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EUR/USD stays slightly above 1.0700 after mixed US data
EUR/USD lost its traction and turned negative on the day but managed to hold above 1.0700. Although the upbeat Employment Cost Index data boosted the USD earlier in the day, the weak consumer sentiment reading limits the currency's gains.
GBP/USD declines toward 1.2500 on renewed USD strength
GBP/USD turned south and dropped toward 1.2500 in the second half of the day. The US Dollar stays resilient against its rivals following the strong wage inflation data and doesn't allow the pair to gain traction.
Gold extends daily slide toward $2,300 as US yields edge higher
Gold stays under bearish pressure and declines toward $2,300 on Tuesday. The benchmark 10-year US Treasury bond yield stays in positive territory above 4.6% after US Employment Cost Index data, weighing on XAU/USD.
XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Eurozone inflation stable as the outlook on prices gets increasingly muddied
Eurozone headline inflation remains stable at 2.4%. With higher energy prices and improving domestic demand, questions about the direction of inflation become louder.
DEEPER DIVE
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture.
Building the future
There is a construction boom underway that is quietly transforming the production capabilities and other aspects of the US economy. The fastest-growing category within nonresidential construction in recent years has been manufacturing.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
Gold struggle with $2,330 extends, as focus shifts to Fed decision Premium
Gold price is looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Fed interest rate decision due on Wednesday.
Gold price stays weak, awaiting key US events
Besides, a cautiously optimistic market mood and a broad USD rebound exert downward pressure on Gold price, as markets digest reports of a probable truce talks. CNN News reported on Tuesday that Hamas is considering a new framework proposed by Egypt that calls for the group to release as many as 33 hostages kidnapped from Israel in exchange for a pause in hostilities in Gaza.
CRYPTOCURRENCIES
Bitcoin, Ethereum Spot ETF in Hong Kong sees underwhelming response with $12 million in trade volume
Bitcoin and Ethereum Spot ETFs issued in Hong Kong registered a combined trading volume of around $12 million at market close on Tuesday. When compared to the US stock market, the response from the Asian market is underwhelming.
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes outperform Bitcoin on two week timeframe
Crypto sector performance over the past two weeks shows meme coins emerged as clear outperformers, beating Bitcoin, AI coins and Binance coin categories. Bitcoin price losses nearly 4% of its value on Tuesday, exchanging hands at $61,657 on Binance at the time of writing.
XRP climbs past $0.51 as Ripple motion receives SEC response
Ripple trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US SEC persists, now in the form of crossed motions to determine which materials and testimonies have to be included in the case.
Worldcoin’s four buy signals hint at a reversal rally Premium
Worldcoin (WLD) price is setting the stage for a recovery rally. After more than two weeks of mounting bullish signs, WLD has not only formed a potential bottom but has also flashed a buy signal, hinting at what’s about to come next.
THE STOCK OF THE DAY
TSLA accelerates 15% on Monday after FSD approval Premium
Tesla stock rocketed up 15.3% on Monday. CEO Elon Musk took a trip to China over the weekend. Tesla received Chinese approval for its semi-autonomous driving software. TSLA stock could make a run for the $235-$240 range based on daily chart.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium
The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level. The US Dollar lost its appeal following discouraging US macroeconomic data indicating tepid growth and persistent inflationary pressures.
GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium
Pound Sterling witnessed a negative start to the week despite the return of risk appetite on ebbing fears over a wider regional conflict in the Middle East.
US Dollar: Decline expected to moderate ahead of Fed and NFP Premium
A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
Gold: Strength of $2,300 support is an encouraging sign for bulls Premium
Gold (XAU/USD) price started the week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the euro. Chinese PMIs and New Zealand employment to be watched too.
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