Asian stock markets rose for a second session on Wednesday thanks to a positive lead from Wall Street and as risk aversion over recent geopolitical tensions continued to ease.
U.S. stocks rose on Tuesday following 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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.