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AUD/USD: Immediately to the upside comes 0.6700
Following Friday’s strong retracement, AUD/USD managed to regain some composure and set aside part of that weakness, regaining at the same time the area beyond 0.6600 the figure.
EUR/USD appears vulnerable to extra weakness
The continuation of the upside impetus in the Dollar coupled with increasing political jitters kept the price action around EUR/USD depressed and opened the door to potential further losses in the short-term horizon.
Gold regains the $2,310 mark as fears recede
Gold clings to daily recovery gains above $2,300 in the American session on Monday after suffering large losses on Friday. The negative shift seen in risk mood ahead of this week's highly-anticipated Fed meeting helps Gold find demand as a safe haven.
Crypto investment products see record-breaking inflows following growth in Bitcoin ETFs
CoinShares weekly inflow report on Monday revealed that crypto investment products hit record-breaking inflows of $2 billion in just the first week of June, outperforming inflows for the whole of May.
Markets absorb impact of jobs report and election news
The week has started on a cautious note, as traders have digested the European election results and continue to reflect on Friday’s solid US jobs report, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
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
XAU/USD regains the $2,310 mark as fears recede Premium
XAU/USD consolidates its recent losses around the $2,300 threshold on Monday, as fears fuel demand for the US Dollar and Gold. The pair plummeted on Friday, initially hit by news that the People’s Bank of China (PBoC) paused gold purchases in May after 18 months of buying and later amid resurgent US Dollar demand on the back of a stronger-than-anticipated Nonfarm Payrolls (NFP) report.
Over the weekend, the focus was on the European Parliament election, which saw a significant increase in votes for far-right parties, pushing financial markets into risk-averse mode at the beginning of the week. XAU/USD posted an intraday low of $2,287.65, holding above Friday’s bottom. European indexes settled in the red, although the better tone of Wall Street has helped XAU/USD recover some ground, now trading at around$2,310. Somehow, fears receded, although caution prevails.
CRYPTOCURRENCIES
Cardano holders realize nearly $40 million in loss in June, whales shed holdings
Cardano (ADA) whales distributed their holdings at a loss consistently throughout June. On-chain data from Santiment shows that two segments of whales have accumulated the altcoin while others realized losses on ADA.
Litecoin price likely to crash 9% as dead-cat bounce scenario unfolds
Litecoin price has broken below the key daily support level at around $82.4. On-chain data shows that 432,070 addresses have sold LTC between the $81.64 and $83.88 range. A daily candlestick close above $82.40 would invalidate the bearish thesis.
Justin Sun deposits $21 million in crypto tokens to Binance
A whale wallet traced back to Tron founder Justin Sun deposited $21 million in four cryptocurrencies to Binance on Monday, according to data from on-chain intelligence tracker Spotonchain.
Ripple CEO comments on meme coins amidst XRP ETF optimism
Ripple (XRP) is embroiled in a legal battle with the US Securities and Exchange Commission for nearly four years. The SEC vs. Ripple lawsuit drags on as holders await the SEC’s response to the payment firm’s filing from May 29.
THE STOCK OF THE DAY
GameStop stock gets slammed by early earnings release, 75 million share sale Premium
GameStop files to sell 75 million shares of GME. GME stock drops 18% in Friday premarket. GameStop reports major Q1 misses on top and bottom lines. Keith Gill, aka Roaring Kitty, set to launch livestream on YouTube at 12:00pm EST.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: US inflation and Federal Reserve’s decision take centre stage Premium
The ECB delivered a hawkish rate cut, hinting at no action until September. The US Federal Reserve will likely stay put when policymakers meet next week. EUR/USD keeps losing upward strength, the bearish case builds up.
GBP/USD: Pound Sterling struggles with 1.2800 for second consecutive week Premium
The Pound Sterling consolidated at three-month highs near 1.2800 against the US Dollar but failed to hold onto gains. GBP/USD buyers gather pace for the next push higher as the Fed decision looms.
US Dollar: DXY reverses weekly losses after strong Nonfarm Payrolls Premium
The USD Index ended the week with acceptable gains. A Fed’s rate cut in September remains on the table. US NFP came in hotter than expected in May. The Fed is largely anticipated to keep rates unchanged next week.
Gold: Upside remains capped heading into the Fed week Premium
Gold started the week on a firm footing, boosted by the sharp decline seen in the US Treasury bond yields, but news of China pausing Gold purchases for the first time in 18 months and upbeat US jobs data limited its upside.
Bitcoin: Is BTC ready for a new all-time high?
Bitcoin whales have increased buying activity to the highest level in two months. Investors show no signs of FOMO despite BTC’s recent tussle with the $70,000 mark. US spot Bitcoin ETFs experienced a notable uptick in activity, reflecting growing market interest.
Week ahead - Fed and BoJ decide on monetary policy
US CPI data and Fed to determine the dollar’s fate. Will the BoJ signal that another rate hike is looming? Pound traders await UK employment and GDP numbers. RBA hike bets shrink ahead of AU jobs and China CPI data.
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