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 enters a bearish consolidation phase around 1.3200 in early Europe on Wednesday. The pair's rebound remains capped amid a broadly firmer US Dollar and chaotic UK political environment. The focus is now on BoE-speak for fresh trading impetus.
EUR/USD sits at yearly lows near 1.1350 in the European morning on Wednesday. The pair remains vulnerable to further declines amid a bullish US Dollar. The Greenback continues to draw support from hawkish Fed bets and US-Iran peace deal uncertainty.
Gold rebounds from a nearly two-week low of $4,050 in the early European session on Wednesday. Despite easing inflationary concerns in the face of the recent fall in Crude Oil prices, traders have been pricing in a greater chance of a rate hike by the US Federal Reserve, which will continue to limit the bullion's recovery.
Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.
Major US equity benchmarks ended Tuesday’s session considerably in the red, with the Nasdaq 100 down 3.3%, the S&P 500 off by 1.4%, and the Dow Jones down 0.1%. Stocks were largely weighed down by tech amid doubts over the AI-driven rally; the Philadelphia Semiconductor Index slid nearly 8%.
The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.
![Dollar strength persists as EUR/USD breaks below 1.1400 and Gold remains under pressure [Video]](https://editorial.fxsstatic.com/images/i/EURUSD-neutral-object.png)
