EUR/USD hangs near two-week low, below mid-1.0800s ahead of Eurozone PMIs

EUR/USD hangs near two-week low, below mid-1.0800s ahead of Eurozone PMIs

The EUR/USD pair prolongs its recent corrective slide from the vicinity of mid-1.0900s, or a four-month high touched last week, and remains under some selling pressure for the second straight day on Wednesday.

EUR/USD News

GBP/USD drops to two-week low, bears await break below 38.2% Fibo. level

GBP/USD drops to two-week low, bears await break below 38.2% Fibo. level

GBP/USD remains under some selling pressure for the second straight day on Wednesday. A combination of factors lends support to the USD and drags spot prices to a two-week low. The technical setup warrants caution for bears and before positioning for additional losses.

GBP/USD News

Gold stays hopeful above $2,400, as US PMI data loom

Gold stays hopeful above $2,400, as US PMI data loom

Gold price is looking to build on the previous rebound above $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US Dollar and the US Treasury bond yields. Gold traders now look forward to the global preliminary business PMI data for fresh trading impetus.  

Gold News

PEPE price poised for a rally after retesting trendline support

PEPE price poised for a rally after retesting trendline support

PEPE price broke out of a descending channel pattern, surging by 12%, but is experiencing a corrective pullback, trading 2.3% lower at $0.0000121 as of Wednesday. On-chain data reveals PEPE's Long-to-Short ratio stands at 1.66, hinting at potential upcoming rallies for the cryptocurrency.

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Bank of Canada: Rate cut expected; forward guidance eyed

Bank of Canada: Rate cut expected; forward guidance eyed

The Bank of Canada will take centre stage at 13:45 GMT. Alongside the rate decision, the central bank will deliver the rate statement and the Monetary Policy Report, released quarterly and providing investors with a glimpse of what the central bank expects in Q3.

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The geopolitical influence on global trade

The geopolitical influence on global trade

Geopolitics have been top of mind over the past few years as geopolitical developments have, at times, rattled financial markets and disrupted global economic activity. So far, geopolitical events have only caused temporary bouts of market volatility and activity disruptions.

Will debt sink the American empire?

Will debt sink the American empire?

Will Debt Sink the American Empire?" So asks the Wall Street Journal, in an uncharacteristically gloomy article for the bull market's paper of record. They kick off with the problem: America is "cruising" into an uncharted sea of federal debt, with a government seemingly incapable of turning it around.

Despite import decline, net exports to slice Q2 real GDP growth

Despite import decline, net exports to slice Q2 real GDP growth

The U.S. international trade balance worsened for the second straight month in May, leaving the deficit at its widest position since late 2022. A resilient domestic U.S. economy and steady dollar strength are supportive of a widening deficit this year. 

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Gold stays hopeful above $2,400, as US PMI data loom Premium

Gold stays hopeful above $2,400, as US PMI data loom

Gold price is looking to build on the previous rebound above $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US Dollar (USD) and the US Treasury bond yields. Gold traders now look forward to the global preliminary business PMI data for fresh trading impetus.  

All eyes turn to global PMI data

The US Dollar clings to recovery gains, as risk-aversion remains the underlying theme early Wednesday, with Asian stocks under pressure following the big US tech earnings disappointment.

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CRYPTOCURRENCIES

Ethereum ETFs flows data pour in after crossing $1 billion trading volume in first day of launch

Ethereum ETFs flows data pour in after crossing $1 billion trading volume in first day of launch

Ethereum ETFs have crossed the $1 billion mark in trading volume on the first day of launch. Investors won't substitute Ethereum for Bitcoin but would hold both, says Bitwise's Matt Hougan. Ethereum could replicate Bitcoin's price post-spot BTC ETF launch following recent price action.

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Bitcoin Conference could host huge election showdown with Kamala Harris as potential speaker

Bitcoin Conference could host huge election showdown with Kamala Harris as potential speaker

Bitcoin Conference could be major price catalyst after reports that Vice President Kamala Harris may be one of the speakers. Donald Trump will speak on crypto regulations and a Bitcoin strategy at the conference. Kamala's camp has been asking questions about cryptocurrencies, claims Mark Cuban.

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dYdX recovers compromised v3 platform hours after leaked sales attempt

dYdX recovers compromised v3 platform hours after leaked sales attempt

The dYdX team reported an attack on its DEX's version 3.0 platform on Tuesday. The breach came hours after a Bloomberg report revealed that the team could be planning to sell the v3 platform to intending buyers.

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Vitalik Buterin reveals new cryptographic protocol Circle STARKs

Vitalik Buterin reveals new cryptographic protocol Circle STARKs

Vitalik Buterin revealed a new blockchain protocol for enhancing efficiency, Circle STARKs. Circle STARKs will utilize smaller fields to improve speed and maintain security. Polygon Labs and StarkWare are major collaborators in building Circle STARKs for ZK rollups.

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THE STOCK OF THE DAY

The top three Small Cap ETFs

The top three Small Cap ETFs

Small Cap stocks and ETFs have had a bit of a resurgence in recent weeks after lagging large caps the past couple of years. Analysts had expected better results from small caps at the start of the year, after a strong fourth quarter of 2023.

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WEEKLY FORECAST

EUR/USD: US Dollar can turn bullish on upbeat growth and inflation data Premium

EUR/USD: US Dollar can turn bullish on upbeat growth and inflation data

The ECB failed to motivate investors with an uneventful monetary policy announcement. The United States will release updates on the Gross Domestic Product and inflation next week.

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GBP/USD: Pound Sterling pullback to pave the way for fresh uptrend Premium

GBP/USD: Pound Sterling pullback to pave the way for fresh uptrend

The Pound Sterling (GBP) recorded a fresh 12-month high above 1.3000 against the US Dollar (USD) but the GBP/USD pair snapped its two consecutive weekly gains to settle in the red.

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US Dollar: Downward bias appears to be contained near 103.60 Premium

US Dollar: Downward bias appears to be contained near 103.60

An auspicious second half of the week was enough to encourage the US Dollar (DXY) to close a week of decent gains and reverse two consecutive weekly retracements.

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Gold: Buyers refrain from betting on further upside after record-setting rally Premium

Gold: Buyers refrain from betting on further upside after record-setting rally

After ending the previous week in positive territory, Gold (XAU/USD) gathered further bullish momentum and reached a new record-high of $2,483.75 on Tuesday.

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Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

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Week ahead – Flash PMIs, US GDP and BoC decision on tap

Week ahead – Flash PMIs, US GDP and BoC decision on tap

US data awaited amid overly dovish Fed rate cut bets. July PMIs to reveal how economies entered H2. BoC decides on monetary policy, may cut rates again.

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