Indexes were back to their negative ways today, shedding a couple days worth of gains. Greece is back in the spotlight, and bad economic data weigh on the US Markets. Master trader, Tim Pesut joins Merlin for a look at what he sees happening in the FX markets, and offer traders insight into his preferred trading pairs.
Editors’ Picks
EUR/USD lacks directional strength, hovers around 1.0850
The EUR/USD pair extended its consolidative phase for the second consecutive day as financial markets missed a clear catalyst. Attention flips to the FOMC Meeting Minutes scheduled for mid-Wednesday.
GBP/USD stays in positive territory above 1.2700, awaits fresh catalysts
GBP/USD struggles to stretch higher above 1.2700 on Tuesday as the mixed action in Wall Street supports the USD. Investors await fresh catalysts, with several Fed officials and BoE Governor Bailey set to speak later in the session.
USD/JPY continues winning spell on Fed’s hawkish interest rate outlook
USD/JPY exhibits strength above 156.00 as the Fed maintains a hawkish tone on the interest rate outlook. Fed Bostic prefers to wait with current interest rates to be confident over the progress in disinflation. Japan’s officials remain worried over weak Yen-induced inflation.
Editors’ Picks
AUD/USD trades around 0.6660 after another uneventful session
The AUD/USD pair remained away from investors’ radar and holds on to familiar levels in the 0.6660 region. Australian calendar has nothing to offer on Wednesday, but the RBNZ monetary policy decision may spur action.
EUR/USD lacks directional strength, hovers around 1.0850
The EUR/USD pair extended its consolidative phase for the second consecutive day as financial markets missed a clear catalyst. Attention flips to the FOMC Meeting Minutes scheduled for mid-Wednesday.
Gold steadies around $2,420 ahead of FOMC Minutes
Gold gained traction and climbed to $2,430 area in the American session, turning positive on the day. The pullback in the benchmark 10-year US Treasury bond yield helps XAU/USD stage a rebound following the sharp retreat seen from the all-time high set at the weekly opening at $2,450.
Ethereum could see new all-time high following Fidelity and Grayscale updates on ETF application
Ethereum (ETH) continued its rally on Tuesday following filings on the Securities & Exchange Commission's (SEC) website showing Fidelity and Grayscale filed an amended S-1 registration and initial 19b-4, respectively, for their spot ETH ETF products.
UK: Due in large part to the base effect, CPI is forecast down to 2.1% from 3.2%
Another handful of Fed speakers. As we saw yesterday, the latest stance is “not yet.” In the UK, tomorrow we get CPI. Due in large part to the base effect, CPI is forecast down to 2.1% from 3.2% and core, to 3.6% from 5.2%.
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