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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.
The GBP/USD pair trades with mild gains near 1.3350 during the early Asian trading hours on Friday. The US Dollar edges lower against the British Pound on a weaker-than-expected US Nonfarm Payrolls report. The US markets will be closed on Friday in observance of Independence Day.
The EUR/USD pair declines to around 1.1420 during the early Asian session on Thursday, pressured by a soft Eurozone inflation outlook. The US Dollar strengthens against the Euro despite disappointing US June labor data. European Central Bank President Christine Lagarde is scheduled to speak later on Friday.
Gold builds on post-US NFP gains early Friday, sitting at eight-day highs just shy of $4,200. The US Dollar eyes a weekly loss amid easing Fed rate hike bets and the USD/JPY sell-off. Gold’s technical setup suggests a ‘sell-on-bounce’ trade amid bearish RSI and Death Cross.
Bitcoin is facing renewed downside risks after exchange inflows surged to levels rarely seen this year, signaling the market could be entering another period of heightened volatility, according to a report by CryptoQuant on Thursday. The report noted that the $60,000 level remains a decisive support zone despite Bitcoin establishing a fresh bear market low below $58,000 earlier in the week.
Market attention turns to next week's FOMC minutes for any signs of what could shift a divided Committee from a hold toward rate hikes. The dot plot from the last meeting made clear that policymakers are split on whether rate hikes are warranted, but with forward guidance getting tamped down under Chair Warsh, the Fed's reaction function remains uncertain in terms of what exactly would build broader support for more restrictive policy.
Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.
