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Australian Dollar Weakens as US Dollar Rises Ahead of PMI Data

Australian Dollar Weakens as US Dollar Rises Ahead of PMI Data

Australian Dollar Weakens as US Dollar Rises Ahead of PMI Data

The Australian Dollar (AUD) softened against the US Dollar (USD) on Friday, impacted by mixed Judo Bank PMI results from Australia. Despite this, a hawkish tone from the Reserve Bank of Australia (RBA) on future rate decisions lent some underlying support to the AUD.

Australian PMI Data

  • Manufacturing PMI: Improved to 49.4 in November, up from 47.3 in October, signaling a slower contraction in manufacturing activity for the first time in six months.
  • Services PMI: Dropped to 49.6 from 51.0, marking the first contraction in services activity in ten months.
  • Composite Output Index: Fell to 49.4 from 50.2, indicating a modest decline in private sector output.

RBA Outlook

Australia’s largest banks revised their projections for the RBA’s first rate cut:

  • Westpac and NAB expect a cut in May, up from earlier forecasts of February.
  • CBA and ANZ maintain a cautious forecast for February.

While RBA minutes signaled vigilance on inflation, policymakers kept future rate adjustments on the table, emphasizing flexibility to address economic conditions.

US Dollar Strength

The US Dollar maintained its upward momentum:

  • The US Dollar Index (DXY) hovered near 107.00, supported by better-than-expected US Initial Jobless Claims, which fell to 213,000 against a forecast of 220,000.
  • Futures markets now indicate reduced expectations for Federal Reserve rate cuts, further strengthening the Greenback.

Broader Market Sentiment

Fed Chair Jerome Powell expressed confidence in the US economy, highlighting robust labor market conditions and persistent inflationary pressures as reasons to hold off on aggressive rate cuts. Other Fed officials echoed the need for caution, dampening speculation of rapid monetary easing.

Meanwhile, Australian Treasurer Jim Chalmers highlighted economic headwinds, including falling iron ore prices, a weakening labor market, and slower growth in China, a key trading partner.

Technical Analysis

The AUD/USD pair trades near 0.6510 with a bearish outlook:

  • Support Levels:
    • Descending channel lower boundary at 0.6360.
    • Yearly low of 0.6348 from August.
  • Resistance Levels:
    • Nine-day EMA at 0.6518 and 14-day EMA at 0.6533.
    • A breakout above these levels could target 0.6687, the recent four-week high.

Market attention now shifts to upcoming US PMI data and Michigan Consumer Sentiment figures, which could further influence the AUD/USD trajectory.

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Japanese Yen Holds Near Daily High

Japanese Yen Firm Near Daily High Against USD, Awaits Signals from BoJ Governor Ueda

Japanese Yen Firm Near Daily High Against USD, Awaits Signals from BoJ Governor Ueda

The Japanese Yen (JPY) holds its modest gains against the US Dollar (USD), with the USD/JPY pair trading near the 155.00 mark during Thursday’s Asian session. Intervention fears and geopolitical uncertainties, coupled with speculation about potential monetary policy tightening by the Bank of Japan (BoJ), are lending support to the Yen.

Focus on BoJ’s Next Move
Market participants are closely monitoring remarks from BoJ Governor Kazuo Ueda for clues about a possible interest rate hike in December. Investors are divided, pricing in a 50% chance of a 25-basis-point rate hike at the BoJ’s final policy meeting of the year, scheduled for December 18-19. Governor Ueda’s earlier statements left markets uncertain about the pace and timing of further policy tightening.

Additionally, reports suggest that an economic stimulus package worth ¥21.9 trillion, proposed by Economic Revitalisation Minister Akazawa, could provide further direction for Japan’s monetary policy outlook.

Impact of Geopolitical Developments and US Policies
Geopolitical tensions appear to have eased somewhat, with recent comments from Russian and US officials reducing concerns about a potential nuclear conflict. This has tempered demand for traditional safe-haven currencies like the JPY.

Meanwhile, in the US, anticipation around President-elect Donald Trump’s economic policies is driving inflation expectations higher. This has lifted US Treasury yields, which in turn support the USD and limit the downside for the USD/JPY pair.

Fed Officials’ Cautious Stance
Federal Reserve (Fed) policymakers continue to signal a cautious approach to monetary easing. Fed Governor Lisa Cook and Boston Fed President Susan Collins have advocated for measured steps to avoid policy missteps, while Fed Governor Michelle Bowman warned of stalled progress on inflation, suggesting a slower pace of rate cuts.

Upcoming Data and Market Drivers
Key economic data, including Japan’s National Core Consumer Price Index (CPI) and US Initial Jobless Claims, the Philly Fed Manufacturing Index, and Existing Home Sales, are in focus. The CPI data will be a critical input for the BoJ’s next policy decision, while US data could influence Treasury yields and the USD’s trajectory.

In the meantime, speeches from Federal Open Market Committee (FOMC) members later today and Governor Ueda’s upcoming appearance are expected to provide fresh impetus for USD/JPY traders.

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Gold Price Retreats as US Dollar Strengthens | Key Levels to Watch

Gold Price Pulls Back Amid Strengthening US Dollar

Gold Price Pulls Back Amid Strengthening US Dollar

Gold price (XAU/USD) retreats from a one-and-a-half-week high reached during the Asian session, trading near the $2,635–$2,636 range. Despite this pullback, gold remains on track for a third consecutive day of gains as geopolitical tensions and cautious market sentiment support demand for the safe-haven asset. However, a modest recovery in US Dollar (USD) demand, driven by higher Treasury yields, limits further upside for the non-yielding yellow metal.

Key Drivers and Market Dynamics

  1. Geopolitical Tensions:
  • The ongoing Russia-Ukraine conflict continues to drive safe-haven flows.
  • Russian President Vladimir Putin’s updated nuclear doctrine and Ukraine’s deployment of US-made ATACMS missiles heighten geopolitical risks.
  • Despite these developments, statements from both Russia and the US seeking to avoid nuclear conflict help temper market fears.
  1. US Dollar and Treasury Yields:
  • Optimism surrounding US President-elect Donald Trump’s economic policies has revived expectations of inflationary pressures, supporting US Treasury yields and bolstering the USD.
  • The CME Group’s FedWatch Tool indicates less than a 60% probability of a 25 bps rate cut in December, suggesting the Federal Reserve might take a less dovish stance.
  1. Federal Reserve Outlook:
  • Comments from Federal Reserve officials hint at a willingness to curb inflation even at the cost of higher interest rates.
  • Traders await speeches from influential FOMC members, which could provide further clarity on the Fed’s policy direction and influence near-term gold price movements.

Technical Analysis: Key Levels to Watch

Upside Potential:

  • Gold’s recovery from last week’s two-month low has broken the 38.2% Fibonacci retracement level, signaling bullish momentum.
  • Immediate resistance lies at the $2,658–$2,660 range, followed by a congestion zone near $2,670–$2,672. Sustained buying could push prices toward the psychological $2,700 mark.

Downside Risks:

  • Immediate support is seen at $2,622–$2,620, with stronger support at $2,600.
  • A break below $2,600 could expose gold to further declines, targeting the 100-day Simple Moving Average (SMA) around $2,555 and last week’s swing low at $2,537–$2,536.

Outlook and Upcoming Catalysts

While gold’s near-term trajectory remains influenced by geopolitical concerns and USD strength, the market’s focus is on upcoming FOMC member speeches and US economic data. These factors will play a critical role in shaping expectations around Federal Reserve policy, bond yields, and the USD, ultimately determining the direction for gold prices.

For now, $2,600 is a pivotal support level, while $2,700 acts as a key psychological barrier for bulls.

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Gold Price Holds Below $2,500 as Traders

Gold Price Faces Pressure Ahead of US Retail Sales Data

Gold Price Faces Pressure Ahead of US Retail Sales Data

Gold (XAU/USD) struggles near $2,570 on Friday, failing to sustain momentum after rebounding from a two-month low in the previous session. The precious metal remains under selling pressure due to the strength of the US Dollar (USD) and uncertainty surrounding the Federal Reserve’s (Fed) pace of interest rate reductions. Expectations of elevated inflation next year, influenced by Donald Trump’s policies, have dampened the likelihood of aggressive rate cuts, making non-yielding assets like gold less attractive.

Geopolitical Tensions Provide Support

Despite these headwinds, escalating tensions in the Middle East and the ongoing conflict between Ukraine and Russia may lend support to gold, a traditional safe-haven asset. Investors are also eyeing key US economic indicators, including October’s Retail Sales, the NY Empire State Manufacturing Index, and Industrial Production data, all due on Friday. Additionally, speeches from Fed officials Susan Collins and John Williams could offer further direction.

Gold Price Faces Bearish Technical Outlook

Gold’s price action remains cautious, with the metal hovering around the 100-day Exponential Moving Average (EMA). A sustained break below this key level could signal further downside, as the 14-day Relative Strength Index (RSI) remains below the neutral 50 mark, near 33.60.

Key support levels to watch include:

  • $2,485: September 8 low
  • $2,353: July 25 low
  • $2,300: Psychological support

On the upside, immediate resistance is seen at:

  • $2,665: A support-turned-resistance level
  • $2,750: November 6 high

A decisive break above these levels could trigger bullish momentum for gold.

Market Sentiment and Fed Insights

Fed Chair Jerome Powell stated on Thursday that the US economy’s performance has been “remarkably good,” allowing the Fed to lower rates cautiously. Meanwhile, Richmond Fed President Thomas Barkin highlighted that while progress has been made, additional efforts are needed to sustain economic momentum.

The US Producer Price Index (PPI) for October rose 2.4% year-over-year, exceeding expectations of 2.3%, while weekly Initial Jobless Claims remained below forecasts at 217K. However, the CME FedWatch Tool shows reduced market confidence in a December rate cut, with odds falling to 59.1% from 75% last week.

Gold’s near-term trajectory will likely hinge on Friday’s data and geopolitical developments, keeping investors vigilant.

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Japanese Yen Stays on Defensive, Hovering Near 156.00 Against the US Dollar

Japanese Yen Stays on Defensive, Hovering Near 156.00 Against the US Dollar

The Japanese Yen (JPY) continues to weaken against the US Dollar (USD), marking its fourth consecutive day of losses on Thursday, as it dips below the 156.00 level for the first time since July. Despite a notable increase in Japan’s Producer Price Index (PPI) at its fastest annual rate in over a year for October, uncertainties around Japan’s political landscape cast doubt on the Bank of Japan’s (BoJ) willingness to raise rates. Concerns over the potential impact of incoming US President-elect Donald Trump’s trade policies on Japan’s economy further weigh on the JPY.

Expectations of expansionary policies from the Trump administration have heightened inflationary outlooks, potentially influencing the Federal Reserve (Fed) to pause its easing cycle. Additionally, recent US Consumer Price Index (CPI) data, which signaled slower-than-expected progress in reducing inflation, may limit the scope for further Fed rate cuts next year. This environment has supported higher US Treasury yields, bolstering the USD and drawing investors away from the lower-yielding JPY.

Although there is speculation that Japanese authorities may consider intervening in the forex market to support the Yen, the current economic landscape suggests a continued upward bias for the USD/JPY pair. Looking ahead, key data releases such as US Weekly Jobless Claims and Producer Price Index (PPI) could impact the USD/JPY pair, along with Fed Chair Jerome Powell’s upcoming remarks and Japan’s preliminary Q3 GDP figures, set for release on Friday.

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Gold Price Eases as USD Strength Weighs Ahead

Gold Price Eases as USD Strength Weighs Ahead of Key US CPI Release

Gold Price Eases as USD Strength Weighs Ahead of Key US CPI Release

Gold (XAU/USD) has trimmed part of its modest intraday recovery gains but continues to hold above $2,600 in early European trading on Wednesday. Investors’ cautious sentiment around US President-elect Donald Trump’s potential trade tariffs and their impact on global markets has led to a shift toward safe-haven assets like gold. In addition, some repositioning ahead of the US Consumer Price Index (CPI) report has lent support to the precious metal.

At the same time, a bullish US Dollar (USD) remains near its highest level since early May amid optimism that Trump’s proposed fiscal policies could drive inflation and potentially constrain the Federal Reserve’s (Fed) ability to cut interest rates further. Rising US Treasury yields, supported by this outlook, continue to limit upward momentum for non-yielding assets like gold. Nevertheless, the XAU/USD has managed to break a three-day losing streak after touching a low of around $2,589 on Tuesday, its lowest since September 20.

Gold Bulls Hold Back as USD and Bond Yields Rise on Trump Policy Optimism

The US Dollar’s rally, supported by Trump’s proposed expansionary policies, pushed the gold price below the $2,600 mark for the first time since September. The anticipation of Trump’s protectionist tariffs could put upward pressure on inflation, reducing the Fed’s scope for rate cuts, which helps sustain elevated bond yields.

In remarks Tuesday, Richmond Fed President Tom Barkin highlighted that inflation may be stabilizing but remains uncertain. Meanwhile, Minneapolis Fed President Neel Kashkari noted that a higher-than-expected inflation reading ahead of the December FOMC meeting could prompt the Fed to pause further rate cuts. Yields on 10-year US Treasuries remain close to multi-month highs as markets reduce bets on further aggressive rate cuts by the Fed.

Technical Analysis: Key Levels and Trends for Gold Price

From a technical standpoint, gold’s resilience near the 38.2% Fibonacci retracement of its June-October rally suggests caution for bearish traders, though daily chart oscillators remain in negative territory. This indicates that gold’s near-term momentum may still be to the downside.

For bearish traders, a sustained move below the $2,600 mark and the 38.2% Fibonacci level could confirm a bearish trend, potentially pulling gold toward the $2,540 area, where the 100-day Simple Moving Average (SMA) and the 50% Fibonacci level provide strong support. If this level breaks, it may trigger a further downtrend.

On the upside, resistance is likely near the $2,630-$2,632 range. Should follow-through buying lift gold above this zone, the next targets lie near $2,650-$2,655 and then $2,670, with a decisive break above $2,700 suggesting the recent correction may have concluded.

Looking Ahead: CPI Data and USD Impact

Traders are eyeing the release of October’s CPI report, which is expected to show a monthly rise of 0.2% and an annual increase of 2.6%, up from 2.4% in September. A higher-than-expected reading could curb expectations for further Fed rate cuts, potentially bolstering the USD and weighing on gold. Conversely, a lower-than-expected inflation figure could revive hopes of a December rate cut, which might soften the USD and offer support to gold prices.

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Japanese Yen Continues Consolidation Against USD Amid Mixed Signals

Japanese Yen Continues Consolidation Against USD Amid Mixed Signals

Japanese Yen Continues Consolidation Against USD Amid Mixed Signals

The Japanese Yen (JPY) remains directionless, fluctuating between small gains and losses against the US Dollar (USD) as the European session begins on Tuesday. Investors appear increasingly skeptical about the Bank of Japan’s (BoJ) capacity for further monetary tightening, given Japan’s current political landscape. The October BoJ Summary of Opinions reflected policymakers’ mixed views on additional rate hikes, adding to the uncertainty.

In contrast, expectations of inflationary pressures from US President-elect Donald Trump’s policy proposals, which may reduce the Federal Reserve’s (Fed) ability to ease policy further, are sustaining higher US Treasury yields. This yield advantage makes the USD more appealing over the lower-yielding JPY. However, concerns over potential intervention by Japanese authorities to support the yen might limit any sharp JPY declines.

JPY Bulls on Hold Amid Intervention Concerns and Domestic Economic Hurdles

Concerns around Japan’s political environment have dampened hopes for additional BoJ rate hikes. This sentiment was reinforced by the BoJ’s October Summary of Opinions. In diplomatic news, Japanese Prime Minister Shigeru Ishiba is expected to meet with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation summit in mid-November, possibly influencing future trade and economic policies. Meanwhile, PM Ishiba announced plans to engage business and labor representatives on next year’s wage negotiations.

Trump’s proposed tariffs could strain Japanese exports, potentially dampening economic growth and creating further challenges for the BoJ’s monetary policy plans. Adding to the pressure, Minneapolis Fed President Neel Kashkari noted the Fed requires stronger inflation evidence before considering further rate cuts. Investors are leaning towards the view that Trump’s policies may drive economic growth and inflation, limiting the Fed’s scope for aggressive policy easing.

US Treasury yields remain elevated near post-election highs, and the USD is hovering close to a recent peak, providing additional support to USD/JPY. This week’s economic events, including speeches by Federal Reserve members like Chair Jerome Powell, along with US inflation data, should offer more insight into the Fed’s rate trajectory. Additionally, Japan’s preliminary Q3 GDP data and the US Retail Sales report, both due Friday, could provide fresh direction for the USD/JPY pair.

Technical Outlook: USD/JPY Eyes 154.00 for Continued Gains

From a technical standpoint, USD/JPY’s recent breakout above the 200-day Simple Moving Average (SMA) and the close above the 61.8% Fibonacci retracement level from the July-September decline favor a bullish outlook. Daily chart indicators remain comfortably in positive territory, with room before reaching overbought conditions, suggesting a near-term bullish bias. If USD/JPY breaks above 154.00, it could test multi-month highs around 154.70, with the next resistance at 155.00. A push above 155.00 could drive momentum toward 155.65-155.70, potentially reaching the 156.00 mark.

On the downside, the 153.35 level (61.8% Fibo. resistance) serves as initial support, followed by 153.00 and the 152.70-152.65 support area. Any further decline may offer a buying opportunity around 152.00, with additional support at the 200-day SMA near 151.75. A sustained break below the latter could trigger technical selling, bringing USD/JPY below 151.00 and possibly toward intermediate support at 150.35-150.30, followed by the 150.00 psychological level.

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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

Yen Nears Multi-Decade Low, Targets 155.00 Before BoJ Meeting

Yen Nears Multi-Decade Low, Targets 155.00 Before BoJ Meeting

The Japanese Yen (JPY) is currently facing significant pressure against the U.S. Dollar (USD), lingering near a multi-decade trough as Monday’s European trading session gets underway. This downward trend in the Yen is being driven by a combination of factors including market speculation about the Bank of Japan’s (BoJ) future monetary tightening and a global geopolitical landscape that is somewhat less tense than feared, which diminishes the appeal of the Yen as a safe-haven asset.

The USD, on the other hand, has been climbing to its strongest levels since the early days of November, fueled by market expectations that the U.S. Federal Reserve might maintain elevated interest rates for an extended period. This anticipation acts as a supportive breeze for the USD/JPY currency pair, pushing the Dollar upwards against the Yen.

Contributing to the complexity of the situation are comments from BoJ Governor Kazuo Ueda, who recently adopted a hawkish tone, suggesting tighter monetary policy might be on the horizon. Additionally, Japanese Finance Minister Shunichi Suzuki issued warnings against excessive volatility in the currency markets, which could serve to temper further declines in the Yen.

Despite these interventions, the market is treading cautiously with the USD/JPY pair. Investors are wary of making bold moves before the BoJ’s critical policy announcement scheduled for Friday. The apprehension stems from potential shifts in policy that could significantly impact the pair’s dynamics.

Moreover, this week is loaded with crucial U.S. economic data releases that are likely to capture the market’s attention and influence currency valuations. Key among these are the Advance Q1 Gross Domestic Product (GDP) figures and the Personal Consumption Expenditures (PCE) Price Index, set to be released on Thursday and Friday, respectively. These indicators are essential for gauging the economic health of the U.S. and could provide new directions for the USD/JPY pair.

Investors and traders will be closely monitoring these developments to better understand the broader economic landscape and adjust their strategies accordingly. The outcomes of the U.S. data releases and the BoJ’s policy decision will be pivotal in determining the short-term trajectory of the USD/JPY pair. As such, the currency market is poised for a potentially volatile week, with significant implications for the Yen based on these economic and policy signals.

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Japan’s March Core Inflation Decelerates, Weak Yen Challenges BOJ Policy Decisions

Japan’s March Core Inflation Decelerates, Weak Yen Challenges BOJ Policy Decisions

In March, Japan witnessed a slowdown in core inflation and a significant index that tracks broader price trends dropped below 3 percent for the first time in more than a year, according to recent data. This development presents a new challenge for the Bank of Japan (BOJ) as it continues to navigate through complex economic conditions exacerbated by the weakening yen.

The national core consumer price index (CPI), which omits fresh food but includes energy costs, increased by 2.6 percent year-over-year in March, aligning with median market expectations. This rise represents a deceleration from February’s 2.8 percent increase, primarily due to slower growth in food prices, yet it remains above the BOJ’s target of 2 percent. Additionally, another critical measure that excludes both fresh food and energy saw its growth moderate to 2.9 percent from 3.2 percent in February, marking the first drop below 3 percent since November 2022. This metric is particularly significant to the BOJ as it reflects underlying inflation trends.

Financial markets are now speculating about the potential timing for the next interest rate hike by the BOJ, following its recent move to end negative interest rates. This was a notable shift from the ultra-loose monetary policy that Japan has maintained for over a decade. Amid these policy adjustments, the focus remains on whether inflation, particularly in services and wages, will continue to moderate. Masato Koike, an economist at Sompo Institute Plus, noted that while the slowdown in goods price inflation was anticipated, the yen’s depreciation and rising crude oil prices due to Middle Eastern tensions were not.

BOJ Governor Kazuo Ueda has indicated that further rate increases could be considered if the yen’s weakness significantly pressures inflation upwards. The central bank has emphasized that achieving a stable 2 percent inflation target along with robust wage growth are key goals for normalizing monetary policy.

Despite the largest wage increases in 33 years being implemented by Japanese firms this year, inflation-adjusted real wages have been declining for nearly two years. This wage trend, combined with a depreciating yen, is likely to strain household purchasing power further and suppress consumer spending.

An official from the internal affairs ministry highlighted that the effects of recent wage hikes have not yet impacted service prices significantly. The government has committed to monitoring these developments closely, reflecting the ongoing challenges in balancing economic growth with stable inflation.

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Australian Dollar Steady Amid RBA’s Restrictive Policy Outlook

Australian Dollar Nears Key Level as US Dollar Stays Weak

Australian Dollar Nears Key Level as US Dollar Stays Weak

The Australian Dollar (AUD) has continued its upward trajectory for the second day in a row on Thursday, finding support from a weakening US Dollar (USD). Despite this, mixed signals from recent Australian employment data have placed some downward pressure on the AUD/USD exchange rate.

On the domestic front, the AUD’s gains were propelled by a robust performance in the equity markets, with the ASX 200 Index climbing notably. This rise was largely driven by a surge in mining stocks, which benefited from an increase in metal prices. Such positive movements in the stock market reflect broader economic dynamics and investor sentiment within Australia.

Adding to the complexity of the economic landscape, a report from Westpac indicated that while the Reserve Bank of Australia (RBA) is not expected to increase interest rates further, it remains cautious. The central bank is seeking more solid assurance on the inflation outlook before it considers any potential rate cuts. This cautious stance by the RBA underscores the ongoing uncertainties surrounding Australia’s economic recovery and inflation dynamics.

In the United States, the Dollar Index (DXY) experienced a decline, largely due to lower US Treasury yields. This dip in the DXY was exacerbated by a renewal in selling pressure across the dollar and a prevailing risk-on mood in global financial markets. Such a scenario often leads investors to move away from the safe-haven USD in favor of more risky assets, thereby benefiting currencies like the AUD.

Moreover, investors are closely monitoring key economic releases scheduled for later in the day, including the US Initial Jobless Claims and Existing Home Sales data. These indicators are critical as they provide insights into the current state of the US economy and have the potential to influence market sentiment and the subsequent performance of the USD.

The interplay between Australian economic indicators and US monetary policy continues to be a significant driver for the AUD/USD pair. As the global economic environment remains filled with various uncertainties—from inflation rates to employment figures—the AUD’s position against the USD will likely be influenced by both domestic economic performances and broader international economic trends.

Overall, while the Australian Dollar enjoys support from favorable equity market trends and commodity prices, the mixed employment data and cautious monetary policy approach by the RBA add layers of complexity to its future trajectory. Similarly, the US Dollar’s movements will hinge on upcoming economic data and market sentiment, potentially impacting the AUD/USD exchange dynamics further.

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Japans

Japan’s Exports Rise for Fourth Straight Month on Strong China Demand

Japan’s Exports Rise for Fourth Straight Month on Strong China Demand

Japan’s exports rise for the fourth consecutive month, spurred by a weakening yen and robust demand from China, despite weaker domestic consumption. According to a report from the Finance Ministry, exports increased by 7.3% in March year-over-year, a slight slowdown from February’s 7.8% growth. Economists had anticipated a 7% rise. Conversely, imports declined by 4.9%, which was close to the expected 5.1% fall.

The depreciating yen, which averaged 149.45 against the dollar compared to 134.97 the previous year, inflated the nominal value of exports, though the actual volume of exports fell by 2.1%. This discrepancy highlights the significant role of the yen’s value in enhancing export figures, with Mizuho Research & Technologies’ senior economist Yayoi Sakanaka noting that much of the growth could be attributed to currency effects rather than actual increases in export volumes. Despite this, there is potential for continued export growth due to the ongoing depreciation of the yen.

Significant growth was recorded in the automotive and semiconductor industries, with increases of 7.1% and 11.3% respectively in March. Regionally, China featured prominently with a 12.6% rise in exports, up from 2.5% the previous month, which contributed to China’s 5.3% GDP growth in the first quarter. However, growth in exports to the US and Europe was more uneven, at 8.5% and 3% respectively, indicating variability in global demand.

The Japanese currency has remained weak, trading near 34-year lows, which has drawn criticism from financial authorities concerned about excessive volatility. This situation underscores the complex dynamics at play, where currency values are boosting export figures while also presenting challenges for economic stability.

Overall, while Japan’s export sector shows signs of robustness primarily due to favorable currency trends and strong demand from China, the mixed results across different regions and industries suggest a nuanced picture of Japan’s trade environment. This scenario indicates that while the export-driven boost to the economy is welcome, reliance on such factors may pose risks if not managed carefully.

 

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Japanese Yen

Japanese Yen Nears Record Low Against USD, Remains Vulnerable

Japanese Yen Nears Record Low Against USD, Remains Vulnerable

The Japanese Yen (JPY) is continuing to struggle against the US Dollar (USD), staying near a 34-year low during Tuesday’s Asian trading session. This persistent weakness is linked closely to expectations around interest rates set by the central banks of Japan and the United States.

The Bank of Japan (BoJ) has yet to signal any potential hikes in interest rates, creating a stark contrast with the US Federal Reserve (Fed), which is expected to maintain higher rates well into September, according to market predictions. This significant interest rate differential is proving detrimental to the Yen, as investors favor the higher returns offered by US assets.

Concerns are also mounting over the possibility of an intervention by Japanese authorities to stabilize their currency. Such measures are typically considered when a currency’s value deteriorates rapidly and disruptively, posing risks to economic stability.

Adding to the yen’s troubles are the ongoing geopolitical tensions in the Middle East, which have instilled a general sense of risk aversion in global markets. This environment typically benefits the dollar, seen as a safer investment, and further diminishes appetite for riskier assets like the yen.

Meanwhile, the dollar has surged to its strongest level since early November, propelled by a hawkish outlook from the Fed. Market participants are now keenly awaiting further US economic reports and speeches by Federal Open Market Committee (FOMC) members, including a scheduled appearance by Fed Chair Jerome Powell. These events are closely watched as they have the potential to influence short-term market movements significantly.

In this complex financial landscape, the dynamics between the yen and the dollar are particularly influenced by international monetary policies and global economic indicators. As Japan grapples with maintaining economic stability without raising interest rates, the Fed’s contrasting approach of potentially prolonged higher rates could keep the pressure on the yen.

Investors and traders are thus advised to monitor upcoming economic data from the US, such as employment figures and inflation rates, as well as any policy shifts signaled by Japan’s central bank. These factors could be crucial in determining the near-term trajectory of the USD/JPY currency pair and might offer speculative opportunities based on the evolving economic outlook.

As it stands, the broader consensus in the financial markets suggests a continued advantage for the dollar against the yen, barring any significant policy changes from the Bank of Japan or unexpected shifts in global risk sentiment.

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Australia Dollar

Australian Dollar Nears Key Level Before US Retail Sales Data

Australian Dollar Nears Key Level Before US Retail Sales Data

The Australian Dollar (AUD) saw a modest rebound on Monday, pulling away from its eight-week low of 0.6456 set last Friday. However, the AUD/USD pair faced resistance as traders gravitated towards the perceived safety of the US Dollar (USD) amid escalating tensions in the Middle East.

The rise in geopolitical unease followed a significant military engagement over the weekend, where Iran launched drones and missiles at Israeli military targets. According to reports from Reuters, Israel successfully intercepted most of these attacks. This incident has led to a spike in cautious sentiment among investors, potentially complicating the Australian Dollar’s recovery as market participants weigh the possibility of further military responses from Israel.

Domestically, the ASX 200 Index reflected these concerns, trending downwards as the situation could dampen investor enthusiasm affecting market stability in the region.

Simultaneously, the US Dollar saw varied movements. The US Dollar Index (DXY), which tracks the currency against a basket of other major currencies, edged lower despite an environment of falling US Treasury yields and a generally hawkish outlook from the Federal Reserve. This shift in the DXY comes amid reassessments by the Fed regarding its monetary policy direction, influenced by persistent high US inflation rates and positive economic indicators.

Looking forward, all eyes are on the upcoming US Retail Sales data expected to be released on Monday. This report is crucial as it provides insights into consumer confidence and spending patterns, which are key indicators of the country’s economic health. Additionally, remarks from Federal Reserve officials scheduled for the same day are highly anticipated. These comments, often referred to as ‘Fedspeak,’ could provide further clues about the central bank’s future monetary policy moves.

Market analysts suggest that the Australian Dollar’s near-term trajectory will likely hinge on these developments. If the US data points towards a robust economic outlook, the Fed might lean towards tightening monetary policy, which could strengthen the US Dollar further and apply additional pressure on the AUD/USD exchange rate.

In summary, while the Australian Dollar has managed to recover slightly from recent lows, its path forward remains fraught with geopolitical and economic uncertainties that could influence its performance against the US Dollar in the coming days.

 

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China's

China’s March CPI Inflation Eases to 0.1%, Below 0.4% Forecast

China’s March CPI Inflation Eases to 0.1%, Below 0.4% Forecast

In March, China’s Consumer Price Index (CPI) experienced a marginal year-over-year increase of 0.1%, a notable deceleration from the 0.7% growth observed in February. This rise fell short of market predictions, which had anticipated a 0.4% increase. The slowdown in CPI growth is a significant deviation from the market’s expectations and signals a potential easing in consumer price pressures in the world’s second-largest economy.

Furthermore, on a month-over-month basis, Chinese CPI inflation saw a downturn, registering a 1.0% decline in March as compared to February’s 1.0% rise. This decrease was considerably steeper than the expected 0.5% fall, indicating a pronounced monthly deflation in consumer prices. This sudden drop contrasts sharply with the previous month’s inflationary trend and could be indicative of various underlying economic factors, including changes in consumer spending, government policies, or global economic conditions.

In addition to the CPI data, China’s Producer Price Index (PPI), which measures the average change in prices from the perspective of producers, reported a year-over-year fall of 2.8% in March. This figure aligns with the previously reported 2.7% decline and met market forecasts of a 2.8% decrease for the month. The continued drop in PPI suggests a sustained decrease in prices at the producer level, which could have implications for the broader economy, including impacts on industrial profits and investment decisions.

The reaction of financial markets to this Chinese inflation data has been relatively muted. The Australian dollar (AUD), often sensitive to economic developments in China due to the significant trading relationship between the two countries, showed little change in response to the data. The AUD/USD pair saw a modest increase of 0.05%, trading near 0.6510 following the release of the inflation figures. This restrained reaction suggests that investors may have already priced in expectations of a slowdown in Chinese inflation or are focused on other global economic factors.

This latest inflation data from China is important as it provides insights into the country’s economic health amidst various global challenges. The lower-than-expected CPI and consistent decrease in PPI could reflect broader economic trends such as reduced consumer demand, government policies aimed at stabilizing prices, or external factors like global supply chain disruptions and geopolitical tensions. Additionally, these figures may influence monetary policy decisions by the People’s Bank of China and could have wider implications for global markets, especially considering China’s significant role in the global economy.

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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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