EUR/USD licks its wounds ahead of US consumer confidence

EUR/USD is below 1.18 but off the lows. The dollar is paring some of its gains ahead of US Consumer Confidence, final eurozone inflation data and expiry of options on Wall Street. 

EUR/USD News

GBP/USD struggles around 1.38 after weak US Retail Sales

GBP/USD is on the back foot around 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

Gold attempts to rebound from multi-week around $1,750

Gold prices heading toward a second weekly losses on Friday. After observing a single-day big fall in the overnight session, prices experience some stabilization near $1,750. A slight downtick in the US dollar backs the recent consolidation in the prices.

Gold News

Ethereum Classic Price Prediction: ETC coils up for 40% upswing

Ethereum Classic price shows choppy action as it approaches the lower trendline of an ascending parallel channel. The $52.92 support floor is likely to be tagged before a 40% upswing originates.

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US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

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DEEPER DIVE

When is a taper not a rate hike? Whenever the Fed says so

The questions around the primary topic in world markets continue to grow. Will the Fed announce the long-awaited taper of its bond program at its September meeting? How much depends on the August payrolls report in early September, on equity levels, on the pandemic, on global political tension? 

The Homeworking Revolution: Change accelerates for businesses, real estate and stock markets

The pandemic-fostered explosion of working-from-home will be a permanent change. COVID-19 has reinforced trends that were remaking the business office before the pandemic. Property valuation and tax revenue will flow from cities to suburbs and high-cost to low-cost states.

Top commodities to trade amid global reflation: Silver and copper to outshine gold price

Commodities witnessed an interesting end to a decade in 2020. Traders were caught off-guard by the unprecedented coronavirus crisis last year. Likewise, a strong recovery across the commodities board came as a surprise, bringing them in vogue and kick-starting a super cycle.

FXS Signals

Technical Confluences Detector

Yohay Elam

Inflation is cooling off – but the US dollar refuses to follow suit. While the prospects of a delay to the Federal Reserve's tapering scheme is adverse for the dollar and positive for gold, the greenback is benefiting from concerns about global growth and the precious metal is struggling.

The Technical Confluences Detector is showing that XAU/USD faces fierce resistance at $1,798, which is a dense cluster including the Fibonacci 38.2% one day, the Bollinger Band 1h-Lower, the Simple Moving Average 100-4h and more.

That level is backed up by another significant cap at $1,801, which is the convergence of the Fibonacci 38.2% one-week, the BB 15min-Middle, and the BB one-day Middle.

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CRYPTOCURRENCIES

US Treasury to launch formal review on stablecoins, Tether scrutinized ahead of oversight talks

The United States Treasury Department is preparing to present a report to the President’s Working Group for Financial Markets on stablecoin risks.

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ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit.

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Avalanche Foundation raises $230 million to accelerate DeFi growth, AVAX surges to new record high

The Avalanche Foundation has announced a new investment round from a venture capital group led by Polychain Capital and Three Arrows Capital. The $230 million raised will support liquidity on the network’s DeFi ecosystem.

More Cryptocurrencies News

Ethereum Classic Price Prediction: ETC coils up for 40% upswing

Ethereum Classic price has been consolidating for about nine days without a clear directional bias. However, ETC shows that it is nearing a crucial support floor on a higher time frame, and an uptrend seems likely.

More Ethereum Classic news

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WEEKLY FORECAST

EUR/USD: US dollar better poised to triumph

The ECB was far more cautious than anticipated, hitting the EUR. US Retail Sales and inflation-related data take centre stage this week. EUR/USD has lost bullish potential in the long term, could retest 2021 low.

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GBP/USD: Range bound with an eye on the BOE

Sterling’s recovery on Thursday and Friday ended, temporarily, the threat of the GBP/USD breaking below 1.3765 support and entering the lowest part of its seven-month range. 

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USD/JPY: Markets demur awaiting central bank action

Japan Prime Minister Suga declines to run in the fall election. Covid emergency in Tokyo and elsewhere extended to the end of September. USD/JPY stays in a tight range around 110.00.

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AUD/USD: Delta uncertainty weighs on the Aussie

The AUD/USD pair trades around the 0.7400 level, marginally lower on a weekly basis. The aussie suffered the most on Tuesday after the Reserve Bank of Australia announced its decision on monetary policy.

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Bitcoin: El Salvador adoption of big crypto sets precedent as BTC hovers at inflection point

Bitcoin price has been through a massive sell-off that is still affecting the entire cryptocurrency ecosystem. BTC currently sits under a crucial level, which will decide its next course of action.

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XAU/USD snaps four-week winning streak, eyes on US CPI data

Gold struggled to recover its losses after breaking below key technical levels. Risk-off flows helped USD gather strength throughout the week. Investors await US CPI data ahead of Fed's policy decisions on September 22.

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