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EUR/USD holds positive ground above 1.0850 ahead of ECB rate decision
The EUR/USD pair gains ground around 1.0875 despite the recovery of the US Dollar during the early Thursday. The European Central Bank interest rate decision and Press Conference by President Christine Lagarde will take centre stage later on Thursday.
GBP/USD resumes upside near 1.2800 on mixed US data, Fed rate cut expectation
GBP/USD resumes upside near 1.2790 despite the rebound of US Dollar. Traders started to price in two interest rate cuts by the Federal Reserve this year as the US economy grew at a slower pace in the first quarter than projected earlier.
Gold price attracts some buyers to two-week high amid Fed rate cut bets
Gold price advances to a two-week top amid the emergence of fresh USD selling. Rising Fed rate cut bets keep the US bond yields depressed and weigh on the buck. Traders look to the US jobless claims for some impetus ahead of the NFP on Friday.
Jasmy price could crash by 15% as investors book profit
Jasmy price surge indicates a potential local top formation. Technical analysis suggests that JASMY is forming a bearish divergence on a momentum indicator. A daily candlestick close above $0.044 would invalidate the bearish correction thesis.
ECB preview: Will the ECB deliver a hawkish cut?
The ECB is expected to cut interest rates by 25 basis points on Thursday, the first time interest rates will have been cut in the currency bloc since 2019. There is currently a 99% probability of a cut priced into the Eurozone swaps market.
DEEPER DIVE
How could the UK election influence BoE policy?
Polls show the Labour party is likely to win the July 4 UK general election. The election outcome could have consequences for the UK economy, the Bank of England policy and the Pound Sterling valuation.
An analysis of US potential economic growth – Part IV: Total factor productivity
Growth in labor productivity is determined by growth in the capital stock, changes in labor “composition” and changes in total factor productivity. We focused on growth in the capital stock in the previous installment of this series.
US: Economic resilience despite higher rates – Part two
Faced with a significant increase in official interest rates, companies have been surprisingly resilient. Can this last in an economy which is bound to slow given the ‘high policy rates for longer’ environment?
FXS Signals
Technical Confluences Detector
Gold pressuring the upper end of its weekly range Premium
XAU/USD trades at the upper end of its weekly range, just above the $2,350 mark, following the release of mixed United States (US) figures. On the one hand, the country reported that the private sector added 152K new positions, according to the May ADP survey. The figure missed expectations, a tepid sign of a cooling labor market. Additionally, the ISM Services PMI improved more than expected in May, jumping to 53.8 from 49.4 in April.
However, the same report showed a slight decrease in the Price Paid subcomponent, confirmed at 58.1, a sign of continued price pressures. Finally, the Employment Index recovered from 45.9 to 47.1, indicating a strengthening labor market.
CRYPTOCURRENCIES
Ethereum open interest surges by 50%, SEC Chair says ETH ETF launch will take more time
Ethereum (ETH) price hovered around $3,860 on Wednesday following Securities & Exchange Commission (SEC) Chair Gary Gensler expressing his opinion that the launch of spot ETH ETFs may be delayed.
Bitcoin ETFs set for new wave of adoption as Marathon Digital sells portions of its mined coins
Marathon Digital sold a large portion of its Bitcoin mined in May. Franklin Templeton CEO Jenny Johnson says Bitcoin ETFs may receive a new wave of adoption. US spot Bitcoin ETFs saw the highest single-day inflows for the first time since March.
Ethereum's Buterin suggests new framework for celebrity meme coins
Following the recent craze surrounding celebrity meme coins, Ethereum co-founder Vitalik Buterin highlighted approaches he believed would be safer when launching these tokens. This follows a post suggesting rapper Iggy Azalea's MOTHER token may be showing potential amid criticism surrounding other celebrity meme tokens.
Crypto companies suffer supply chain email breach, users likely to face series of phishing scams
Tether CEO Paolo Ardoino and CoinGecko co-founder Bobby Ong warned the crypto community on Wednesday that a popular email vendor used by several crypto companies may have been compromised.
THE STOCK OF THE DAY
Hewlett Packard Enterprise sees its best performance in years after posting growth from AI server market Premium
Hewlett Packard Enterprise (HPE) stock has shot up as much as 15% on Wednesday after the legacy computing company reported quarterly results showing a leap in demand for its AI server products.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Looming ECB rate cut, US employment data hint at volatile week Premium
The EUR/USD pair spent most of the week within familiar levels, partially due to the lack of relevant macroeconomic data throughout the first half of the week and partly amid comments from different Fed officials. American policymakers kept putting efforts into cooling down hopes for interest rate cuts.
GBP/USD: Pound Sterling eyes acceptance above 1.2800 in US NFP week Premium
The Pound Sterling tested 1.2800 against the US Dollar but failed to resist at higher levels. GBP/USD buyers hold the reins marching into the US Nonfarm Payrolls week. The Pound Sterling needs acceptance above 1.2800 to sustain the bullish momentum.
US Dollar: DXY erases weekly gains, Nonfarm Payrolls in sight Premium
Entering a consolidative phase? The renewed upside momentum in the Greenback lifted the USD Index (DXY) back above the 105.00 barrier earlier in the week, although that move lacked follow-through as the week drew to a close, leaving the index navigating in the negative zone and fading the positive performance of the previous week.
Gold: Technical outlook turns neutral heading into NFP week Premium
Gold failed to make a decisive move in either direction this week. The near-term technical picture highlights a neutral outlook. Next week’s high-tier data releases from the US could influence Gold’s valuation.
Bitcoin: BTC likely to provide another buying opportunity Premium
Bitcoin (BTC) price looks weak on the lower timeframes, which might provide opportunities to accumulate. The daily and weekly charts retain their bullish outlook and suggest that the continuation of the 2023 bull run is not a question of “if” but “when.”
Week ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report
ECB set to slash rates on Thursday, focus on forward guidance. But will the BoC take the lead when it meets on Wednesday? US jobs report eyed on Friday as Fed unyielding on cuts. OPEC+ might extend some output reductions into 2025.
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