EUR/USD trades at multi-month lows below 1.0550 after US data

EUR/USD trades at multi-month lows below 1.0550 after US data

EUR/USD came under renewed bearish pressure and fell to its lowest level since March below 1.0550 on Wednesday. The US Dollar (USD) preserved its strength following the better-than-expected US Durable Goods Orders data, not allowing the pair to stage a rebound.

EUR/USD News

GBP/USD stays on the back foot below 1.2150

GBP/USD stays on the back foot below 1.2150

GBP/USD struggles to erase its losses and trades near the multi-month low it set below 1.2150 mid-week. The persistent US Dollar (USD) strength despite a modest improvement seen in risk mood limits the pair's rebound, while markets keep a close eye on political developments in the US.

GBP/USD News

Gold struggles to gain traction, stays below $1,900

Gold struggles to gain traction, stays below $1,900

Gold price finds it difficult to stage a rebound after dropping to a monthly low below $1,900 on Wednesday. The benchmark 10-year US Treasury bond yield holds steady near the multi-year high it set above 4.5%, making it difficult for XAU/USD to shake off the bearish pressure.

Gold News

This short-term Bitcoin holder indicator forecasts another rally for BTC

This short-term Bitcoin holder indicator forecasts another rally for BTC

Bitcoin price has been malleable to the short-term holder movements. A large spike in profits for short-term holders is almost always met by a correction in BTC. 

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US government shutdowns and US Dollar implications

US government shutdowns and US Dollar implications

A potential US government shutdown that could start October 1st looms, the chances of which are more or less seen as a coin flip at this point. Should a shutdown transpire, there could be a negative impact of the US Dollar.

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Global economic growth is weakening

Global economic growth is weakening

Global economic growth is weakening and the cycle of interest rate hikes is at or about to peak in the Eurozone and the USA. We consider US government bonds to be attractively valued. In global equity markets, we expect only slight growth with increased volatility.

Surging Oil prices: A new concern for central banks

Surging Oil prices: A new concern for central banks

Surging oil prices have become the new concern for central banks, aggravating the current trilemma: how to balance slowing economies, still too-high inflation and the delayed impact of unprecedented rate hikes. 

Eurozone and the US: Where does inflation come from?

Eurozone and the US: Where does inflation come from?

According to the latest data, inflation in both the euro area and the US is mainly driven by its core component and thus, at first glance, by demand. Supply factors are also at work through the spillover effects of the shock on energy and commodity prices and food inflation.

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Gold appears a ‘sell on bounce’ trade amid a Death Cross Premium

Gold appears a ‘sell on bounce’ trade amid a Death Cross

Gold price is trading close to the five-week lows of $1,899 set on Tuesday, as the United States Dollar (USD) bulls take a breather amid a minor correction in the US Treasury bond yields from sixteen-year highs.  

Focus on US Treasury bond yields, data and Fedspeak

Amidst a mixed market sentiment and a stabilizing bond market in Asia, the longer-end US Treasury bond yields stage a pullback from a multi-year peak, prompting the US Dollar to enter a phase of consolidation near 10-month highs against its major competitors. The benchmark 10-year US Treasury bond yields are down 4 basis points (bps) from 16-year highs of 4.5660%, at the time of writing. This, in turn, is helping Gold price find a floor early Wednesday.

The US bond market faced headwinds at the start of the week, in anticipation of a hefty pipeline of US treasury auctions this week and fears of a US  government shutdown.

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CRYPTOCURRENCIES

Litecoin price is failing recovery as Whales pull back to December 2020 lows

Litecoin price is failing recovery as Whales pull back to December 2020 lows

Litecoin price was showing some signs of recovery about two weeks ago, but it failed to sustain the bullish momentum, resulting in minor corrections. While broader market cues are to be blamed for this, a lot of the credit goes to the whales, too, whose disappointing performance has impacted the altcoin.

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Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs

Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs

The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.

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Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul

Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul

Ripple Labs is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.

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Ethereum Restaking - The next big thing after liquid staking?

Ethereum Restaking - The next big thing after liquid staking?

Ethereum introduced unstaking this year, and the crypto market witnessed a stark shift. The Decentralized Finance (DeFi) space, in particular, observed the emergence of liquid staking protocols. With the discourse of “restaking” picking up heat, it seems like the market is getting ready for the next big thing.

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THE STOCK OF THE DAY

The Dow Jones Index is on the verge of down-trend

The Dow Jones Index is on the verge of down-trend

The Dow Jones Index is testing the long-term trend's strength in the form of the 200-day moving average. The touching of this curve at the end of May and a brief dip below in March was characterised by increased buying. 

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WEEKLY FORECAST

EUR/USD: US Dollar reaffirms its dominant role Premium

EUR/USD: US Dollar reaffirms its dominant role

The EUR/USD pair maintained the bearish path, bottoming on Friday at 1.0614, the lowest since last March. The pair heads into the weekend, trading a handful of pips above the level as investors continue to bet on the US Dollar.

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GBP/USD: Pound struggles on persisting Dollar strength Premium

GBP/USD: Pound struggles on persisting Dollar strength

The GBP/USD pair posted its third consecutive weekly decline, continuing a bearish trend that began in mid-July. Since then, it has fallen from near 1.3100 to 1.2232, reaching the lowest level since March on Friday. The combination of a dovish BoE and a hawkish pause from the Fed has paved the way for further weakness in the pair.

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Gold: Bulls encouraged as losses remain limited in face of hawkish Fed Premium

Gold: Bulls encouraged as losses remain limited in face of hawkish Fed

Gold price started the week on a bullish note and climbed to its highest level since early September near $1,950 before reversing its direction in the second half of the week. Pressured by rising US Treasury bond yields, XAU/USD dropped below $1,920 on Thursday. 

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Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

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Currency market: FX next week

Currency market: FX next week

Powell failed to offer reprieve to DXY and to the vital DXY Vs EUR/USD relationship. EUR/USD traded 120 pips this week to 102 for DXY. Neither DXY nor EUR/USD broke significant levels as both are trading inside small and meaningless ranges. Powell offered barely a 40 pip response to yesterday's Fed meeting.

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Week Ahead – US core PCE and Eurozone flash CPIs eyed after rate pause signals

Week Ahead – US core PCE and Eurozone flash CPIs eyed after rate pause signals

The latest spike in oil prices is causing some headaches for policymakers as energy costs are on the rise again just as they’ve started to see the result of their hard-fought battle to get inflation down.

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