Asian stock markets opened higher for a second session on Wednesday thanks to a positive lead from Wall Street overnight.
U.S. stocks rose on Tuesday lifting the S&P 500 to a record, following some steady economic data and corporate earnings. Existing home sales hit an eight-month high in June while the consumer price index rose 0.3 percent in the month after a 0.4 percent rise in May.
Investors are keeping an eye on the ongoing military conflict in the Gaza strip after the U.S. temporarily halted flights to Tel Aviv, following a rocket attack near the airport. There were no new developments on ceasefire talks being held in Egypt with Israel's justice minister saying that she saw no progress at all.
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EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s 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.