecutive session on Thursday, impacted by a stronger U.S. Dollar following former President Donald Trump’s victory in the recent U.S. election. The dollar-denominated precious metal is seeing diminished safe-haven appeal as market optimism increases, supported by clearer political outcomes.

Investor focus is now on the upcoming U.S. Federal Reserve decision, with markets largely anticipating a 25 basis-point rate cut. If realized, this could offer some support for Gold, as lower interest rates tend to reduce the opportunity cost of holding non-yielding assets like precious metals. The CME FedWatch Tool currently indicates a 98.1% likelihood of this modest rate reduction.

Market Dynamics: Gold Struggles Amid Higher Yields and “Trump Trades”

Non-yielding Gold faces additional pressure from surging U.S. Treasury yields, with the 2-year and 10-year bond yields hitting 4.31% and 4.47%, respectively, their highest levels since July. Furthermore, the prospect of increased inflation due to Trump’s policy stance, which includes higher trade tariffs and fiscal spending, could prompt some investors to seek Gold as a long-term inflation hedge.

Trump’s proposed economic policies—such as imposing tariffs, expanding the fiscal deficit, and cutting taxes—might conflict with the Federal Reserve’s inflation control goals, likely resulting in a slower pace of monetary easing.

Gold prices have been relatively unaffected by ongoing geopolitical tensions, including Iran’s warning of potential retaliation against Israel’s recent actions.

Additionally, mixed U.S. economic data from this week’s ISM and PMI releases reflect a resilient services sector. The ISM Services PMI rose to 56.0 in October from 54.9 in September, exceeding forecasts, while the S&P Global Services PMI reported a slight dip, coming in at 55.0.

Technical Outlook: Key Support and Resistance Levels for Gold

Gold currently trades near $2,650 per ounce, with technical indicators suggesting a continuation of bearish momentum. On the daily chart, Gold remains below the nine- and 14-day Exponential Moving Averages (EMAs), and the 14-day Relative Strength Index (RSI) remains under 50, both indicating a bearish trend.

On the downside, the next support level sits around $2,603.53, representing a three-week low. A break below this level could push Gold toward the critical $2,500 mark.

Conversely, immediate resistance is found near the psychological level of $2,700, with further resistance at the nine-day EMA of $2,711.40. A breakout above this zone could position Gold to retest its recent high of $2,790.11 reached on October 31.

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Gold Price Holds Steady Near Record High, Awaits US Macro Data for Direction

Gold Price Holds Steady Near Record High, Awaits US Macro Data for Direction

Gold price (XAU/USD) remains robust as it approaches the European session on Tuesday, trading just above the $2,750 mark and close to last week’s all-time high. Geopolitical risks and political uncertainties in the US continue to boost demand for the safe-haven metal. Additionally, lower US Treasury yields and cautious market sentiment lend further support to gold.

At the same time, expectations for smaller Federal Reserve (Fed) rate cuts are expected to support US bond yields, which could help the US Dollar (USD) recover some of the previous session’s losses. This, in turn, tempers new bullish momentum in non-yielding gold as investors await key US economic data releases this week, likely to influence the Fed’s rate outlook and provide new direction for XAU/USD.

Market Movers: Gold Supported by Mixed Factors, USD Buying Limits Gains

The retreat in US Treasury yields led to an intraday pullback in the USD from recent highs, encouraging some dip-buying near $2,725 early this week. Recent positive US data dampened expectations for substantial Fed rate cuts, potentially bolstering bond yields amid concerns about deficit spending after the November 5 election. With the US election drawing near, markets face additional uncertainty as Vice President Kamala Harris and Republican candidate Donald Trump engage in a close race for the presidency. Moreover, heightened tensions in the Middle East have added to market caution, with the US warning Iran of potential consequences if it continues retaliatory strikes.

In the broader market, China reported an 11.18% decline in gold consumption year-over-year for the first three quarters, citing high prices as a dampening factor on jewelry demand. Investors now eye the upcoming US Consumer Confidence Index and Job Openings and Labor Turnover Survey (JOLTS) for insight into the Fed’s rate plans and USD dynamics, likely to affect short-term gold price movements.

Technical Outlook: Gold Awaits Breakout for Bulls to Regain Control

On the technical front, a sustained move above the $2,750 resistance could trigger further buying interest, pushing gold prices past the all-time high around $2,759 and towards the four-month-old ascending trend-line resistance at $2,770–2,775. A continued rally could eventually target the psychological $2,800 level.

However, the Relative Strength Index (RSI) on the daily chart is approaching overbought levels, signaling potential caution for bulls. A short-term consolidation or minor pullback could provide a better entry for additional upside.

If a corrective decline occurs, support could emerge near the $2,725 level, followed by $2,715—the lower boundary of a recent trading range. A decisive break below this range might prompt technical selling, potentially leading gold prices below $2,700 and toward the $2,675 and $2,657–2,655 support areas.

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WTI Struggles Below $70 Amid Demand Concerns and USD Strength

WTI Struggles Below $70 Amid Demand Concerns and USD Strength

WTI Struggles Below $70 Amid Demand Concerns and USD Strength

West Texas Intermediate (WTI) crude oil prices are hovering just below the $70.00 mark during Tuesday’s Asian session, remaining in a tight range around $69.70-$69.75. The commodity has struggled to build on the previous day’s modest gains and stays near the three-week low it touched last Friday. WTI seems vulnerable to continuing its recent downtrend, which has persisted for over two weeks.

The brief positive reaction to the People’s Bank of China’s (PBOC) interest rate cut on Monday was short-lived, as concerns about slowing demand, particularly from China, continued to weigh on oil prices. Both OPEC and the International Energy Agency (IEA) reduced their global demand forecasts last month due to economic challenges in China, the world’s largest oil importer. IEA chief Fatih Birol further fueled these concerns, warning that China’s economic weakness could dampen global oil demand for years to come.

Adding to WTI’s challenges, the US Dollar (USD) has surged to its highest level since early August, driven by expectations of more cautious monetary easing from the Federal Reserve (Fed). A stronger USD tends to weigh on oil prices by making crude more expensive for holders of other currencies.

However, the potential for further escalation in the Middle East conflict, which could disrupt oil supplies from the region, provides some support to WTI prices. This geopolitical risk cautions against overly bearish positions, despite the recent sharp drop from the nearly two-month high of $78.00 reached on October 8.

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WTI Declines to $71.50 as Stronger US Dollar Pressures Oil Prices

WTI Declines to $71.50 as Stronger US Dollar Pressures Oil Prices

WTI Declines to $71.50 as Stronger US Dollar Pressures Oil Prices

West Texas Intermediate (WTI) crude oil is trading around $71.45 on Thursday, edging lower due to the rise in the US Dollar (USD) following Republican candidate Donald Trump’s win in the U.S. presidential election. The stronger USD has put downward pressure on USD-denominated commodities, including WTI.

The US Dollar Index (DXY), which tracks the dollar against a basket of major currencies, climbed to its highest level since July, reaching 105.44 before a slight retreat to 105.20. This robust dollar strength has contributed to the dip in oil prices, as it makes oil more expensive for holders of other currencies.

Despite this, Trump’s potential policies may create bullish conditions for oil in the longer term. With renewed sanctions on oil-producing countries like Iran and Venezuela on the table, global supply could tighten, potentially driving up WTI prices. As Goldman Sachs commodities analysts noted, “The impact of a potential second Trump term on oil prices is ambiguous, with some short-term downside risk to Iran oil supply … and thus upside price risk.”

Adding to market concerns, the Energy Information Administration (EIA) reported a larger-than-expected rise in U.S. crude inventories. Crude stockpiles increased by 2.149 million barrels for the week ending November 1, surpassing the expected rise of 1.8 million barrels and contrasting with the previous week’s decline of 0.515 million barrels. This increase in supply could put additional pressure on WTI in the near term.

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WTI Crude Stays Above $69 Amid Supply Worries Over Russia-Ukraine Conflict

WTI Drops Near $67.50 as Middle East Risk Premium Eases

WTI Drops Near $67.50 as Middle East Risk Premium Eases

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.55 on Tuesday, with prices falling as concerns over a major Middle Eastern conflict diminish. This decline follows Israel’s recent military strikes on Iran’s installations, which avoided oil or nuclear sites, signaling limited impact on global crude supply. Iran’s state media reported stable oil production, easing fears of significant supply disruptions.

WTI is also under pressure from a weakening demand outlook and China’s economic slowdown. Data from China’s National Bureau of Statistics over the weekend revealed a 27.1% year-over-year decline in industrial profits for September, marking the steepest drop since the pandemic. Additionally, the International Energy Agency (IEA) forecasts that oil demand growth will slow considerably in 2024 and 2025, largely due to a projected decrease in Chinese consumption.

Investors now await the upcoming US economic indicators, including Wednesday’s flash GDP data for Q3, which is projected to show a 3% expansion, and Friday’s Nonfarm Payrolls report. Strong results could strengthen the US Dollar, putting further downward pressure on USD-denominated WTI prices.

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WTI Oil Price Stays Around $77.30 Amid Potential

WTI Oil Rebounds to $71.50 Amid Rising Supply Concerns

WTI Oil Rebounds to $71.50 Amid Rising Supply Concerns

West Texas Intermediate (WTI) Oil has rebounded from recent losses, trading around $71.60 per barrel during Thursday’s Asian session. This recovery is largely driven by concerns over potential supply disruptions due to the ongoing conflict in the Middle East. Tensions in the region continue to influence investor sentiment, with fears of supply chain interruptions helping to buoy crude oil prices.

On Wednesday, Israeli strikes targeted southern Beirut, while US Secretary of State Antony Blinken toured the region, advocating for a ceasefire in Gaza and Lebanon. Meanwhile, Iran-backed Hezbollah intensified its attacks on Israel, deploying “precision missiles” and new drone types aimed at Israeli targets. According to Reuters, Hezbollah also claimed responsibility for striking an Israeli military factory near Tel Aviv.

Despite these geopolitical tensions, oil prices were under pressure earlier in the week following a larger-than-expected build in US crude oil inventories. The US Energy Information Administration (EIA) reported an increase of 5.474 million barrels in oil stockpiles, pushing total inventories to 426 million barrels for the week ending October 18. This was significantly higher than the anticipated rise of 0.7 million barrels and was attributed to increased imports and a surprise uptick in gasoline inventories after refineries resumed production post-maintenance.

At the same time, the US Dollar Index (DXY), which measures the greenback’s performance against six major currencies, surged to its highest level since late July, reaching 104.57 on Wednesday. The stronger USD tends to dampen demand for dollar-denominated commodities like oil, adding further pressure to prices.

Meanwhile, signs of economic resilience and rising inflation have lowered expectations of a substantial rate cut by the Federal Reserve in November. Higher interest rates could increase borrowing costs, potentially slowing the US economy—the world’s largest oil consumer—and reducing demand for oil.

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WTI Crude Oil Holds Modest Losses Above $70, Bearish Bias Persists

WTI Crude Oil Holds Modest Losses Above $70, Bearish Bias Persists

WTI Crude Oil Holds Modest Losses Above $70, Bearish Bias Persists

West Texas Intermediate (WTI) crude oil prices struggle to maintain momentum after a modest rebound from the $69.25 region, a two-week low. During Wednesday’s Asian session, WTI is trading around $70.25, down by 0.30% for the day, and appears vulnerable to further declines.

Despite concerns over potential escalation in the Middle East, reports that Israel will avoid striking Iranian nuclear and oil facilities have alleviated fears of a significant supply disruption. Additionally, China’s oil imports fell for the fifth consecutive month, raising concerns about weakening demand from the world’s largest oil importer. OPEC’s recent decision to lower its global oil demand growth forecast for 2024 and 2025 further reinforces the bearish outlook for crude prices.

At the same time, the US Dollar (USD) remains near its highest level since August 8, driven by expectations of a less aggressive policy easing by the Federal Reserve (Fed). The market anticipates a 25 basis point interest rate cut in November. A stronger dollar typically weighs on demand for USD-denominated commodities, supporting the view that WTI may extend its decline from the recent $78.00 high reached last week.

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WTI Crude Drops Near $74 After China Inflation Data Release

WTI Crude Drops Near $74 After China Inflation Data

WTI Crude Drops Near $74 After China Inflation Data

West Texas Intermediate (WTI) oil prices extended losses for a second consecutive session on Monday, falling to around $74.10 per barrel during Asian trading hours. The decline of over 1% comes in the wake of weaker-than-expected inflation data from China for September, which was released on Sunday.

China’s National Bureau of Statistics reported that the monthly Consumer Price Index (CPI) remained flat at 0% in September, down from a 0.4% rise in August. On an annual basis, inflation rose by only 0.4%, falling short of the 0.6% increase forecasted. Additionally, the Producer Price Index (PPI) dropped by 2.8% year-on-year, a steeper decline than the 1.8% fall in August, and worse than the expected 2.5% decrease.

Crude oil prices are also feeling the impact of uncertainty surrounding potential economic stimulus in China, as concerns grow about demand in the world’s largest oil-importing nation. However, following a briefing on Saturday by China’s Ministry of Finance, the National People’s Congress expressed some optimism. The ministry announced plans to issue special bonds to support bank recapitalization and stabilize the struggling real estate sector, though no concrete details were provided.

While weaker economic data in China is weighing on oil prices, the downside may be limited due to escalating tensions in the Middle East. On Friday, the US expanded sanctions on Iran’s petroleum and petrochemical sectors in response to an Iranian missile strike on Israel, according to Reuters.

Further intensifying the situation, Hezbollah claimed responsibility for a drone attack on north-central Israel on Sunday, killing at least four Israeli soldiers and injuring over 60 others, per CNN. This marks one of the bloodiest incidents in Israel since the conflict began last October, adding to the geopolitical risk premium that could support oil prices.

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Gold Price Holds Gains as USD Strength Limits Upside Ahead of US PPI Data

WTI Holds Steady Around $75, Poised for Second Consecutive Weekly Gain

WTI Holds Steady Around $75, Poised for Second Consecutive Weekly Gain

West Texas Intermediate (WTI) crude oil prices remain flat around the $75 per barrel mark during the Asian session on Friday, struggling to build on the previous day’s gains. Despite this pause, WTI is still on track to register its second straight weekly increase.

Concerns over a potential Israeli strike on Iranian oil infrastructure continue to elevate geopolitical risks, providing support to oil prices. Earlier this week, Israeli Defense Minister Yoav Gallant warned that any attack on Iran would be “lethal, precise, and surprising,” keeping a risk premium priced into the market. In addition, fears of supply disruptions from Hurricane Milton in the U.S. and an optimistic demand outlook contribute to oil’s resilience.

Investor sentiment has been buoyed by hopes that China’s extensive stimulus measures will help revive the world’s second-largest economy, boosting fuel demand in the largest oil-importing nation. Furthermore, expectations that the Federal Reserve (Fed) will continue to cut interest rates have sparked optimism that this will fuel economic growth and, in turn, increase demand for crude oil.

However, stronger-than-expected U.S. inflation data has raised concerns about how aggressively the Fed will lower rates, which limits oil’s upside potential. Additionally, the U.S. dollar’s recent rally—propelled by reduced expectations of aggressive Fed policy easing—acts as a headwind for crude oil, as a stronger dollar makes oil more expensive for holders of other currencies.

Despite these factors, WTI remains on course to log another weekly gain. However, caution is warranted after a sharp pullback from the $78 level earlier this week, which was a near two-month high. This suggests some uncertainty about whether the recovery from September’s year-to-date low will continue.

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WTI Rises Above $76.50 Amid Concerns Over Middle East Oil Production Disruptions

WTI Rises Above $76.50 Amid Concerns Over Middle East Oil Production Disruptions

WTI Rises Above $76.50 Amid Concerns Over Middle East Oil Production Disruptions

West Texas Intermediate (WTI), the US crude oil benchmark, is trading near $76.85 on Thursday, continuing its upward momentum as geopolitical tensions in the Middle East intensify. Concerns are growing that Israel may launch an attack on Iran’s oil infrastructure, escalating fears of supply disruptions.

The surge in oil prices follows speculation that Israel may target Iran’s oil industry in retaliation for a ballistic missile strike. Iran-backed Hezbollah also launched rockets toward Haifa, Israel’s third-largest city, on Monday. According to Reuters, Israel is expected to increase ground incursions into southern Lebanon on the first anniversary of the Gaza war, raising fears of a broader conflict in the region.

Analysts at Tudor, Pickering, Holt & Co. noted, “There is growing concern that the conflict may continue to escalate, not only putting Iran’s 3.4 million barrels per day of oil production at risk but also causing further disruptions to regional supply.”

While sluggish demand from China and disappointing global economic data have weighed on oil markets this year, investors are closely monitoring China’s response. After a week-long holiday, China’s top economic planning body is expected to announce new policy measures on Tuesday. Any lack of significant stimulus or a smaller-than-expected package could disappoint the markets and apply downward pressure on WTI prices.

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EUR/USD Price Forecast

EUR/USD Price Forecast: Consolidating Below 1.0500 Amid Multi-Week High

The EUR/USD currency pair is having a hard time continuing its recent winning streak, trading in a tight range just below the 1.0500 psychological mark during the Asian session on Monday. In spite of the consolidation, the pair is still close to its three-week high of Friday, buoyed by a weaker US Dollar (USD).

Technically, the pair‘s location above the 38.2% Fibonacci retracement level of the November-January bear run, combined with upbeat oscillators on the daily chart, indicates that the bullish momentum is still intact. This leaves room for a potential rally towards the 1.0545-1.0555 resistance area, which coincides with the 50% Fibonacci retracement level and the 100-day Exponential Moving Average (EMA).

A successful breach above this crucial barrier may set the stage for additional gains, with EUR/USD potentially challenging the 1.0600 level. A break above this level may propel the pair towards the December 2024 swing high of 1.0630, close to the 61.8% Fibonacci retracement level. Further bullish momentum may continue to drive the rebound from its more than two-year low in January.

To the contrary, however, the 38.2% Fibonacci level of 1.0465 acts as an instant support level. A resolute breach through this area can drive selling momentum faster, pulling the pair towards the 1.0400 round number and down further into the mid-1.0300s (23.6% Fibonacci level). Failure to hold these levels could shift the bias in favor of bearish traders, potentially exposing the 1.0200 handle.

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EUR/USD Eases Near

EUR/USD Eases Near 1.0300 Ahead of Lagarde’s Speech

The EUR/USD pair edges lower to approximately 1.0310 during the Asian session on Monday, weighed down by a stronger US Dollar (USD). Market participants are focused on the upcoming Eurozone Sentix Investor Confidence data for February and a speech by European Central Bank (ECB) President Christine Lagarde later in the day.

On Friday, former US President Donald Trump announced plans to introduce reciprocal tariffs on multiple countries by Tuesday or Wednesday, though he did not specify which ones. This move has heightened concerns about a global trade war, fueling demand for the safe-haven USD.

“The immediate concern might not be inflation, as counter-effects like a demand slowdown could come into play. However, the bigger issue is uncertainty and the shift toward a more protectionist world,” said Charu Chanana, Chief Investment Strategist at Saxo.

Meanwhile, the Euro faces pressure from growing expectations of further ECB rate cuts amid sluggish economic growth. ECB Governing Council member Boris Vujcic stated that the market’s anticipation of three rate cuts this year is reasonable. However, he emphasized that greater clarity on monetary policy direction may not emerge until early in the second quarter.

Traders will keep a close eye on US trade policies, especially Trump’s repeated threats against Europe. JPMorgan economist Nora Szentivanyi noted that the objectives, timing, and tariff rates remain unclear. Nonetheless, the European Commission has stated it would retaliate firmly against any tariffs imposed by the US.

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EUR/USD Holds Below 1.0400 Ahead of Eurozone Retail Sales Data

EUR/USD Struggles Below 1.0400 Ahead of Eurozone Retail Sales Data

EUR/USD is trading lower around 1.0390 in the Asian session on Thursday, extending losses following a two-day recovery. Investors remain wary ahead of the release of Eurozone Retail Sales data later today.

Market predictions suggest that Eurozone retail sales scaled by 1.9% year on year in December, up from the previous 1.2% increase. However, the monthly number is expected to fall by 0.1%, erasing the 0.1% increase reported in November.

The euro remains under pressure as market sentiment points to further monetary easing by the European Central Bank (ECB). Policymakers feel optimistic that inflation will steadily return to the ECB’s 2% objective, lessening the need for additional tightening.

Meanwhile, the US Dollar Index (DXY), which tracks the dollar against six major currencies, has stabilized at 107.70, restricting EUR/USD’s upside potential. The dollar’s resiliency comes after a three-day losing skid, which puts pressure on the pair.

On Thursday, Federal Reserve Vice Chair Philip Jefferson reiterated his desire for keeping existing interest rates, underlining that the Fed’s policy remained restrictive despite the 100-basis-point drop. Meanwhile, San Francisco Federal Reserve President Mary Daly emphasized the central bank’s cautious attitude in the face of prolonged economic uncertainties.

The dollar weakened on Wednesday following a disappointing US Services PMI reading. The ISM Services PMI dropped to 52.8 in January from a revised 54.0 in December, falling short of the market consensus of 54.3. Looking ahead, traders are watching Friday’s US Nonfarm Payrolls (NFP) report, which might influence the Federal Reserve’s next policy actions.

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EUR/USD Stuck in Range Near 1.0375-1.0380 as Bulls Struggle for Direction

EUR/USD Struggles for Clear Direction, Stays Range-Bound Near 1.0375-1.0380

The EUR/USD pair continues in consolidation mode, failing to build on its recent recovery from the 1.0200 region—the lowest level since January 13. After reaching a weekly high earlier on Wednesday, the pair is fluctuating within a narrow range around 1.0375-1.0380, showing little change for the day amid mixed market signals.

Tuesday’s Job Openings and Labor Turnover Survey (JOLTS) indicated a cooling U.S. labor market, reinforcing expectations of Federal Reserve (Fed) policy easing. Markets are now factoring in the likelihood of two rate cuts by the Fed this year. Risk-on sentiment also remains prevalent, but should continue to weigh on demand for the safe-haven USD, and thereby support EUR/USD.

Upside momentum, however remains constrained by issues on the introduction of U.S. tariffs over the goods to be imported in Europe under Trump’s administration, among others, and the ECB dovish direction which is being felt in restraining the Euro though HICP was reported higher to an annual rate of 2.5% in the last month, still, does not allow much upside in this pair.

Looking ahead, market participants will focus on the final Eurozone Services PMI release, while the U.S. economic calendar highlights the ADP private-sector employment report and the ISM Services PMI. Movements in the USD could also be influenced by key FOMC member speeches. Still, Friday’s NFP report will focus more attention on it as it will help deliver a better picture of the situation in the U.S. labor market and set the direction for future Fed policy.

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GBP/USD Holds Above 1.2400 as Markets Watch China Tariff Developments

GBP/USD Holds Above 1.2400 as Markets Watch China Tariff Developments

GBP/USD extends its gains for a second consecutive session, trading around 1.2430 during Asian market hours on Tuesday. With  the  decision   by   U.S. President Donald Trump   to pause tariffs on Mexico and Canada , the pair benefits from a risk-on sentiment .

Despite this, investors continue to pay close attention to ongoing trade negotiations, making market volatility a major concern. Trump declared that he would postpone imposing high tariffs on Canada and Mexico for at least 30 days following their agreements to send 10,000 troops to the U.S. border to fight drug trafficking.

This move follows Trump’s recent decision to impose 25% tariffs on Mexican and Canadian goods, along with a 10% tariff on Chinese imports. Additional tariffs on China are anticipated to go into effect Tuesday at 5:00 GMT. Trump managed to say that talks with Chinese officials might happen “probably over the next 24 hours,” and that tariffs on China would be “very, very substantial” if an agreement could not be made.

Meanwhile, the U.S. Dollar Index (DXY), which tracks the USD against six major currencies, hovers around 108.70 after erasing most of its gains from the previous session. Strong U.S. economic data could provide support for the greenback, as the ISM Manufacturing PMI climbed to 50.9 in January from 49.3 in December, surpassing the expected 49.8.

While GBP/USD may rise, the British Pound’s upside may be limited, given the expectation that the Bank of England (BoE) will cut interest rates once again. Despite rising wages in the UK, the BoE is expected to lower interest rates by 25 basis points to 4.5% on Thursday.

The BoE’s Monetary Policy Committee (MPC) is expected to vote 8-1 in favor of the rate cut, with one member likely advocating for maintaining rates at their current level for now.

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EUR/USD Drops to 1.0200 on Trump’s Trade Tariffs

EUR/USD Slumps to Multi-Week Low Near 1.0200 Amid Trump’s Trade Tariffs

The EUR/USD pair extends its decline on Monday, plunging to the 1.0200 region—a three-week low—during the early Asian session. This drop brings the pair closer to its lowest level in over two years, last seen in January, reinforcing the ongoing multi-month downtrend.

The US Dollar (USD) gains broad strength following President Donald Trump’s weekend announcement of new tariffs: 25% duties on imports from Canada and Mexico, along with an additional 10% tariff on Chinese goods. These measures escalate global trade tensions, dampening investor appetite for riskier assets and boosting demand for the safe-haven USD. As a result, the EUR/USD pair faces renewed selling pressure.

Adding to the bearish sentiment, Trump also declared on Friday evening that he would impose tariffs on goods from the European Union. This, coupled with the European Central Bank’s (ECB) dovish stance, further weighs on the euro. Last Thursday, the ECB cut borrowing costs by 25 basis points (bps) as expected and signaled the possibility of additional rate cuts before the year’s end, exacerbating the euro’s weakness.

The policy divergence between the ECB and the Federal Reserve (Fed) further tilts market sentiment in favor of the USD. While the Fed has opted for a hawkish pause, supporting the dollar’s strength, a recent pullback in US Treasury yields may limit further USD gains and offer some relief to the EUR/USD pair. However, the overall market outlook suggests that the pair’s downside momentum is likely to persist.

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EUR/USD Holds Above 1.0400 | Focus on Q4 GDP & ECB Policy Decision

EUR/USD Holds Above 1.0400 Ahead of Q4 GDP Data and ECB Policy Decision

The EUR/USD pair is edging higher after three consecutive losses, trading near 1.0420 during Thursday’s Asian session. The rebound is primarily driven by a technical pullback in the US Dollar (USD). Meanwhile, the US Dollar Index (DXY), which tracks the greenback against six major currencies, remains just below 108.00.

Despite the recent uptick, further gains for EUR/USD may be capped as the USD could regain strength following the Federal Reserve’s (Fed) cautious approach to monetary policy. The Fed reinforced its hawkish stance by removing language suggesting confidence in inflation reaching its 2% target.

During his press conference, Fed Chair Jerome Powell emphasized that any policy changes would require “real progress on inflation or some weakness in the labor market.” As expected, the Fed maintained its overnight borrowing rate at 4.25%-4.50% during its January meeting on Wednesday. This decision follows three consecutive rate cuts since September 2024, totaling a one-percentage-point reduction.

Meanwhile, the Euro faces downward pressure as the European Central Bank (ECB) is widely expected to cut interest rates by 25 basis points in its policy meeting on Thursday, lowering the Deposit Rate to 2.75%. Market sentiment suggests that further rate cuts from the ECB may follow in the coming months, potentially weighing on the Euro.

Investors will closely watch the release of fourth-quarter Gross Domestic Product (GDP) data from the Eurozone and Germany on Thursday. Later in the day, focus will shift to the US Annualized GDP report, which could influence market sentiment and currency movements.

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USD/JPY Holds Steady Near 147.00 as Yen Weakens on Trade Tensions and BoJ Rate Outlook

USD/JPY Holds Steady Near 147.00 as Yen Weakens on Trade Tensions and BoJ Rate Outlook

The Japanese Yen (JPY) continues to trade with a bearish bias on Wednesday, keeping the USD/JPY pair firm around the 147.00 mark during the Asian session. A stronger US Dollar and persistent concerns over rising trade tensions are weighing heavily on the Yen, as markets brace for the impact of US tariffs on Japanese goods starting August 1. 

Former US President Donald Trump’s announcement of a 25% tariff on Japanese imports, coupled with the threat of retaliatory action, has sparked renewed fears over Japan’s economic resilience. The country’s Q1 GDP contracted, real wages in May dropped at their steepest pace in nearly two years, and political uncertainty is rising ahead of the July 20 House of Councillors election. Recent polls suggest the ruling LDP-Komeito coalition may struggle to retain its majority, further dampening investor confidence. 

These developments have led traders to scale back expectations of a rate hike by the Bank of Japan this year. The combination of domestic headwinds and external pressure is weakening the JPY, while the US Dollar continues to gain on expectations that rising tariffs will stoke inflation and prompt the Federal Reserve to maintain a hawkish stance. 

The Fed’s June decision to hold interest rates steady, along with a strong US jobs report, has reinforced the belief that rate cuts may be delayed until at least October. The FOMC meeting minutes, due later today, will be closely watched for insights into the Fed’s policy trajectory. Markets currently anticipate up to 50 basis points in rate cuts by year-end. 

Technical Outlook: Bullish Momentum Builds 

Technically, USD/JPY’s break and close above the 100-day Simple Moving Average (SMA) — for the first time since February — signals potential for further gains. Positive momentum on the daily chart supports a move toward the 147.60–147.65 resistance area, with the 148.00 handle, a key June high, in sight. 

On the downside, immediate support lies near 146.50, with the 100-day SMA just below 146.00 acting as a critical pivot. A decisive break below this level could shift momentum in favor of bears, opening room for deeper losses. 

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NZD/USD gains ground to near 0.5700 on weaker US PMI data

During the early Asian session on Thursday, the NZD/USD pair was trading slightly higher at 0.5690. The Greenback falls against the New Zealand Dollar (NZD) as US economic data disappoints. Investors will keenly monitor developments in the rekindled trade battle between the United States and China, the world’s two largest economies. 

The weaker US Services Purchasing Manager Index (PMI) could weigh on the Greenback and generate a tailwind for the pair. The US ISM Services PMI fell to 52.8 in January from 54.0 (revised from 54.1) in December. This reading came in below the market consensus of 54.3.

On the other hand, New Zealand’s fourth-quarter employment report will put the RBNZ on pace to decrease the Official Cash Rate (OCR) by 50 basis points (bps) to 3.75% this month. Statistics New Zealand said on Wednesday that the country’s unemployment rate increased to 5.1% in Q4, up from 4.8% the previous quarter. This result was a four-year high and exceeded the 25-year average of 4.8%. Rising expectations that the Reserve Bank of New Zealand (RBNZ) may decrease interest rates may further impact on the New Zealand Dollar (NZD).

“In line with RBNZ guidance, markets continue to imply another 50bps rate cut to 3.75% at the February 19 meeting and the policy rate to through around 3.00% over the next 12 months. Bottom line: NZ-US 2-year bond yield spreads can further weigh on NZD/USD,” noted Société Générale’s FX analysts. 

On Tuesday, the finance ministry in China unveiled a package of tariffs on various US products such as crude oil, farm equipment, and some autos in a sharp response to an announcement made by US President Donald Trump imposing a 10% tariff on Chinese imports. Further, China served notice to several companies including Google for potential sanctions in response to Trump’s tariffs. Any sign of uncertainty or a rising trade war tension may see the China-proxy Kiwi being dragged lower, as China remains one of the major trading partners to New Zealand.

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JPY Recovers Losses vs. USD, Bullish Outlook Intact

Japanese Yen Recovers Some Losses Against USD; Bullish Outlook Remains Intact

The Japanese yen (JPY) cut some of its intraday losses against the US dollar (USD) on Monday, bringing the USD/JPY pair back below the mid-155.00s during the early European session. The Bank of Japan’s (BoJ) Summary of Opinions showed conversations about the possibility of further hikes in interest rates. Furthermore, Tokyo’s core inflation increased at the quickest annual rate in nearly a year, raising expectations of further policy tightening by the BoJ, which supports the JPY.

Beyond monetary policy, narrowing interest rate differentials between Japan and other major economies, including the US, alongside a broader risk-off sentiment, provide additional support to the safe-haven JPY. However, concerns over the economic impact of US President Donald Trump’s newly announced trade tariffs limit the yen’s upside. Meanwhile, the USD remains broadly strong, allowing the USD/JPY pair to maintain its positive momentum for a second consecutive day, ahead of the upcoming US ISM Manufacturing PMI report.

Yen Gains Traction Amid BoJ Rate Hike Bets and Trade War Fears

US President Donald Trump signed an executive order on Saturday to impose 25% tariffs on imports from Canada and Mexico and 10% tariffs on Chinese goods, effective Tuesday.

Canada’s Prime Minister Justin Trudeau, Mexico’s President Claudia Sheinbaum, and China’s foreign ministry all replied quickly, indicating probable retaliation. The US Dollar continues to climb, approaching a two-year high last hit in January, supporting the USD/JPY pair’s upward trend.

The Bank of Japan’s latest Summary of Opinions, released on Monday, showed that policymakers are thinking about additional rate hikes, though this has failed to appreciably lift the JPY.

Board members of the Bank of Japan stressed the need of continuing to raise interest rates if economic conditions and inflation remain stable.

Japan’s Finance Minister Katsunobu Kato stated that the government is closely monitoring the impact of Trump’s tariffs on the yen amid concerns over potential economic fallout.

Economy Minister Ryosei Akazawa reiterated Japan’s commitment to achieving the BoJ’s 2% inflation target while implementing measures to offset rising living costs.

The US-Japan yield spread remains near a multi-week low, which, coupled with risk aversion, could help stabilize the yen in the near term.

Investors now turn their focus to key US economic data, starting with today’s ISM Manufacturing PMI, followed by the highly anticipated Nonfarm Payrolls (NFP) report on Friday.

USD/JPY Faces Resistance Near 156.25; Bears in Control Below This Level

From a technical standpoint, last week’s strong rebound from the 50% Fibonacci retracement level of the December-January rally and the subsequent upside move favor bullish traders. However, additional gains beyond 156.00 may encounter resistance near last week’s swing high at 156.25. A sustained break above this level could spark a short-covering rally, pushing the pair towards:

  • 156.70-156.75 resistance
  • 157.00 psychological mark
  • 157.60 horizontal barrier
  • Potential extension towards 158.00, with an ultimate target at the 158.85-158.90 multi-month high from January 10

Conversely, on the downside:-

  • 155.00 serves as immediate support
  • Below this, watch for key levels at 154.55-154.50 and 154.00
  • A break below the 153.70 January low could accelerate the decline towards 153.30 and eventually 153.00

While the JPY is exhibiting some resilience, the overall trend remains unpredictable, with market participants intently watching economic indicators and geopolitical developments.

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Australian Dollar Drops as RBA Rate Cut Bets Rise, Fed Decision Looms

Australian Dollar Slides Amid Rising Odds of RBA Rate Cuts, Fed Decision in Focus

The Australian Dollar (AUD) extends its losing streak for a third consecutive session against the US Dollar (USD), weighed down by softer-than-expected inflation data from Australia.

Australia’s Consumer Price Index (CPI) rose by 0.2% quarter-on-quarter in Q4 2024, matching the previous quarter but missing the expected 0.3%. On an annual basis, CPI eased to 2.4% from 2.8% in Q3, below the market forecast of 2.5%. Despite December’s monthly CPI ticking up to 2.5% YoY, inflation remains within the Reserve Bank of Australia’s (RBA) 2%-3% target range. Meanwhile, the RBA’s Trimmed Mean CPI slowed to 3.2% YoY, its weakest pace in three years, slightly under the anticipated 3.3%.

Australian Treasurer Jim Chalmers expressed confidence that “the worst of the inflation challenge is behind us” and that a “soft landing” is increasingly likely. The cooling inflation strengthens the case for an RBA rate cut in February. The central bank has held the Official Cash Rate (OCR) steady at 4.35% since November 2023, emphasizing the need for inflation to “sustainably” return to target before considering a rate reduction.

AUD Pressured by Risk Aversion, Trump’s Tariff Threats

The AUD faces additional headwinds from risk-off sentiment following tariff threats by former US President Donald Trump. On Monday, Trump announced plans to impose tariffs on imports of key commodities, including computer chips, pharmaceuticals, steel, aluminum, and copper, aiming to boost US manufacturing.

Meanwhile, the US Dollar Index (DXY) holds firm around 108.00 as traders turn their attention to the upcoming Federal Reserve (Fed) interest rate decision. Market expectations, per the CME FedWatch tool, indicate near-certainty that the Fed will maintain its policy rate at 4.25%-4.50%. Investors will closely watch Fed Chair Jerome Powell’s press conference for guidance on future policy shifts.

Concerns over the potential inflationary impact of Trump’s trade policies add another layer of uncertainty. US Bank chief economist Beth Ann Bovino noted, “A number of White House proposals appear inflationary, which could keep the Fed in check.” Additionally, Treasury Secretary Scott Bessent has proposed universal tariffs on US imports starting at 2.5%, with Trump reportedly favoring even higher rates.

China’s Economic Slowdown Adds Pressure on AUD

The Australian Dollar remains vulnerable to China’s economic struggles. China’s NBS Manufacturing PMI dropped to 49.1 in January from 50.1, missing expectations, while the Non-Manufacturing PMI slipped to 50.2 from 52.2. As Australia’s largest trading partner, China’s weak data weighs heavily on the AUD.

Despite China’s recent stimulus measures, including a $7.25 billion investment in index products and long-term stock investments, concerns persist. Industrial profits fell 3.3% YoY in 2024, marking a third consecutive year of contraction, driven by weak demand, deflationary pressures, and a prolonged property sector slump.

Technical Outlook: AUD/USD Turns Bearish Below 0.6250

The AUD/USD pair trades near 0.6230 on Wednesday after breaking below the ascending channel on the daily chart, signaling a shift toward a bearish bias. The 14-day Relative Strength Index (RSI) has dropped below 50, reinforcing downside momentum.

A decisive break below key support at the lower boundary of the ascending channel strengthens the bearish outlook, potentially pushing AUD/USD toward 0.6131—its lowest level since April 2020. On the upside, immediate resistance lies at the nine-day Exponential Moving Average (EMA) at 0.6256. A rebound above this level could reintroduce a bullish bias, with the next upside target near 0.6360.

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US Dollar Surges as Trump Revives Tariff Threats

US Dollar Surges as Trump Revives Tariff Threats

The US dollar strengthened significantly against all major currencies after President Donald Trump and his Treasury Secretary reignited concerns about potential tariffs, raising fears that trade policies may return to the forefront. Risk-sensitive currencies, particularly those tied to China, saw sharp declines, while the euro weakened amid speculation that the European Union could soon face tariff pressures. Simultaneously, the Japanese yen took a hit as traders hedged against potential US inflation spikes and rising Treasury yields.

This market turbulence followed a Financial Times report indicating that Scott Bessent, the newly appointed Treasury Department official, supports a phased approach to implementing universal tariffs on US imports. The initial proposal suggests starting with a 2.5% tariff rate. However, President Trump hinted at a much broader scope, potentially targeting a range of imports from steel to semiconductor chips and suggesting higher tariff rates over time.

The administration’s “moderate” proposal involves a gradual increase in tariffs, reaching 20% over eight months in increments of 2.5% per month. This timeline has triggered speculation about more extreme scenarios and raised questions about the global trade concessions needed to halt these measures. Bessent’s approach, which allows businesses time to adjust, could also spark a rush of imports and exports to avoid higher future costs.

Amid these developments, financial markets are grappling with the potential outcomes. Traders are assessing whether the proposed tariff measures are fully priced in and evaluating the likelihood of de-escalation through negotiation.

On the positive side, any concessions or agreements that delay or reduce tariffs could stabilize markets. However, the risks of escalating tariffs, particularly if negotiations fail, remain a significant concern. Higher tariffs could disrupt global trade and have far-reaching implications for currency valuations.

While we initially favored long positions on the dollar, the unfolding tariff narrative has introduced significant uncertainty. Staying prepared for sudden shifts in policy and market dynamics is now crucial as the situation continues to evolve.

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Australian Dollar Weakens Amid Concerns Over Trump’s Trade Policies and Mixed Chinese Data

Australian Dollar Weakens Amid Concerns Over Trump’s Trade Policies and Mixed Chinese Data

The Australian Dollar (AUD) ended its three-day winning streak against the US Dollar (USD) on Monday, with the AUD/USD pair trading flat following the release of mixed Chinese Purchasing Managers’ Index (PMI) data. As a close trade partner, Australia’s economy is heavily influenced by China’s economic performance.

China’s National Bureau of Statistics (NBS) reported that the Manufacturing PMI fell to 49.1 in January, down from 50.1 in December, missing market expectations. Similarly, the Non-Manufacturing PMI dropped to 50.2 from the previous month’s 52.2. These weaker-than-expected figures suggest a slowdown in China’s economic recovery, weighing on the risk-sensitive Australian Dollar.

Despite fresh stimulus measures from China aimed at revitalizing its equity markets, the AUD struggled to gain momentum. The China Securities Regulatory Commission (CSRC) announced a second round of long-term stock investment pilot programs valued at 52 billion Yuan ($7.25 billion). However, these measures have done little to alleviate investor concerns about China’s economic challenges.

Risk Aversion Rises Amid Trump’s Trade Tariff Push

Broader market sentiment took a hit as reports emerged that US President Donald Trump’s advisers are pushing to impose 25% tariffs on Mexico and Canada as early as February 1, bypassing negotiations. According to the Wall Street Journal, Trump’s willingness to move swiftly on tariffs follows similar actions taken against Colombia, raising fears of escalating trade tensions and dampening demand for riskier assets like the Australian Dollar.

Adding to the negative outlook, China’s Industrial Profits declined by 3.3% year-over-year in 2024 to CNY 7,431.05 billion, marking the third consecutive year of contraction. This downturn highlights ongoing economic headwinds, including weak demand, rising deflationary pressures, and a prolonged slump in the property sector.

Technical Analysis: AUD/USD Eyes Key Resistance Amid Bullish Setup

The AUD/USD pair is trading near 0.6290 on Monday, showing signs of upward momentum within an ascending channel on the daily chart, indicating a potential bullish bias. The 14-day Relative Strength Index (RSI) remains slightly above 50, reflecting mild optimism in the market.

On the upside, the pair could retest the psychological resistance level at 0.6300, with the next target near the channel’s upper boundary around 0.6350.

Support levels are found at the nine-day Exponential Moving Average (EMA) of 0.6265, followed by the 14-day EMA at 0.6254. A stronger support lies near the channel’s lower boundary around 0.6240, which could act as a safety net in case of a downside correction.

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NZD/USD Struggles

NZD/USD Struggles Below 0.5700 Amid Trump’s Tariff Plans and Dovish RBNZ Expectations

The NZD/USD pair remains under pressure, trading near 0.5675 during the early Asian session on Friday. The New Zealand Dollar (NZD) faces headwinds due to uncertainty surrounding US President Donald Trump’s proposed tariffs on China and the dovish outlook of the Reserve Bank of New Zealand (RBNZ).

New Zealand’s Consumer Price Index (CPI) for the fourth quarter of 2024 indicated a continued decline in underlying inflation, strengthening expectations of additional rate cuts by the RBNZ. Swap markets now estimate a nearly 90% chance of a 50-basis-point (bps) rate cut on February 19, building on the two cuts already implemented in this cycle. The RBNZ is projected to deliver a total of 100 bps in rate cuts through the remainder of 2025.

Meanwhile, the downside for the pair could be capped by recent comments from Trump. Speaking at the World Economic Forum in Davos on Thursday, Trump called for immediate interest rate cuts by the US Federal Reserve (Fed). “With oil prices going down, I’ll demand that interest rates drop immediately, and likewise, they should be dropping all over the world,” Trump said.

Investors are now closely watching for further details on Trump’s tariff policies, alongside key US economic data releases. The flash US S&P Global Manufacturing and Services PMI for January will be a key focus later on Friday, along with the release of US Existing Home Sales and the Michigan Consumer Sentiment Index.

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Bitcoin Price Goes Downside and Capped at Level $9,700 to Confluence Detector

 

Bitcoin Price Goes Downside and Capped at Level $9,700 to Confluence Detector

 

The Bitcoin has gone undergone a significant drop in the past few days.

A week ago, It was noticed that Bitcoin is probably going to enter an upturn on account of the ongoing spike in the “BTC changed hands” metric. Spikes in BTC changing hands on-chain regularly goes before an inversion in value activity, he included.

Bitcoin, BTC to USD, rose by the level at 1.09% on Tuesday. Mostly changing a 4.57% slide from Monday, Bitcoin finished the day at $10,549.0.

It was a blended beginning to the day. Bitcoin tumbled to an early morning intraday low $10,377.0 before making a move. Avoiding the primary significant help level at $10,171, Bitcoin rose to a late intraday high to the level of $10,597.0.

Avoiding the mark concerning the main significant obstruction level at $10,850, Bitcoin moved back to wrap up the day at sub-$10,550 levels. The close term bullish pattern stayed unblemished, upheld by the most recent pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to frame a close term bearish pattern.

However, Bitcoin was somewhere around 0.02% to $10,549.6. A blended beginning to the day saw Bitcoin tumble to an early morning low $10,540.0 before ascending to a high $10,555.0.

Bitcoin left the significant help and opposition levels untested at an early stage. Somewhere else, it was a quiet beginning to the day. Ethereum is traded at the level (- 0.27%) and Ripple’s XRP (- 0.03%) battled at an early stage. It was a bullish beginning for the remainder of the majors, nonetheless.

https://xtreamforex.com/sp-500-and-nasdaq/

https://xtreamforex.com/covid-19-outbreaks-seems/

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Crypto Daily Bitcoin Breaks back at the Level $10,400 pack with Support

Crypto Daily Bitcoin Breaks back at the Level $10,400 pack with Support

 

Let’s talk about the cryptos there is the mix start day of the majors. A bitcoin going back and breaks back through the level at $10,400 that provide the pack with the support.

Bitcoin, BTC to USD, slipped by 2.42% on Tuesday. Reversing a 1.18% gain from Monday, Bitcoin ended the day at the level of $10,148.0.

Bitcoin rose to an early morning intraday high at the level of $10,464.0 before hitting reverse.

Missing the mark regarding the principal significant opposition level at $10,579, Bitcoin slid to a late intraday low $9,882.4.

Bitcoin fell through the main significant help level at $10,065 recuperating to wrap up the day at $10,100 levels.

The close term bullish pattern stayed perfect, disregarding the most recent pullback to sub-$10,000. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to frame a close term bearish pattern.

Bitcoin would need to travel through the $10,165 turn level to help a run at the principal significant obstruction level at $10,447.

Backing from the more extensive market would be required, notwithstanding, for Bitcoin to crush spirit through to $10,400 levels.

Notwithstanding an all-inclusive crypto rally, the principal significant obstruction level and Tuesday’s high $10,464.0 would almost certainly trim any upside.

In case of a crypto breakout, Bitcoin could test obstruction at $10,700 before any pullback. The second significant opposition level sits at $10,746.

The inability to travel through the $10,165 rotate would bring the primary significant help level at $9,866 into play.

Blocking another all-inclusive crypto auction, in any case, Bitcoin should avoid the subsequent significant help level at $9,583.

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Bitcoin Goes Remain Dormant and Provide Ethereum Large Returns

Bitcoin Goes Remain Dormant and Provide Ethereum Large Returns

 

The Bitcoin continues to go uptrend to the resistance level of $12,000 in another month. This vital value obstacle dismissed BTC’s upward value activity a few times all through August, while the $11,000 uphold level held falling costs under control. The quality of every one of these critical levels was developed over the previous month, with no of them breaking.

The Bitcoin has seems at the great boon. The bitcoin price surged at the level of $11,351 that will go yearly high at the point of $12,135.

The Bitcoin has seems at the great boon. The bitcoin price surged at the level of $11,351 that will go yearly high at the point of $12,135. It will quickly become evident to solve all the problems. Apart from these, the cryptocurrency will seems 13% nosedive in the few minutes after reaching the falls on the monthly low of the $10,546.15.

The BTC began to consolidate to the narrow range for the trading between the overhead resistance and the support level that was mentioned previously.

Moreover, the bitcoin was seemed yearly high at the level of $12,500 in August with the 17th upswing that will see the retrace price below the $12,500 to the dormant price action to the Bollinger bands on the daily hour chart.

Surely, the bellwether cryptocurrency price moved back to the $11,000 uphold level by August 25th to then bounce back towards $12,000 as August reached a conclusion. Bitcoin had the option to close the month at $11,655, giving business specialists a month to month return of 2.67%.

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Gold Price

Bitcoin Price Suddenly Going Up and Hits Gold All the Time High

Bitcoin Price Suddenly Going Up and Hits Gold All the Time High

 

The price of the Bitcoin has shot up high more than 15 percent in recent days and it will finally break the level above $10,000.

The cryptocurrency is suddenly reached above the $11,000 on Tuesday that dipped back down to around $10,800.

“Bitcoin is right now understanding its reputation for being a type of computerized gold. Up to this point, gold has been known as an ultimate place of refuge resource, however, bitcoin – which shares its key characteristics of being a store of significant worth and shortage  might thump gold from its since quite a while ago held situation later on as the world turns out to be permanently tech-driven.”

It was the mixed start day for the BItcoin and the cryptocurrency market. It will support the breakout to move through the level at $11,500.

A mixed beginning to the day saw Bitcoin rise to an early morning intraday high at the level of $11,778.0 before hitting reverse.

Avoiding the mark regarding the main significant opposition level at $11,875, Bitcoin slid to a late evening intraday low to the point at  $11,137.0.

Bitcoin fell during that time’s significant help levels before a short at the to $11,400 level.

The late recovery saw Bitcoin move back through the third significant help level at $11,256 to decrease the shortage on the day.

The close term bullish pattern stayed perfect, upheld by the most recent travel through to $12,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to frame a close term bearish pattern.

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Bitcoin, Cardano’s and Ethereum Weekly Technical Analysis

Bitcoin, Cardano’s and Ethereum Weekly Technical Analysis!!!

 

It will be a mixed start to the day for the major cryptocurrencies.  It will go choppy to the Sunday session high with the failure of the break backs to test the majors.

Bitcoin will be rose by 2.50% at the end of the weekend on 12th July that will go reversing at the 1.46% loss according to the previous week. The bitcoin will be ended at $9,497.2.

 If we see the start of the week pattern of the Bitcoin it has on the bullish trend and the rose from the  Monday low at level $9,075.8 that will go high on the Wednesday at $9,480.0.

The resistance level to the bitcoin will be fell back to the level at $9,133 before going to adapt the support level. It will recover to the $9,300 levels yesterday seems green to close out the week.

Cardano’s ADA will be rallied at 29.24% on the previously at the end of the week. In the previous week, the Cardano is a breakout at the level 22.3% ended to the week at $0.12694.Moreover, Cardano ADA broke the level through the FIB level at 23.6% of $0.1125 to hit the $0.14 for the time since August 2018.

Ethereum was rose by the level by 1.52% on Sunday that was reversing the decline on Saturday with 0.87% and the Ethereum will be ended the week up by the 6.67% to $242.81.

It will rise early in the morning at the high level of $241.59 before you easily go back.

Ethereum was broke the first major resistance level at $241.36 and the second major resistance level at $243.54.

The major support level for the Ethereum will befall at the level of $237.21 before going to find the support.

If we predict the future analysis the Ethereum will need to avoid the fall through the $241 pivot with the support with the major resistance level at $245.64.

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