Fed's Waller: I support another significant hike in two weeks

Eren Sengezer FXStreet

Federal Reserve Governor Christopher Waller said on Friday that it was too soon to say whether inflation was moving meaningfully and persistently downward, as reported by Reuters.

Key takeaways

"I support another significant hike in two weeks."

"The pace of tightening is uncertain; it will depend on the data."

"Fears of a recession have faded; robust US labor market is giving us the flexibility to be aggressive in our fight against inflation."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen losing 0.6% on a daily basis at 109.00.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD keeps the bid bias near 1.3550

GBP/USD leaves behind part of the recent three-day retracement and hovers around the 1.3550 region on Monday. The Greenback’s fresh downward trend helps Cable and the rest of the risk complex recoup part of the recent ground lost while attention remains on the potential Fed rate path.

EUR/USD retakes 1.1600; looks at the 200-day SMA

EUR/USD manages to gather fresh steam and advances past the 1.1600 hurdle as Monday’s NA session draws to a close. Indeed, the pair patially reverses Friday’s sharp retracement amid the renewed downside momentum in the US Dollar. Moving forward, the flash Inflation Rate in the euro zone and US JOLTs and the ISM Manufacturing should keep investors entertained on turnaround Tuesday.

Gold bulls seem hesitant above $4,450 as Fed hike bets and Iran tensions support USD

Gold is looking to build on the overnight bounce from sub-$4,400 levels amid a softer US Dollar, though the upside seems limited. Fed Chair Kevin Warsh's hawkish message, along with inflation risks stemming from higher oil prices, lift September rate-hike bets. Adding to this, escalating US-Iran tensions could support the safe-haven USD, warranting caution for XAU/USD bulls.

Ethereum: BitMine scoops 53K ETH as Lee predicts increased institutional accumulation

Ethereum treasury firm BitMine Immersion Technologies extended its ETH buying run following another round of weekly acquisitions. The firm purchased 53,501 ETH last week, its largest weekly purchase since June and marking 65 consecutive weeks of ETH acquisitions. The move has lifted BitMine's stack to 5.901 million ETH worth $14.63 billion at the time of writing.

WTI holds above $85.50 as Middle East risks tighten global supply

West Texas Intermediate oil price gains ground for the second successive day, trading around $85.60 per barrel during the Asian hours on Tuesday. Crude oil prices are climbing following a fresh wave of hostilities in the Middle East that has renewed fears over potential disruptions to regional energy flows.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.