EUR/USD tests 1.1500 and Gold, Silver and crypto struggle at resistance [Video]
![EUR/USD tests 1.1500 and Gold, Silver and crypto struggle at resistance [Video]](https://editorial.fxsstatic.com/images/i/DollarIndex.png)
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Kim Cramer Larsson
KCL Consult
Kim Cramer Larsson hosts the Daily Technical Update, a daily 15-20 minutes video with live charts.
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GBP/USD adds to Friday’s advance and reached fresh three-month tops around 1.3570 on Monday. Fading expectations of a Fed rate hike in September weigh on the Greenback and help Cable to keep its bullish momentum ahead of this week’s key UK data.
EUR/USD retreats modestly but keeps the bid bias in place around the 1.1600 region in quite an auspicious start to the week. The pair retains support from persistent US Dollar weakness as investors scale back expectations of Fed rate hikes following a string of disappointing US data releases.
Gold trades with gains for the second day in a row, surpassing the $4,400 mark per troy ounce at the beginning of the week. The precious metal’s recovery follows the intense offered stance in the US Dollar amid dwindling bets for further tightening by the Fed in the next few months.
Bitcoin (BTC) trades slightly higher around $63,500 on Monday, following a slight correction the previous week, supported by improving risk sentiment and despite mild outflows from institutional demand.
A large majority of economists expect the Federal Reserve (Fed) to keep interest rates unchanged in September and for the rest of this year, according to a Reuters poll conducted between August 12 and 17.
Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.
