Canada Gross Domestic Product (MoM) above forecasts (0.2%) in May: Actual (0.3%)

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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD drops toward 1.3400 on USD rebound

GBP/USD turns south on Friday and declines toward 1.3400 after posting impressive gains earlier in the week. Heightened Middle East tensions and rising global oil prices provide some support for the safe-haven US Dollar (USD) heading into the weekend and weighs on the pair.

EUR/USD retreats below 1.1500, looks to post weekly gains

EUR/USD corrects lower on Friday and trades below 1.1500 following a two-day rally that saw the pair gain more than 1%. The risk-averse market atmosphere helps the US Dollar outperform its rivals heading into the weekend and forces the pair to retrace a portion of its weekly gains.

Gold declines but stays above $4,000 as Iran risks revive USD demand

Gold comes under renewed bearish pressure following a two-day recovery and trades deep in the red below $4,100, as the US Dollar regains its traction. Escalating US-Iran tensions keep inflation risks and Fed rate hike bets in play, supporting the USD, while the technical setup seems tilted in favor of bearish traders and backs the case for further losses.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Warsh needs to restore his reputation

We were glad to see our deeply negative reaction to the Warsh press conference was not some personal peculiarity. Just about everybody in the financial press felt the same way. The consensus is building it’s not the Fed in the dog-house but only Warsh. Today the WSJ changed it tune and blasted Warsh—"the honeymoon is already over..”

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.