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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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WTI Inches Higher to $70.50 Amid US Oil Stock Decline

WTI Inches Higher to $70.50 Amid US Oil Stock Decline

WTI Inches Higher to $70.50 Amid US Oil Stock Decline

West Texas Intermediate (WTI) crude oil prices continue to rise for the second consecutive day, trading around $70.40 per barrel during Friday’s Asian session. The upward momentum in oil prices is primarily driven by an unexpected drop in US crude oil inventories.

The Energy Information Administration (EIA) reported that US crude oil stocks fell by 2.192 million barrels for the week ending October 11, defying market expectations of a 2.3 million barrel increase. This contrasts with the previous week’s significant build of 5.81 million barrels, adding bullish sentiment to the oil market.

In addition to the inventory drawdown, rising geopolitical tensions in the Middle East are supporting oil prices. Israel’s military confirmed the death of Yahya Sinwar, the leader of Hamas in Gaza, during an operation in southern Gaza. This development has heightened concerns of escalating conflict in the region, which could disrupt global oil supply chains.

However, the potential upside for WTI prices may be capped by several factors. The EIA also reported that US crude oil production hit a record high of 13.5 million barrels per day last week, adding supply-side pressure. Furthermore, Libya’s oil production has resumed, and OPEC+ plans to gradually unwind production cuts by 2025, according to Reuters.

Additionally, the International Energy Agency (IEA) released a report on Tuesday forecasting a significant oil surplus in 2024. Global oil demand is expected to increase by 860,000 barrels per day next year, but this represents a downward revision of 40,000 barrels per day from earlier forecasts. The IEA attributed this adjustment to slower economic growth in China and the increasing adoption of electric vehicles, which are starting to reshape oil demand in the world’s largest oil importer.

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Japan Stocks Rise as Nikkei 225 Climbs 2.01% at Close

Japan Stocks Climb as Nikkei 225 Gains 2.01% at Close

Japan Stocks Climb as Nikkei 225 Gains 2.01% at Close

Japanese stocks ended higher on Thursday, led by strong performances in the Mining, Chemical, Petroleum & Plastic, and Real Estate sectors. The Nikkei 225 index surged by 2.01%, marking a strong session.

Top performers of the day included M3 Inc. (TYO:2413), which saw an impressive 9.93% rise, adding 145.00 points to close at 1,605.00. Sumitomo Dainippon Pharma Co., Ltd. (TYO:4506) followed with an 8.91% gain, closing at 648.00, and Ajinomoto Co., Inc. (TYO:2802) rose 5.58%, finishing at 5,786.00.

On the downside, Pacific Metals Co., Ltd. (TYO:5541) was the worst performer, dropping 1.73% to close at 1,423.00. Nitori Holdings Co., Ltd. (TYO:9843) declined by 1.59%, ending at 20,715.00, and Japan Exchange Group Inc. (TYO:8697) fell 1.44% to 1,877.00.

Overall, rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2,540 to 1,052, with 260 shares unchanged.

The Nikkei Volatility Index, which tracks the implied volatility of Nikkei 225 options, dropped by 12.33% to 24.75, signaling lower market uncertainty.

In commodities, crude oil for November delivery climbed 1.53% to $71.17 per barrel, while Brent oil for December delivery increased by 1.35% to $74.90 per barrel. Gold futures for December delivery also rose 0.21%, reaching $2,675.20 per ounce.

In currency markets, USD/JPY rose 0.18% to 146.72, while EUR/JPY edged up 0.03% to 161.83. The US Dollar Index Futures also gained 0.20%, reaching 101.63.

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Intel Tops Dow Jones on $5 Billion Apollo Investment Speculation

Intel Leads Dow Jones as Top Gainer Amid $5 Billion Apollo Investment Rumors

Intel Leads Dow Jones as Top Gainer Amid $5 Billion Apollo Investment Rumors

Intel (INTC) emerged as the top performer in the Dow Jones Industrial Average (DJIA) on Monday, outperforming major companies like Visa (V), Walmart (WMT), and Boeing (BA). The semiconductor giant’s shares surged by 3.3% on reports that Apollo Global Management is in discussions to invest $5 billion in the company.

Despite the overall modest market performance— the Dow Jones closed up by 0.15%, comparable to the NASDAQ but trailing the S&P 500—Intel’s stock benefitted from this potential infusion of capital.

Intel Stock News

According to a Bloomberg report from Sunday, Apollo, a leading alternative asset manager, has proposed a $5 billion investment in Intel, which Intel’s management is currently considering. This follows news from last Friday that Qualcomm (QCOM) may be exploring the possibility of acquiring Intel, a move that would mark one of the largest mergers in the semiconductor industry.

Intel, despite its value having fallen by over 50% year-to-date, still boasts a market cap of around $90 billion, while Qualcomm’s valuation is just under $200 billion. A combination of the two companies would create the largest semiconductor firm globally. However, Stifel analyst Ruben Roy quickly downplayed the likelihood of such a deal, citing regulatory hurdles that have derailed similar large-scale acquisitions in the past, such as Nvidia’s (NVDA) failed bid to acquire ARM Holdings and Broadcom’s (AVGO) unsuccessful attempt to buy Qualcomm.

Broadcom had also reportedly considered acquiring Intel but, according to insiders, decided not to move forward with a proposal over the weekend.

Raymond James analyst Srini Pajjuri expressed skepticism about Qualcomm receiving regulatory approval for the deal, especially given China’s influence in approving major tech mergers: “The speculated QCOM+Intel deal is unlikely to receive China regulatory approval in our view, given the recent M&A experience in the industry,” Pajjuri noted.

Additionally, Intel has been evaluating the sale of its Altera unit, which produces programmable chips. Analysts estimate that the division alone could be worth $22 billion, while other parts of Intel’s business could fetch valuations up to $140 billion in the capital markets.

Intel Stock Forecast

Intel shares have shown some positive movement, as indicated by the Moving Average Convergence Divergence (MACD) indicator, but the stock has yet to see significant gains. Analysts believe that Intel needs to reclaim the $24.90 support level to attract more bullish interest.

Despite a poor balance sheet, analysts argue that Intel’s parts are worth more than the company as a whole. If acquisition rumors continue to gain momentum, Intel’s stock could rise back toward the $30 range.

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Gold Price Holds Steady Near Record High

Gold Price Holds Steady Near Record High, Awaits Fed Cues for Next Move

Gold Price Holds Steady Near Record High, Awaits Fed Cues for Next Move

Gold price (XAU/USD) continues its sideways consolidation for the second consecutive day on Tuesday, remaining in a narrow range around the $2,500 psychological level as the European session approaches. A generally positive sentiment across global equity markets is acting as a headwind for the safe-haven metal, while a modest recovery in the US Dollar (USD) from its lowest level since January is also capping gains.

Traders seem hesitant to make new bets on Gold’s direction until they receive more clarity on the Federal Reserve’s (Fed) rate-cut trajectory. The focus is now on the release of the July FOMC meeting minutes on Wednesday and Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday. Meanwhile, dovish expectations for the Fed, combined with ongoing geopolitical risks, could continue to support XAU/USD and limit any downside.

Market Overview: Gold Price Bulls Await Fed Signals

Gold price is extending its consolidative move near record highs, with traders stepping back to await further signals from the Federal Reserve before positioning for the next significant move. The upcoming FOMC minutes and Powell’s speech are expected to offer hints about the possibility of a larger rate cut in September.

Recent strong US Retail Sales data have tempered fears of a recession, leading market participants to scale back expectations for aggressive policy easing. However, the CME Group’s FedWatch Tool still suggests that the Fed may begin its easing cycle in September, with expectations of more than a 200 basis point reduction by the end of 2025.

Key Fed officials, including Minneapolis Fed President Neel Kashkari and Chicago Fed President Austan Goolsbee, have recently commented on the balance of risks and the need for cautious policy adjustments, reflecting ongoing concerns about the US economy.

Geopolitical Updates and Technical Analysis

On the geopolitical front, US Secretary of State Antony Blinken indicated that progress is being made in negotiations to resolve disagreements in the Middle East, which could reduce tensions and boost risk appetite among investors.

From a technical perspective, Gold’s current range-bound movement is likely a bullish consolidation before another leg higher. The constructive outlook is supported by daily chart oscillators that remain in positive territory, though not yet overbought. Bulls are waiting for a breakout above Friday’s all-time high near the $2,509-2,510 area to confirm further gains.

On the downside, immediate support is seen around the $2,472-2,470 resistance-turned-support level. Any decline below this could attract fresh buyers, with key support at $2,448-2,446. A break below this level could lead to a deeper correction, potentially pushing prices towards the 50-day Simple Moving Average (SMA) near $2,392.

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Gold Price Awaiting US Macro Data for Potential Gains

Gold Price Awaiting US Macro Data for Potential Gains

Gold Price Awaiting US Macro Data for Potential Gains

Gold prices (XAU/USD) saw a decline on Wednesday as investors adjusted their expectations for the Federal Reserve’s (Fed) policy after the release of US consumer inflation data. However, persistent geopolitical tensions in the Middle East, expectations of the Fed initiating a rate-cutting cycle soon, and a subdued US Dollar (USD) helped gold regain positive momentum on Thursday.

Despite reduced expectations for a 50 basis point (bps) Fed rate cut in September leading to a modest recovery in US Treasury yields, which could limit aggressive bullish positioning on non-yielding gold, the overall market environment still supports the potential for further gains. Additionally, a generally positive tone in equity markets could pose a challenge to the safe-haven metal. Nonetheless, the fundamental backdrop remains favorable for gold ahead of key US macroeconomic data scheduled for release later on Thursday.

Market Movers: Gold Price Supported by Geopolitical Risk and Weak USD Demand

On Wednesday, data showed that US consumer prices increased as expected in July, dampening hopes for a significant rate cut by the Fed in September. The US Bureau of Labor Statistics (BLS) reported a moderate 0.2% rise in headline CPI for July, following a 0.1% decline the previous month. The annual CPI increase fell below 3% for the first time in nearly three and a half years, indicating ongoing progress toward the Fed’s inflation targets.

Core CPI, excluding volatile food and energy prices, also increased by 0.2% in July, easing to 3.2% year-on-year from 3.3% in June. As a result, the CME Group’s FedWatch Tool now shows a 36% probability of a 50 bps rate cut at the next Federal Open Market Committee (FOMC) meeting, down from 50% before the CPI data. This led to a late recovery in US Treasury yields, which attracted some buying interest in the USD and weighed on gold.

Despite this, ongoing geopolitical tensions provide some support for gold. Mediators are aiming to initiate ceasefire talks between Israel and Hamas amid the potential threat of an imminent Iranian attack on Israel.

Traders are now focusing on upcoming US economic reports, including Retail Sales, Weekly Initial Jobless Claims, and regional manufacturing indices, for short-term trading opportunities.

Technical Outlook: Gold Price Poised for Further Gains Above $2,470 Resistance

Technically, the recent swing low around the $2,438 level is acting as immediate support, followed by the $2,424 area, which was the weekly low on Monday. Continued selling pressure could push gold below the $2,400 mark, targeting the 50-day Simple Moving Average (SMA) near the $2,380 zone. A decisive break below this level could expose the 100-day SMA near the $2,360 region, potentially triggering further bearish momentum.

However, daily chart oscillators remain in positive territory, indicating potential for additional near-term gains. Any further upward movement is likely to encounter resistance around the $2,471-$2,472 region, followed by the $2,483-$2,484 area, which marks the all-time high reached in July. A sustained rise beyond the $2,500 psychological mark would confirm a breakout from the one-month-old trading range and set the stage for further appreciation.

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Asian Shares Rise, Kiwi Slumps as New Zealand

Asian Shares Rise, Kiwi Slumps as New Zealand Cuts Rates

Asian Shares Rise, Kiwi Slumps as New Zealand Cuts Rates

Asian shares climbed on Wednesday following softer-than-expected U.S. producer price data, which bolstered hopes for mild consumer price inflation. Meanwhile, the New Zealand dollar (kiwi) tumbled after the Reserve Bank of New Zealand (RBNZ) cut interest rates for the first time since early 2020.

European stock futures pointed to a higher opening, with data showing that British inflation in July rose less than anticipated. EUROSTOXX 50 futures gained 0.5%, and FTSE futures rose 0.6%. U.S. equity futures remained flat.

In Japan, the announcement that Prime Minister Fumio Kishida would step down as ruling party leader in September added to the busy news flow in Asia. His tenure has been marked by rising prices and political scandals. Following the news, the Japanese yen dipped 0.2%, while the Nikkei index rose 0.6%, recovering from last week’s sharp selloff.

The New Zealand dollar slumped by 1.1% after the RBNZ cut interest rates by 25 basis points to 5.25% and signaled further easing. This move was earlier than the bank’s own projections. Sharon Zollner, chief economist at ANZ, commented, “The RBNZ faced a tricky decision today – turning points are always difficult. But the Committee decided they had sufficient confidence in the inflation outlook to start easing monetary conditions.” ANZ has now penciled in a series of 25 basis point cuts, potentially bringing rates down to 3.5%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, with most markets up except China, where both Hong Kong’s Hang Seng and mainland blue chips fell 0.5%.

Wall Street saw a strong rebound after U.S. producer price data indicated a slower rise than expected in July, suggesting continued moderation in inflation. This prompted markets to slightly increase the odds of a 50 basis point rate cut by the Federal Reserve in September, from 50% to 53%, according to the CME FedWatch Tool.

Goldman Sachs adjusted its forecast for the core Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation measure, to a 0.14% rise in July, down from the previous estimate of 0.17%. Investors are now keenly awaiting consumer price data for July, with economists expecting 0.2% increases in both the headline and core figures, and a slight slowdown in the annual core inflation rate to 3.2%.

Chris Weston, head of research at Pepperstone, noted, “Risk will find buyers if additional implied rate cuts are driven by a reduced inflation dynamic. However, the opposite is true if any additional rate cuts are driven by weaker growth or poor labor market readings – this week’s U.S. retail sales report could therefore be influential on that thesis.”

U.S. bonds experienced solid buying overnight, with two-year yields falling to 3.9392% and ten-year Treasury yields holding at 3.8465% after a 5 basis point drop.

The U.S. dollar was slightly lower due to falling bond yields, edging up 0.1% to 102.70 against major peers after losing 0.5% overnight. The euro strengthened 0.6% overnight, trading near $1.0988, close to a significant resistance level of $1.1.

In commodities, crude oil prices recovered some of the previous day’s losses, with Brent crude futures rising 0.7% to $81.23 a barrel and U.S. West Texas Intermediate crude up 0.7% to $78.93. Gold prices increased by 0.1%, reaching $2,461.72 an ounce.

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Gold Struggles Below $3,300 as Fed Rate Cut Hopes Dim Ahead of FOMC Minutes

Gold Struggles Below $3,300 as Fed Rate Cut Hopes Dim Ahead of FOMC Minutes

Gold (XAU/USD) dipped to a one-and-a-half-week low near $3,284 during the Asian trading session on Wednesday, weighed down by a stronger US Dollar and rising Treasury yields. Investors are increasingly convinced that recent US tariff hikes may fuel inflation, prompting the Federal Reserve to keep interest rates elevated for longer. 

The firmer Greenback, bolstered by expectations of prolonged Fed tightening and a robust June jobs report, has dulled the appeal of non-yielding assets like gold. Benchmark 10-year US bond yields also climbed, adding further pressure on the precious metal. 

Market participants remain cautious amid ongoing concerns about the economic fallout from Donald Trump’s aggressive tariff proposals. On Tuesday, the former US President threatened to impose duties of up to 50% on copper and 200% on foreign pharmaceuticals, unsettling global markets. However, gold’s traditional safe-haven demand has yet to see significant support in response. 

Traders are now eyeing the release of the FOMC meeting minutes later today, hoping for clues on the Fed’s rate path. Although a July rate cut appears off the table, markets are still pricing in up to 50 basis points of easing by year-end, likely beginning in October. 

Technically, a break below the $3,300 level, coupled with resistance at the 100-period SMA on the 4-hour chart, signals further downside. Momentum indicators suggest gold could slide towards the next support at $3,270, with a deeper drop towards $3,248–$3,247 not ruled out. 

On the upside, recovery attempts may face initial resistance near $3,310 and stronger barriers around $3,326 and $3,340. A decisive move above $3,360 could open the door to a short-term rebound toward the $3,400 mark. 

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Gold Price Climbs Steadily

Gold Price Climbs Steadily, Eyes Record High Amid Trade War Concerns

Gold (XAU/USD) extends its intraday rally, reaching the $2,880 region during the Asian session on Monday. The gains come in response to US President Donald Trump’s plan to impose new 25% tariffs on all steel and aluminum imports, reigniting fears of a global trade war and driving demand for the safe-haven precious metal. Additionally, concerns that Trump’s protectionist policies could fuel inflation further bolster gold’s appeal as a hedge against rising prices.

Gold Supported by Trade War Fears, But Fed Policy Remains a Concern

Despite strong upside momentum, gold’s gains may face limitations due to the resilient US Dollar (USD) and expectations that the Federal Reserve (Fed) might delay further rate cuts. The strong US employment data released on Friday, coupled with inflationary concerns, has reinforced speculation that the Fed will maintain a cautious stance.

Overbought conditions on the daily chart could also deter traders from initiating fresh bullish positions, especially in the absence of key US economic data early in the week.

Trump’s Tariff Announcement Sparks Market Uncertainty

On Sunday, Trump reaffirmed plans to impose 25% tariffs on all steel and aluminum imports into the US, adding that his administration would match tariff rates imposed by other countries. These announcements have further fueled uncertainty and strengthened gold’s safe-haven appeal.

Meanwhile, geopolitical tensions remain elevated. Russian Deputy Foreign Minister Galuzin stated there are no satisfactory proposals for Ukraine peace talks, dismissing Western statements as mere rhetoric. US Vice President JD Vance is reportedly heading to Germany this week to outline US policy proposals.

Fed Policymakers Express Caution Amid Economic Uncertainty

The latest US Nonfarm Payrolls (NFP) report showed 143K jobs were added in January, falling short of the 170K estimate but offset by an unexpected dip in the Unemployment Rate to 4.0%. While the report provides mixed signals, it has reinforced the belief that the Fed will remain cautious regarding further monetary easing.

Several Fed officials have weighed in on economic policy:

  • Minneapolis Fed President Neel Kashkari stated he would consider supporting further rate cuts if inflation data remains favorable and the labor market stays strong.
  • Chicago Fed President Austan Goolsbee noted that inconsistent US government policies create economic uncertainty, making it difficult to assess inflation trends.
  • Fed Governor Adriana Kugler acknowledged steady US economic growth but warned that progress toward the 2% inflation target remains uneven and slow.

What’s Next for Gold?

A stronger US Dollar could act as a headwind for gold prices, limiting aggressive bullish momentum. Traders will closely monitor Fed Chair Jerome Powell’s semi-annual congressional testimony and the upcoming US consumer inflation figures for further market direction.

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Gold Price Rally Holds Strong, But Overbought Conditions Raise Caution

Gold Price Bulls Hold Firm, But Overbought Conditions Suggest Caution

Gold (XAU/USD) continues its upward trajectory through the Asian session on Wednesday, reaching a fresh all-time high near $2,858. Concerns about the economic impact of US President Donald Trump’s trade tariffs continue to drive demand for the safe-haven metal. Furthermore, predictions that the Federal Reserve (Fed) would continue its easing cycle, backed by signs of deteriorating momentum in the US labor market, are fuelling demand for the non-yielding yellow metal.

 

Meanwhile, the US dollar (USD) remains under pressure near its weekly low, with rising expectations of further Fed policy easing, offering an extra lift to gold prices. However, Trump’s decision to suspend tariffs on Canada and Mexico has contributed to a risk-on mentality, which may restrict future gains for XAU/USD. Furthermore, gold is entering overbought territory on the daily chart, implying a short-term consolidation or minor retreat before the advance begins. Traders are now waiting for significant U.S. data releases, such as the ADP private-sector employment report and the ISM Services PMI, for new market signals.

Gold Bulls Retain Control Amid US-China Trade Tensions

Despite the positive risk tone, a further escalation in U.S.-China trade tensions continues to lend support to the upward momentum in gold. In response to President Trump’s latest tariffs, China has imposed targeted duties on US imports, and the threat of a trade war between the world’s two biggest economies has seen gold reach an all-time high on Wednesday.

On the macroeconomic front, the Job Openings and Labor Turnover Survey (JOLTS) released Tuesday revealed a decline in U.S. job openings, dropping to 7.6 million in December from a previous 8.09 million. The data signals a cooling labor market, increasing the likelihood of additional Fed rate cuts. This has kept USD bulls on the defensive and further strengthened XAU/USD.

Trump’s decision to postpone the application of a 25% tax on Canadian and Mexican imports by 30 days has revived hopes that a global trade war can be avoided. However, this has done little to undermine the positive enthusiasm toward gold.

Market players will be keenly monitoring Wednesday’s U.S. economic data, such as the ISM Services PMI and the ADP employment report, which may cause short-term changes in gold prices. However, Friday’s highly anticipated Nonfarm Payrolls (NFP) report continues to be the main focus. Furthermore, any fresh information about trade tariffs is probably going to cause financial markets to become more volatile.

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WTI Crude Oil Struggles Near $72.00, 100-Day SMA Holds as Key Support

WTI Crude Oil Struggles Near $72.00, 100-Day SMA Holds as Key Support

West Texas Intermediate (WTI) crude oil prices fell from a one-week high on Tuesday, attracting sellers for the second straight session. The commodity trades at $72.00, barely above last week’s one-month low and close to the important 100-day Simple Moving Average (SMA) support. 

US Tariff Delay Weighs on Oil Prices

US President Donald Trump has announced a one-month suspension on newly imposed tariffs on imports from Canada and Mexico, easing worries about potential supply disruptions from two of the country’s main oil suppliers. This development put downward pressure on crude oil prices. Furthermore, fears of lower gasoline demand—driven by the larger economic impact of Trump’s trade policies—are contributing to gloomy sentiment in the oil market.

OPEC+ Stands Firm on Production Policy

Despite Trump’s calls for higher output to combat rising oil prices, the Organization of Petroleum Exporting Countries and its allies (OPEC+) have chosen to keep current production levels. This decision may give some support for crude oil prices, avoiding further losses in the near term.

Key Technical Levels to Watch

Traders will closely monitor the 100-day SMA, currently positioned near the $71.00 mark, which serves as a crucial support level. A decisive break below this threshold could trigger an extended pullback from the recent multi-month highs. Conversely, a bounce from this level may reinforce buying interest and help WTI recover from its recent slump.

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Gold Holds Below $2,800 Despite Intraday Recovery

Gold Price Trims Intraday Losses but Remains Below $2,800 Amid Stronger USD

The gold price (XAU/USD) recovers some of its losses following the strong Asian session sell-off but remains in negative territory, hovering around $2,785, down about 0.60% for the day. The recent rise in the US Dollar (USD), fueled by President Donald Trump’s decision to impose tariffs on Canada, Mexico, and China, has pushed the greenback closer to a two-year high, weighing on gold and dragging it away from its all-time high of $2,817, hit on Friday.

However, projections that the Federal Reserve (Fed) would lower interest rates twice by the end of 2025, combined with indications about probable economic disruptions from Trump’s trade policies, contribute to gold’s safe-haven appeal. The current risk-off mentality further shields the downside, so bearish traders should exercise caution ahead of this week’s key US macroeconomic data, which begins with today’s ISM Manufacturing PMI release.

Technical Outlook: Gold’s Uptrend Intact Despite Intraday Pullback

From a technical perspective, the intraday decline found support near the $2,772 resistance-turned-support level, which now serves as a pivotal point. A decisive break below this zone could trigger further selling pressure, exposing gold to the next key support levels:

 

  • $2,755 – Initial downside target
  • $2,740 – Intermediate support
  • $2,725-$2,720 – Strong demand zone
  • $2,700 – Psychological level, a break below which could accelerate losses

Conversely, immediate resistance is seen in the $2,790-$2,800 region, followed by the record high of $2,817. Notably, momentum indicators on the daily chart remain comfortably positive, indicating that gold has not yet reached overbought levels. This provides room for additional upward momentum, confirming the broader bullish trend that began with the December swing bottom.

If gold manages to sustain a move above $2,817, it could pave the way for fresh record highs, with bulls eyeing further gains amid ongoing market uncertainty.

Market Drivers to Watch

US Dollar Strength: The impact of Trump’s tariffs on global trade could continue supporting the USD, potentially weighing on gold.

Federal Reserve Policy: Expectations of rate cuts in 2025 remain a crucial factor for gold’s long-term trajectory.

US Economic Data: The upcoming ISM Manufacturing PMI and Nonfarm Payrolls (NFP) report later this week could trigger volatility in gold prices.

Risk Sentiment: Any escalation in geopolitical or economic tensions could further boost gold’s safe-haven demand.

Overall, while gold has retreated from its highs, the larger bullish trend remains intact, with technical signals suggesting further upward movement as long as critical support levels hold.

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WTI Slips to $71.00 Amid Trade Tariff Concerns and Weak China Data

WTI Slips to $71.00 Amid Trade Tariff Concerns and Weak China Data

West Texas Intermediate (WTI) crude oil prices edge lower during Wednesday’s Asian session, erasing part of the previous day’s modest recovery from a nearly three-week low. The commodity trades near $71.00, down over 0.25% for the day, and remains vulnerable to further losses amid prevailing bearish sentiment.

Investor concerns persist over US President Donald Trump’s threat to impose trade tariffs on Canada, China, and Mexico by February 1, which could weigh on global fuel demand. Additionally, weak Chinese economic data adds to downward pressure. Official PMIs released on Monday highlighted continued weakness in the world’s second-largest economy and top crude importer, raising concerns over lower consumption.

Further pressure on oil prices comes from Trump’s energy policies, which include plans to ramp up US energy production and calls for the Organization of Petroleum Exporting Countries (OPEC) to increase output to drive prices lower.

With bearish fundamentals dominating, WTI remains susceptible to further downside risks in the near term.

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WTI Drops Toward

WTI Drops Toward $74.00 as Trump Pressures OPEC to Lower Oil Prices

West Texas Intermediate (WTI), the US crude oil benchmark, trades near $74.10 on Friday, continuing its downward trend after US President Donald Trump urged Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil prices.

Uncertainty surrounding Trump’s proposed tariffs and energy policies adds to the pressure on WTI. Speaking at the World Economic Forum in Davos on Thursday, Trump announced plans to request Saudi Arabia and OPEC to lower oil prices, saying, “I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil.”

Expectations of increased US production under Trump’s administration further weigh on oil prices. Earlier this week, Trump declared a national energy emergency, leveraging his authority to expedite the approval of oil, gas, and electricity projects that would typically require years of permitting.

Meanwhile, US crude inventories declined for the ninth consecutive week. The US Energy Information Administration (EIA) reported a drop of 1.017 million barrels in crude oil stockpiles for the week ending January 17, following a 1.962 million-barrel decline in the prior week. Market expectations had forecast a larger decrease of 2.1 million barrels.

Oil traders will closely monitor developments surrounding Trump’s energy policies and tariff announcements. Additionally, attention will shift to the preliminary US S&P Global Purchasing Managers Index (PMI) for January, set for release later on Friday. A weaker-than-expected reading could pressure the US Dollar (USD), potentially offering some support to the USD-denominated WTI price.

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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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Japanese Yen Bears Show Resilience Despite Intervention Concerns

Japanese Yen Bears Show Resilience Despite Intervention Concerns

Japanese Yen Bears Show Resilience Despite Intervention Concerns

The Japanese Yen (JPY) has clawed back much of its earlier losses against the US Dollar (USD), with the USD/JPY pair stabilizing in the mid-154.00s as the European session begins on Monday. Fears of intervention by Japanese authorities to bolster the Yen, combined with heightened geopolitical tensions, have lent some support to the safe-haven currency. Additionally, a modest dip in the US Dollar further limits the upside potential for the pair.

Key Drivers of JPY Performance
Despite its recovery, the JPY’s appreciation remains constrained by uncertainty surrounding the Bank of Japan’s (BoJ) rate hike timeline. Expectations of inflationary policies under US President-elect Donald Trump and elevated US Treasury yields provide additional support for USD strength, capping the JPY’s gains.

Mixed Signals for Traders
Japanese Yen traders are adopting a cautious stance amid a blend of contradictory factors:

  • Bank of Japan Outlook: Governor Kazuo Ueda reiterated on Monday that rate hikes depend on economic and financial conditions, noting Japan’s moderate recovery but acknowledging weak areas.
  • Government Vigilance: Finance Minister Katsunobu Kato emphasized high scrutiny of the FX market, warning of action against excessive volatility.
  • Geopolitical Risks: US President Joe Biden’s authorization for Ukraine to use long-range missiles against Russia adds to global uncertainty, potentially boosting demand for safe-haven assets like the JPY.

US Dollar Fundamentals
The US Dollar remains under pressure following a post-election rally but avoids significant depreciation due to strong fundamentals:

  • Inflation Concerns: Investors anticipate that Trump’s policies could sustain inflation, limiting the Fed’s scope for rate cuts.
  • Fed Outlook: Recent comments from Fed Chair Jerome Powell and other officials suggest a measured approach to monetary policy, with Powell emphasizing steady growth and a strong job market as reasons to avoid rushing rate cuts.
  • Economic Data: Better-than-expected US Retail Sales data for October (0.4% vs. 0.3% expected) highlights the economy’s resilience, further supporting the USD.

Technical Analysis: USD/JPY
The USD/JPY pair exhibits bullish resilience, bouncing back above the 154.00 level at the start of the week.

  • Upside Targets: A break above the psychological resistance at 155.00 could drive the pair toward the 155.70 intermediate resistance and eventually the 156.00 level.
  • Downside Risks: Immediate support lies at 153.85, with further declines potentially targeting 153.25 and 153.00. A decisive break below 152.70 could expose the 200-day Simple Moving Average (SMA) near 151.85.

Market Focus This Week
Investors will monitor BoJ Governor Ueda’s press conference for indications of a potential December rate hike. The announcement could spark volatility and influence JPY demand. Additionally, developments in geopolitical tensions and US inflation dynamics will remain key drivers of the USD/JPY pair.

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Australian Dollar Struggles as US Dollar Strengthens Ahead of US PPI Release

Australian Dollar Struggles as US Dollar Strengthens Ahead of US PPI Release

Australian Dollar Struggles as US Dollar Strengthens Ahead of US PPI Release

The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) following Thursday’s economic data releases. Australia’s Consumer Inflation Expectations fell to 3.8% in November, down from 4.0% in October, marking the lowest level since October 2021.

Australia’s Unemployment Rate, seasonally adjusted, held steady at 4.1% in October for the third consecutive month, meeting market expectations. However, Employment Change disappointed, with only 15.9K new jobs added in October, below the forecasted 25.0K.

Reserve Bank of Australia (RBA) Governor Michele Bullock stated on Thursday that current interest rates are sufficiently restrictive and will stay at this level until the central bank gains more clarity on inflation trends. Bullock highlighted the uncertainty surrounding potential US Federal Reserve actions and indicated that the RBA will proceed cautiously.

The US Dollar Index (DXY), which tracks the USD against six major currencies, remains strong around 106.60, its highest level since November 2023. This rally in the Greenback has been fueled by “Trump trades” and the recent US Consumer Price Index (CPI) data. Donald Trump’s recent election victory has raised expectations of potentially inflationary trade policies and tariffs, providing further support for the US Dollar.

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US CPI Inflation Data Expected to Rebound in

US CPI Inflation Data Expected to Rebound in October as Markets Assess Trump Victory Impact

US CPI Inflation Data Expected to Rebound in October as Markets Assess Trump Victory Impact

The Bureau of Labor Statistics (BLS) is set to release the United States (US) Consumer Price Index (CPI) data for October on Wednesday at 13:30 GMT, with significant market interest expected. The US Dollar (USD) is likely to experience high volatility from this inflation report, which could play a crucial role in shaping the Federal Reserve’s (Fed) interest rate expectations for the coming months.

What to Expect from the October CPI Report?

Inflation in the US, as measured by the CPI, is forecast to rise at an annual rate of 2.6% for October, slightly above September’s 2.4% increase. The core annual CPI inflation rate, which excludes food and energy prices, is expected to hold steady at 3.3%. Monthly, the CPI and core CPI are projected to grow by 0.2% and 0.3%, respectively.

TD Securities analysts suggest that “inflation readings should remain somewhat firmer than the Fed would prefer,” noting that headline CPI could rise by 0.29% month-on-month, while core inflation might see a firmer 0.32% increase. They expect the annual headline CPI rate to edge up to 2.6% and core inflation to remain at 3.3%.

Following its November policy meeting, Fed Chair Jerome Powell indicated that the central bank remains committed to a gradual path of monetary easing, affirming that US presidential election outcomes would not affect Fed policy decisions in the short term. Powell underscored the Fed’s independence from the new administration, adding that he would not resign if asked by President-elect Donald Trump.

Impact on EUR/USD

The upcoming CPI report is crucial for EUR/USD traders, as US fiscal policies under Trump, including potential tax cuts, tariffs, and immigration changes, could add upward pressure on inflation. Although these effects would likely emerge in the medium to long term, the October CPI data will be watched closely as an indicator of near-term Fed actions. According to the CME Group’s FedWatch Tool, market sentiment currently shows a 67% probability of a 25-basis-point Fed rate cut in December, down from 80% earlier in the month.

Recent labor data, including a Nonfarm Payrolls (NFP) increase of 12,000 jobs in October and a steady 4.1% unemployment rate, have painted a mixed picture. Wage inflation, measured by Average Hourly Earnings, rose to 4% year-over-year in October, up from 3.9% in September.

A significant downside surprise in annual CPI or core inflation could reinforce expectations of a December rate cut and lead to a USD sell-off. However, hotter-than-expected CPI data could prompt Fed hawks to push back against a rate cut.

Technical Outlook for EUR/USD

Dhwani Mehta, FXStreet’s Asian Session Lead Analyst, provides a technical outlook, noting that EUR/USD’s near-term technical indicators suggest potential buyer exhaustion. With the Relative Strength Index (RSI) approaching oversold territory at 30, EUR/USD may encounter demand around the 1.0550 level, followed by a test of the 1.0517 low from November 1, 2023, if selling persists. A break below 1.0500 could signal further declines. Conversely, if buyers regain control and push past the November 11 high of 1.0728, the 21-day Simple Moving Average (SMA) at 1.0810 becomes the next target.

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Japanese Yen Lingers Near Daily Lows

Japanese Yen Lingers Near Daily Lows Around Mid-153.00s vs. USD Amid BoJ Uncertainty

Japanese Yen Lingers Near Daily Lows Around Mid-153.00s vs. USD Amid BoJ Uncertainty

The Japanese Yen (JPY) faces selling pressure at the start of the week as the Bank of Japan (BoJ) released a Summary of Opinions from its October meeting, revealing a lack of consensus among policymakers on the timing of potential rate hikes. This division, coupled with political uncertainty in Japan, casts doubt on the BoJ’s capacity to continue tightening its monetary policy, leaving the JPY subdued against the US Dollar (USD) as the European session approaches. Additionally, concerns that US President-elect Donald Trump could reintroduce protectionist trade measures against Japan weigh further on the Yen.

However, recent verbal interventions by Japanese authorities, along with a generally cautious market sentiment, may help cap further losses for the safe-haven JPY. Investors might also adopt a wait-and-see approach ahead of key macroeconomic events this week, including the US consumer inflation data and Japan’s preliminary Q3 GDP report. Additionally, remarks from Federal Reserve (Fed) Chair Jerome Powell could add momentum to the USD/JPY pair. Meanwhile, market expectations that Trump’s policies will drive inflation higher—limiting the Fed’s flexibility for policy easing—continue to support the USD.

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US Dollar Price Forecast: Holds Steady Around 104.50, Above Key Moving Averages

US Dollar Price Forecast: Holds Steady Around 104.50, Above Key Moving Averages

The US Dollar Index (DXY) remains steady around 104.50 during European trading on Friday, extending its daily gains. Analysis of the daily chart suggests a continued bullish trend, with the DXY moving within an ascending channel.

The 14-day Relative Strength Index (RSI) remains above 50, supporting the bullish sentiment. Additionally, the nine-day Exponential Moving Average (EMA) sits above the 14-day EMA, signaling upward momentum in the short term.

On the upside, resistance could push the DXY toward the recent four-month high of 105.45, reached on November 6. A decisive break above this level may strengthen market sentiment and propel the DXY toward the psychological mark of 106.00, which aligns with the upper boundary of the ascending channel.

On the downside, immediate support is at the nine-day EMA around 104.25, followed by the 14-day EMA at 104.09. A break below this level may introduce downward pressure, potentially driving the DXY toward the lower boundary of the ascending channel at 103.70.

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Japanese Yen Hovers Near Daily Low Against USD, US Election Concerns Lend Support

Japanese Yen Hovers Near Daily Low Against USD, US Election Concerns Lend Support

Japanese Yen Hovers Near Daily Low Against USD, US Election Concerns Lend Support

The Japanese Yen (JPY) holds steady, drifting further from a one-week low against the US Dollar (USD) touched on Monday, as expectations rise that Japan’s political landscape may complicate future rate hikes by the Bank of Japan (BoJ). However, BoJ Governor Kazuo Ueda’s recent comments at last week’s press conference leave open the possibility of a rate hike at the upcoming BoJ policy meeting in December. Additionally, market caution around the closely contested US presidential election and global geopolitical tensions lend support to the safe-haven JPY.

The narrowing interest rate differential between the US and Japan has also helped limit JPY losses. Coupled with subdued USD price action, this has prevented the USD/JPY pair from advancing significantly beyond the mid-152.00s. Investor sentiment now leans toward expectations that the Federal Reserve (Fed) will implement an interest rate cut later this week. Moreover, the unwinding of “Trump trade” positions has driven US Treasury yields lower, keeping USD bulls cautious.

This dynamic suggests that investors should exercise caution before positioning for any significant intraday appreciation in the USD/JPY pair, as market risks and political uncertainties continue to impact the currency’s movement.

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Gold Price Climbs Steadily

Gold price trades with mild negative bias near record high amid modest USD uptick

Gold price trades with mild negative bias near record high amid modest USD uptick

As Thursday dawned upon the trading halls, gold—the venerable “yellow metal”—suffered a modest dip during the early hours of the Asian session, like a nobleman impeded by the ever-looming shadow of the sturdy US Dollar. This glimmering asset, dear to traders and watchful investors alike, found itself tethered, held back by the Dollar’s fresh vigor and the shrewd murmurs of a cautious marketplace. For as the Dollar gathered strength, demand for Dollar-denominated commodities grew fickle and, like the dimming glow of a taper in a fog-laden alley, gold’s price wavered just shy of its coveted heights.

A storm brewed overhead, one of fiscal deficit concerns and rising Treasury yields, which played their part in holding gold’s trajectory in check. The Federal Reserve, casting its shadow of smaller rate cuts, offered little hope for upward momentum in this unyielding metal. The daily chart bore signs of overbought conditions, nudging cautious traders to step back, watching keenly from the sidelines, hesitant to press forward aggressively.

Yet there lingered a faint glimmer, a hint of resilience amid these headwinds. The marketplace was steeped in trepidation over the November 5 election and unsettling tensions in the Middle East. The safe-haven allure of gold, much like an old friend in troubled times, stood firm, offering traders a semblance of comfort amidst the uncertainties. And so, they waited—peering anxiously at the coming release of the US Personal Consumption Expenditure Price Index and the venerable Nonfarm Payrolls report, both heralded as messengers of the Fed’s next move and, perhaps, the next chapter for gold in this ever-turning tale.

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US Yields Boost Dollar, Weaken Yen

US Yields Boost Dollar, Weaken Yen

US Yields Boost Dollar, Weaken Yen

The dollar strengthened on Tuesday, driven by rising U.S. yields, putting pressure on low-yielding currencies like China’s yuan and Japan’s yen, which fell to its lowest level since 1986.

Benchmark 10-year Treasury yields increased nearly 14 basis points to 4.479% overnight. Analysts attributed this rise to expectations of Donald Trump winning the U.S. presidency, which could lead to higher tariffs and increased government borrowing.

As the dollar gained, the euro reversed part of a small rally following the first round of France’s election, which aligned with polling predictions. The euro last traded at $1.0735.

The yen dropped to 161.72 per dollar on Monday, its weakest in nearly 38 years, primarily due to the significant interest rate gap between the U.S. and Japan. On Tuesday, the yen traded at 161.55 per dollar in Asia and was under pressure from yen bears wary of potential intervention by Japanese authorities. The yen also hit a lifetime low of 173.67 against the euro on Monday and remained near that level on Tuesday.

In the bond market, the 10-year yield gap between U.S. and Japanese rates stood at 340 basis points, and nearly 440 basis points at the two-year tenor. China’s yuan, which reached a seven-month low against the dollar last week, faced similar pressure, with U.S. 10-year yields more than 220 basis points higher than Chinese government bond yields.

Robust manufacturing data in China and an announcement from the central bank about borrowing bonds, likely to sell them and stabilize falling yields, provided only a brief boost to the currency on Monday. The yuan last traded at 7.3043 in offshore markets on Tuesday, close to its June low.

The New Zealand dollar slipped 0.3% in early trade and was testing support at its 200-day moving average at $0.6075. The British pound remained steady at $1.2641. The Australian dollar hovered within its recent range at $0.6650, with traders focused on central bank minutes to gauge the likelihood of future interest rate hikes. Swaps market pricing suggests a one-in-three chance of a rate hike as soon as next month.

The question remains about the trigger for such a move. ING economist Rob Carnell noted that discussions have taken place, but the specific trigger for a hike is still uncertain. There is a leaning towards forecasting a hike at the August meeting.

Overall, the strengthening dollar and rising U.S. yields continue to exert pressure on low-yielding currencies, with markets closely watching upcoming central bank decisions and geopolitical developments.

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Cryptocurrency Move Back to Support the Pack to Level

If we have a look at the bearish start to the day in the majors and the Bitcoin move back to the level by $18,500 to the support pack. The Bitcoin to USD was seemed down at the level by 1.16% on this Thursday that reversing a 1.25% gain to the Wednesday to the ended the day at the level $18,260.0. At the start of the day, the Bitcoin rose to the early morning intraday to the high at the level before hitting the reverse level.

The major resistance level goes at the level by $18,878 and the Bitcoin fell to the intraday low to the level by $17,935.0.

The close term bullish pattern stayed flawless, disregarding the most recent pullback to sub-$18,000 levels. For the bears, Bitcoin would have to slide through the 62% FIB of $10,095 to shape a close term bearish pattern.

The Bitcoin was somewhere near at the level by 1.03% to $18,072.0. A blended beginning to the day saw Bitcoin ascend to an early morning high of $18,299.0 prior to tumbling to a low of $18,070.0.

Bitcoin left the significant help and obstruction levels untested from the get-go.

Somewhere else, it was a bearish beginning to the day for the majors. The Ripple’s XRP was somewhere around at the level 2.69% to lead the route down.

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Bitcoin Slips Down Below at Level $13,000 Since the Last Rally

Bitcoin Slips Down Below at Level $13,000 Since the Last Rally

The Bitcoin seems to the low at the level of $9,813 in September that managed the bitcoin to reach at the level high at $13,868. The bitcoin price is rejected to the sequential indicators on the 3-day chart.

If we have a look at the current candlestick of the 3-day chart it will seem significantly bearish and the TD sequential indicators are presented a sell signal. The 50- SMA seems down at the level of $10,600 and the 100 SMA at the level of $9,47.

The In/Out of the Money Around Price chart shows the closest and most grounded help region to be somewhere in the range of the level at $12,687 and $13,073 with near 624,000 BTC in volume. A break below this point can drive the cost of Bitcoin down to $11,914.

Despite the fact that bears appear to have assumed responsibility for the present moment, the powerful day by day upswing stays unblemished for Bitcoin. The 50-SMA and the 100-SMA harmonize around $11,200 which will go about as a critical help level. The MACD keeps bullish and the most basic obstruction level is still at $13,863. A breakout over this point can without much of a range drive the lead digital currency towards the untouched high at the level of $20,000.

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Bitcoin Price Clear the Path and Rose to the Level $13,000

Bitcoin Price Clear the Path and Rose to the Level $13,000

Bitcoin Price of the bulls has been the full control of the market to the price at the level of $11,340 to $12,835. The cryptocurrency had the largest to the single day that put the gain. The MACD shows the increasing the bullish momentum to price the growth anticipated.

The position detector is a convenient little apparatus that causes us to imagine solid opposition and backing levels. According to the everyday conjunction detector, there is an absence of solid obstruction levels on the potential gain. This should be empowering news for the buyers as they plan to bring BTC into the $13,000-zone.

Santiment’s holder’s distribution charts show you the number of addresses having a place with a specific symbolic section. According to the chart, the number of addresses holding 10,000-100,000 tokens tumbled from 111 on October 8 to 104 on October 20. This is an intensely bearish sign as it shows that the whales are selling off their property.

Bitcoin buyers have the opportunity to bring the cost into the level at $13,000 and even the $14,000 interference. The everyday intersection finder shows a total absence of solid opposition barriers straightforward.

For the bears, the drawback is covered off at the $12,000-$12,100 uphold divider. A break below that zone will bring the value down to $11,000, which has both the 50-day and 100-day SMA

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Cryptos Market: Bitcoin Shows Bullish Momentum Over Dollar Strength

Cryptos Market: Bitcoin Shows Bullish Momentum Over Dollar Strength

The BTC/USD traded at the level of $11,355 after the mild rejection of the top-level $11,720 that losing some of the bullish.

Ethereum USD had a similar fate at the higher risk that seeing the longer pullback than the Bitcoin. If we talk about the XRP/USD is the clear loser after breaking below the 50 SMA and the 100 SMA on the daily chart that currently trading at the level of $0.2482 after yet facing another rejection.

Bitcoin, BTC to USD, fell by 1.02% on Tuesday. Incompletely turning around a 1.55% increase from Monday, Bitcoin finished the day at the level of $11,442.0.

It was a quiet beginning to the day. Bitcoin rose to a late morning intraday high to the level of $11,574.9 before operating reverse.

Missing the mark concerning the primary significant obstruction level at $11,830, Bitcoin tumbled to an early evening intraday low of $11,333.0.

Avoiding the primary significant help level at $11,201 Bitcoin quickly returned to $11,470 levels before moving back.

The close term bullish pattern stayed perfect, upheld by the most recent move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to shape a close term bearish pattern.

Bitcoin was up by 0.22% to $11,467.0. A beginning to the day saw Bitcoin tumble to an early morning low of $11,427.0 before ascending to a high at the level of $11,467.0. Bitcoin left the support and Resistance levels untested at an early stage.

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Ethereum Rate Hits at Higher Level More Profitable Than Bitcoin Mining

Ethereum Rate Hits at Higher Level More Profitable Than Bitcoin Mining

Let’s have a look at the cryptocurrency that hovering near to the level at $10,600 mark. The Bitcoin price is consolidating to the 50-12 Hour SMA and the 200-12 Hours SMA. The strong resistance lies at the level 50-12 SMA that repeatedly rejected the price.

This repeated dismissal may drop the value down to the level at  $10,400 uphold level, which is by all accounts the main observable help level on the drawback. If case this level doesn’t hold firm, at that point you can anticipate that the cost should plunge below $10,000. For this situation, one can anticipate that BTC should tumble to the level of $9,700 before it experiences another solid help.

While this may not appear to be a huge number, remember that every one of these addresses holds a great many dollars worth of Bitcoin. The fishes using the stale value activity to merge their positions look good for the general market.

With respect to the top 50 digital forms of money, the greatest failures incorporate Compound, down 12% over the most recent 24 hours, UMA down 12%, OMG Network down at the level 13%, Yearn.finance down 16%, and Aave down 18%. The main bull among the sloths of bears is EOS, which broke out greatly as covered Tuesday.

Ethereum has since September 23, been holding inside a rising equal channel. Recuperation towards $400 flamed out marginally above $360 a week ago. On the drawback, the misfortunes that followed grasped uphold at the level of $335 throughout the end of the week, permitting the shrewd agreement sign to revitalize, making strides above $350.

The Ethereum selling pressure in the market halted the increase at the 50 SMA and 100 SMA. Ether fell below the climbing channel, confirming a bear banner.

The downside of a significant help zone shows that Ethereum is at grave risk of spiraling to the level at $300. Other than the various simple help zones, the most significant one lies somewhere in the range of $298 and $309. Previously, around 879,000 locations purchased almost 2 million ETH.

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Cryptocurrency Bitcoin Shows the Bullish Divergence on User Count

Cryptocurrency Bitcoin Shows the Bullish Divergence on User Count

The Bitcoin moves back and shows the bearish to the start of the day with the support level at $10,900 to the broader market.

The Bitcoin BTC to USD is rose by the level at 1.33% this Tuesday and reversing the loss at the level of 0.83% on Monday.

It was a mixed start to the day. Bitcoin fell to an early morning low $10,674.2 before finding support.

Steering clear of the major support levels, Bitcoin struck a late morning high at the level of $10,815.4 before operating reverse.

Coming up short of the major resistance levels, Bitcoin slid to a late afternoon intraday low $10,654.0.

Steering clear of the first major support level at $10,585, Bitcoin rallied to a final hour intraday high at the level of $10,889.0.

Falling short of the first major resistance level at $10,915, Bitcoin eased back to end the day at sub-$10,860 levels.

The near-term bullish trend remained whole, in contempt of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. At the hour of composing, Bitcoin was somewhere around 0.28% to the level of $10,826.0. It was a blended beginning to the day. Bitcoin rose to an early morning high $10,866.0 before tumbling to a low $10,826.0.

Bitcoin started the significant help and obstruction levels untested from the get-go. Somewhere else, it was a blended beginning to the day.

Bitcoin Cash ABC (+0.54%), Bitcoin Cash SV to the level (+0.62%), and Crypto.com Coin (+0.65%) evaded the pattern right off the bat.

It was a bearish beginning to the day for the remainder of the majors, in any case. Binance Coin was somewhere around 1.18% to lead the way down.

https://xtreamforex.com/nasdaq-futures-shows-the-short/

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