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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 finds some support near 1.3370 and holds onto its recovery near 1.3400 on Monday. The pair rebounds as the US Dollar loses its haven demand amid receding Mideast tensions after Iran confirms mediation efforts with the US. All eyes remain on Mideast updates and central bank talks.
EUR/USD bounces back toward 1.1450 in European trading on Monday. The pair finds fresh demand as the US Dollar slips amid US-Iran diplomacy hopes, following the weekend escalation. Hawkish ECB expectations also support the major's upside ahead of speeches from the Fed and ECB policymakers.
Gold trims a part of its intraday losses during the first half of the European session, though it retains the negative bias for the second straight day and remains below the $4,100 mark. The US Dollar (USD) attracts some intraday sellers and supports the bullion. Any meaningful upside, however, still seems elusive amid a bearish fundamental backdrop.
Bitcoin struggles to hold above $64,000 after a modest recovery the previous week. Risk sentiment dampens as tensions in the Middle East escalated after the US launched fresh strikes on Iran on Sunday, weighing on BTC. Meanwhile, improving institutional demand, with spot Bitcoin Exchange Traded Funds ending an eight-week streak of net outflows, has provided only limited support amid rising geopolitical uncertainty.
Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.
