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GBP/USD alternates gains with losses around the 1.3500 neighbourhood on Tuesday. Indeed, Cable struggles to further extend its incipient recovery in a context of continuous instability in the Middle East and modest gains in the Greenback.
EUR/USD navigates a tight range near 1.1550 in the latter part of Tuesday’s NA session. The US Dollar’s vacillating price action accompanies the pair while market participants gear up for the crucial US inflation data due on Wednesday.
Gold is back on the bids and looks to regain the $4,400 level in Wednesday’s Asian trading, having found buyers near the $4,350 region. All eyes remain on the high-impact US Consumer Price Index data, which could determine if Gold stretches higher or corrects sharply.
Bitcoin has remained trapped between $60,000 and $80,000 for six consecutive months, reflecting a market increasingly defined by apathy and weak trading activity. However, such thin volumes combined with elevated open interest leave room for sudden spikes in liquidation, according to a Tuesday report by K33.
OCBC’s Sim Moh Siong and Christopher Wong note the US Dollar softened as Fed hike expectations moderated and the US yield curve steepened. They argue that without a strong upside surprise in United States Consumer Price Index, the USD should stay rangebound, supporting carry trades.
