Richard Perry
Independent Analyst
What is driving markets today as we start in a cautious mood. The chart of the day is Euro/Yen.
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AUD/USD: Gains appear capped near 0.6580
AUD/USD made a sharp U-turn on Tuesday, reversing six consecutive sessions of gains and tumbling to multi-day lows near 0.6480 on the back of the robust bounce in the Greenback.
EUR/USD tumbles out of recent range, tests below 1.0770 as markets flee into safe havens
EUR/USD slid below the 1.0670 level on Tuesday after an unexpected uptick in US wages growth reignited fears of sticky inflation, chopping down rate cut expectations and sending investors into safe haven bids.
Gold pullbacks on rising US yields, buoyant US Dollar as inflation heats up
Gold prices drop below the $2,300 threshold on Tuesday as data from the United States show that employment costs are rising, thus putting upward pressure on inflation. XAU/USD trades at $2,296 amid rising US Treasury bond yields and a stronger US Dollar.
Ethereum slumps again as long liquidations exceed those of Bitcoin
Ethereum experienced a further decline on Tuesday following a disappointing first-day trading volume for Hong Kong's spot Bitcoin and ETH ETFs. This comes off the back of increased long liquidations and mixed whale activity surrounding the top altcoin.
No tap dancing around inflation concerns
Tuesday saw U.S. stocks closing considerably lower as investors grappled with economic indicators indicating increasing labour costs and a decline in consumer confidence, all coming ahead of a crucial Fed policy meeting aimed at determining the trajectory of interest rates.