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EUR/USD trades with moderate gains near 1.1050, US CPI awaited
EUR/USD is holding the bounce near 1.1050 in Wednesday's early European session. The pair draws support from the USD/JPY slump-driven US Dollar weakness. The further upside may be limited due to dovish ECB expectations. All eyes now turn to US CPI data.
GBP/USD holds gains near 1.3100 after dismal UK data
GBP/USD struggles near 1.3100 in European trading, unable to add to the latest gains after the dismal UK data. The UK economy stagnated in July again while the Industrial Production also unexpectedly declined, checking the Pound Sterling's upside. US CPI is next in focus.
Gold price climbs back closer to all-time peak, bulls retain control ahead of US CPI report
Gold price prolongs this week's move up from the $2,485 region and gains some follow-through positive traction for the third successive day on Wednesday. The steady ascent extends through the early part of the European session and lifts the commodity to a fresh weekly top, with bulls now looking to build on the momentum beyond the $2,525-2,526 supply zone.
US CPI inflation could help tilt balance between 25 and 50 basis points Fed rate cut
The Bureau of Labor Statistics (BLS) will publish the highly anticipated CPI inflation data from the US for August on Wednesday at 12:30 GMT. The USD braces for intense volatility, as any surprises from the US inflation report could significantly impact the market’s pricing of the Federal Reserve (Fed) interest rate cut expectations in September.
DEEPER DIVE
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Faster route to ‘normality’
Over the summer, the focus of the Fed has shifted from a singular emphasis on curbing inflation to now discussing the risk of causing significant damage to the labour market.
From fear of inflation to fear of slowdown
We agree with markets that slowing US inflation over the summer has cleared the path for a faster "normalisation" of policy rates in the US. Especially the broader services price pressures have eased.
FXS Signals
Technical Confluences Detector
Gold buyers try their luck again heading into US inflation showdown Premium
Gold price is consolidating a two-day uptrend above $2,500 in Wednesday’s Asian trading. Gold buyers take a breather, with the next directional move likely triggered by the critical US Consumer Price Index (CPI) data due later this Wednesday.
Gold price risks a big reaction to US CPI data
Gold traders have tuned on the sidelines, refraining from placing fresh bets before the US inflation test, which could confirm the size of the US Federal Reserve (Fed) interest rate cut next week.
CRYPTOCURRENCIES
Solana could rally as Breakpoint conference approaches
With ten days to the Solana Breakpoint annual conference, the Solana network is experiencing heightened network activity. According to data from Artemis, Solana witnessed its highest single-day daily active address (DAA) growth on Tuesday after adding over 5.4 million new addresses.
Why Ethereum ETFs are underperforming amid rising ETH exchange reserve
Ethereum is up 1% on Tuesday as ETH exchange-traded funds continue underperforming with another day of outflows. The weak flows in ETH ETFs may be due to their historically weak Q3 performance.
ENS rallies following integration on PayPal
ENS Labs, the team behind the web3 domain naming system Ethereum Name Service, announced today that it has integrated its naming solution into PayPal and Venmo. Users of both platforms can now transfer their cryptocurrency using a domain name instead of a wallet address.
XRP trades at $0.53 but could gain from Ripple stablecoin, analyst claims
Ripple stablecoin prepares for launch in the next few weeks, according to CEO Brad Garlinghouse. RLUSD could benefit XRP through stablecoin gas transaction activity, says analyst. XRP trades at $0.53, corrects slightly on Tuesday.
STOCKS
Microsoft trends higher as Rubrik earnings expected after close Premium
Microsoft, the third-largest holding in the Dow Jones Industrial Average, is leading the index higher on Monday as one of its premier investments, Rubrik, is set to unveil second-quarter earnings.
Is the newest member of the S&P 500 a buy?
Palantir Technologies (NASDAQ: PLTR) stock was soaring on Monday, making it one of the top gainers on the day, up more than 13% as of mid-afternoon, Eastern time.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: US inflation and the European Central Bank taking centre stage Premium
The EUR/USD pair changed course after extending its slide to 1.1025, finding some positive footing mid-week to settle near 1.1100 after peaking at 1.1154 on Friday.
GBP/USD: Pound Sterling capitalizes on increasing bets of large Fed rate cut Premium
The Pound Sterling resumed its weekly recovery above the 1.3200 level. GBP/USD remains poised for extra advances amidst Dollar weakness. The Pound Sterling is expected to closely follow key UK releases.
US Dollar: Further pullbacks remain on the table Premium
The US Dollar (USD) faded the bullish performance witnessed in the previous week and resumed its downward path these past few days.
Gold: Sellers take a step back as $2,500 support stays intact Premium
After staying under modest bearish pressure in the first half of the week, Gold (XAU/USD) benefited from falling US Treasury bond yields and reclaimed $2,500. August inflation data from the US could fuel the next directional move in the precious metal.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Week ahead – ECB poised to cut again, US CPI to get final say on size of Fed cut
ECB is expected to ease again, but will it be another ‘hawkish cut’? US CPI report will be the last inflation update before September FOMC. UK monthly data flurry begins with employment and GDP numbers.
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