Dollar Index rejected again, USD/CAD higher, yields set to bounce and crypto Weakens [Video]

Kim Cramer Larsson KCL Consult

EURUSD and GBPUSD undecided up or down? USDJPY testing 159.50 resist. EURJPY, AUDJPY & AUDUSD range bound. USDCAD bullish eyeing 1.39 and higher. Dollar Index rejected at key resistance again. US 10y T-yields bounce from support. Crypto bearish.

Author

Kim Cramer Larsson

KCL Consult

Kim Cramer Larsson hosts the Daily Technical Update, a daily 15-20 minutes video with live charts.

GBP/USD holds above 1.3350 with the 200-day SMA capping gains

The British Pound appreciates against the US Dollar on Tuesday to trim previous losses and return to the 1.3375 area, aiming to retest resistance at the key 200-day Simple Moving Average. This is a popular indicator, which lies a few pips below 1.3400 and has been capping Pound’s recovery over the last two weeks.

EUR/USD pops to weekly highs near 1.1460 on US CPI

EUR/USD regains traction and climbs further, revisiting the 1.1460 region on Tuesday. The pair’s marked uptick comes as the US Dollar continues to lose momentum across the board, particularly after US CPI data came below estimates in June.

Gold picks up pace, targets $4,100

Gold reverses the recent weakness and reclaims the area beyond the key $4,000 mark per troy ounce on Tuesday. The precious metal’s recovery picks up pace and approaches the $4,100 region in the wake of the release of lower-than-expected US inflation figures in June.

Crypto Today: Bitcoin, Ethereum, XRP extend sideways trading amid ETF outflows, US-Iran war escalation

Bitcoin hovers around $62,500 amid prevalent sideways trading. Meanwhile, major altcoins such as Ethereum and Ripple are holding above crucial support levels at $1,700 and $1.05, respectively, reflecting ongoing consolidation across the crypto sector.

Fed Chair Warsh to note they have no tolerance for persistently elevated inflation

According to the prepared remarks that Fed Chairman Kevin Warsh will deliver during his testimony on the Semiannual Monetary Policy Report before the US House Financial Services Committee, he will note that the Fed has no tolerance for persistently elevated inflation.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.