Retail sales volumes rose by 0.3% in July 2022 following a fall of 0.2% in June 2022 while in the three months to July 2022, sales volumes fell by 1.2% when compared with the previous three months, continuing the downward trend since summer 2021. The pound continues to struggle as GBPUSD dropped below 1.20 and has been unable to recover while the FTSE100 is starting the last trading session of the week lower and with an attempt to rebound after recently pulling back. The overall situation remains quite challenging in the economy as rising costs, inflationary pressures and supply issues continue to weigh on consumers, who have continued to lose confidence as they hope the Bank of England and government will manage to combat the underlying factors causing these issues.

Bitcoin drops over 4% and approaches $21,000 once again

Despite a brief rebound which saw the main cryptocurrency reach a high of almost $25,000, once again giving hope to investors who have been awaiting a catalyst for a larger recovery after months of negative performance. The price of bitcoin fell over 4% in the first few hours of today’s session and reached the lowest level in almost a month after it was unable to hold onto gains seen after recent US data painted a slightly better picture of the overall economic situation and indicated the possibility of a smaller than expected rate increase from the FED. However, bond yields remain resilient and have managed to continue rising while recent FED minutes and comments appeared to hint at the possibility of a continuation of the central bank’s strategy which has been prioritizing tackling inflation, a move which may cause some noticeable volatility in both the crypto space and other markets. One thing is for sure, crypto investors are increasingly anxious about the sustainability of a relief rally and this most recent pullback could shake their confidence once again despite some encouraging signs earlier.

X-Trade Brokers Dom Maklerski S.A. does not take responsibility for investment decisions made under the influence of the information published on this website. None of the published information can be treated as a recommendation, disposition, promise, or guarantee that the investor will achieve a profit or will minimize risk using the information published on this website. Transactions including investment instruments, especially derivatives using leverage, are in its nature speculative and can provide both profits and losses that can exceed the initial deposit engaged by the investor.

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