AUD/USD holds onto RBA gains, ahead of Lowe and key data Premium
AUD/USD rose for the fourth consecutive day on Tuesday, reaching weekly highs above 0.6650. The positive tone around the Aussie prevails following the recent rate hike by the Reserve Bank of Australia. Governor Lowe will speak on Wednesday, and Australian GDP data is also due.
EUR/USD replicates sluggish markets around 1.0700 amid challenges for ECB hawks, Fed blackout Premium
EUR/USD licks its wounds around 1.0700 as bulls and bears jostle during a sluggish week comprising unimpressive data and the Fed blackout. The Euro price pared intraday losses during late Tuesday but remains sidelined as the early Asian session morning restricts the market’s moves.
Gold edges higher as US Dollar, yields dribble on mixed Fed concerns
Gold price seesaws around $1,963 amid the early hours of Wednesday’s Asian session, after a two-day rebound within a short-term trading range. In doing so, the XAU/USD pays little heed to the US Dollar’s slightly positive performance.
Arbitrum community to vote for AIP budget proposal as ARB hints 10% gains
The Arbitrum community has published the draft for the AIP budget proposal, voting to commence on June 9. The proposed budget aligns with the Foundation's strategic needs to represent and service the DAO. Three elements stand out concerning the Foundation's Administrative Budget Wallet.
Readying for hawkish Fed
S&P 500 made two runs over 4,300, yet was rejected in each. Bonds though didn‘t paint universally negative picture – only the sectoral composition of the decline did.
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.
What does the debt ceiling deal mean for precious metal prices?
After weeks of political impasse, tense negotiations and mounting economic anxiety, the Senate passed legislation on Thursday to suspend the U.S debt ceiling until January 1, 2025, ending a drama that threatened a Global Financial Crisis.
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 gyrates within $1,955-73 trading zone
Gold price aptly portrays the sluggish markets heading into Tuesday’s European session, after an indecisive week. In doing so, the XAU/USD highlights a lack of major data/events on the economic calendar, as well as mixed concerns about the Federal Reserve’s (Fed) moves and the diplomatic ties between the US and China.
Key levels to watch
XAU/USD seesaws with the short-term trading range, dropping towards the support line of late.
That said, a convergence of the middle of the Bollinger on the one-hour joins the 200-HMA to highlight $1,955 as the short-term key support.
Following that, the Fibonacci 61.8% in one-week will join the 10-SMA on four-hour chart to signal $1,952 as an extra filter towards the south.
CRYPTOCURRENCIES
US SEC sues Coinbase after regulatory crackdown on Binance
The US SEC said Tuesday that it sued crypto exchange Coinbase, alleging that the platform operates as an unregistered security exchange. The announcement comes a day after the regulator filed a similar lawsuit against Binance, in a sign that the clampdown is extending to key players in the industry.
Ethereum tokens worth $3.1 billion moved on the blockchain as traders brace for incoming selling pressure
Ethereum circulation climbed to 1.73 million tokens on June 6, signaling a rising utility of the altcoin. A large volume of Ethereum’s supply has moved off exchanges, likely to self-custody wallets, alongside the Securities & Exchange Commission’s (SEC) crackdown on Binance.
SEC triggers crypto bloodbath as Coinbase, Kraken brace for token delistings after Binance lawsuit
The Securities & Exchange Commission (SEC), the premier US financial regulator, now controls $115 billion in cryptocurrencies with its lawsuit against Binance. In its latest move against Binance Holdings Ltd., the regulator expanded a list of digital tokens deemed unregistered securities.
Optimism price could shoot up by 30% after OP whales accumulation spree
Optimism (OP) price shows strength despite the market-wide sell-off on June 5. Additionally, the technicals and on-chain metrics both strongly suggest a bullish future for OP holders.
THE STOCK OF THE DAY
S&P 500 News: Markets drop again for second day in a row as Apple sells off another 1%
The S&P 500 index is unsure where to move now that the US debt ceiling standoff has been dealt with. President Joe Biden signed the agreement into law on Saturday that will lift the debt ceiling until 2025, which should put the markets at ease now that a politically-caused US debt default is out of the picture.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: Bulls fight back as chances of a Fed hike remain subdued Premium
The EUR/USD pair fell throughout the first half of the week, changing course on Thursday after bottoming on Wednesday at 1.0634, its lowest in more than two months.
GBP/USD: Pound Sterling targets 1.2750 on the road to recovery Premium
Pound Sterling defied the bearish pressures and rebounded firmly as the US Dollar bulls gave in to the market’s pricing of the US Federal Reserve (Fed) interest rates outlook.
Gold: Recovery to face some hurdles before $2,000 Premium
Gold prices ended a three-week negative streak, boosted by an improvement in market sentiment and lower US Treasury yields. XAU/USD rebounded after hitting the lowest level since mid-March near $1,930.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
FX next week: USD/TRY, twenty currencies levels and targets
The tight relationship between oversold EUR/USD and overbought DXY remains and ensures currency and all markets will continue to hold to confined ranges. DXY at upper 104.00's not only trades massively overbought but breaks at 102.00's is required to trade again to 100.00's.
Week ahead – RBA and BoC to hold rates but might be tempted to hike, OPEC+ meets
Policy decisions from the RBA and the BoC will be taking centre stage next week amid an otherwise light agenda. In the US, the ISM services PMI will be the only top-tier release and now that Congress has averted a default by suspending the debt ceiling, the dollar might spend the week drifting lower.
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