EUR/USD retreats below 1.0700 after upbeat US employment data
EUR/USD has lost its recovery momentum and retreated slightly below 1.0700 in the early American session on Thursday. After the monthly data published by the ADP showed that private sector payrolls rose 278,000 in May, the US Dollar found support and forced the pair to edge lower.
GBP/USD pulls away from daily highs, stays above 1.2450
GBP/USD has edged lower from the daily high it set above 1.2480 but managed to stay above 1.2450. Although the US Dollar stays resilient against its rivals after the better-than-expected private sector employment data, the risk-positive market atmosphere helps the pair hold its ground.
Gold stays in daily range above $1,960 as US yields puch lower
Gold price declined below $1,960 in the early American session but didn't have a hard time rising back above that level. Despite the upbeat ADP employment data from the US, the 10-year US Treasury bond yield stays in the red well below 3.7%, providing a lift to XAU/USD.
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
C3.ai gets punched in the face, is the AI hype a bit overdone?
OMG! Stocks sold off on Wednesday….and NVDA? That stock gave back $15 or 3.8% - What is going on? That is not supposed to happen….it can only go up! Quick someone call the NVDA police!
DEEPER DIVE
Three make-or-break crises impacting the US
There is a thread running between the three crises being felt in the US right now. We have big issues in play. They have evolved slowly but surely. The coming months will prove to be a make or break period.
Inflation shows no signs of cooling – What does that mean for commodity prices?
Last week, Minutes from the May Meeting confirmed the stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates in the coming months.
Asia is the vibrant global hub, yet black swans are there
According to IMF forecasts, the Asia-Pacific region is poised to be the most vibrant global hub in 2023, driven largely by the upbeat outlook for China and India.
FXS Signals
Technical Confluences Detector
Gold: $1,970, looming US employment clues prod XAU/USD bulls
Gold price teases bears after keeping the buyers hopeful in the last two days, retreating from the weekly top of late. In doing so, the yellow metal justifies the market’s dicey conditions as optimism surrounding the US debt-ceiling deal and receding hawkish bias about the Fed contrasts with the cautious mood ahead of the top-tier US data.
Gold Price: Key levels to watch
The Gold Price retreats from the $1,970 resistance confluence comprising Fibonacci 38.2% in one-day and 61.8% on one-week, as well as 23.6% on one-month.
That said, the quote currently seesaws around Fibonacci 61.8% in one-day, around $1,961, a break of which will witness a bumpy road before testing the $1,948 support including the Fibonacci 23.6% on one-week.
CRYPTOCURRENCIES
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
THE STOCK OF THE DAY
Will Amazon uphold its amazing seasonal trend?
Summer can be a weaker time for many stocks, but Amazon’s seasonals tend to show a sizzling summer, especially during June and July. In fact, July has been the strongest month for Amazon’s stock price over the last 15 years. Recently, Amazon has announced plans to bring ChatGPT-style artificial intelligence to Alexa-powered gadgets.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: A debt ceiling deal can save bulls Premium
The EUR/USD pair fell for a third consecutive week and flirts with the 1.0700 level ahead of the close, as demand for the US Dollar extended into the weekly close.
GBP/USD: More downside in the offing, with eyes on US debt deal, NFP Premium
Pound Sterling sellers flexed their muscles amid persistent demand for the safe-haven US Dollar, as the uncertainty over the US debt-ceiling issue sapped investors’ confidence.
Gold: No signs of recovery yet in XAU/USD Premium
Gold price extended its slide for the third straight week, touching on Thursday its lowest level in more than two months below $1,940 amid rising US Treasury bond yields and persistent US Dollar (USD) strength.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.
FX next week: EUR/USD vs US Dollar Index and USD
The problem to the higher DXY and USD scenario is DXY achieved extremes and higher DXY forced extreme highs to USD/JPY, USD/CAD and many EM currencies as EM/USD. GBP/USD and EUR/USD traded fairly normal ranges at 400 pips from the vital highs.
Week Ahead – Nonfarm Payrolls eyed as Dollar rides Fed bets
With investors flirting with the idea of one final Fed rate increase this summer and the dollar making a comeback, there will be increased emphasis on the next round of US employment data on Friday.
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