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EUR/USD tumbles to new lows, breaks below 1.1600
On Tuesday, the US Dollar Index (DXY) reached new highs, while EUR/USD fell to new multi-week lows in the sub-1.1600 support level. The solid US CPI data reinforced the Fed's cautious narrative, providing the Dollar a boost at the cost of risk assets.
GBP/USD flirts with multi-week lows near 1.3380
GBP/USD has extended its recent break below the critical 1.3400 support level, flirting with four-week lows as sentiment towards the US Dollar intensifies. Later in the day, investors are expected to carefully watch Governor Bailey and Chancellor Reeves' speeches at the Mansion House event.
Gold's selling pressure picks up pace, focus on $3,320
Gold prices now lose the grip and prompt the precious metal to retreat to daily troughs near the $3,320 mark per troy ounce. The increasing selling pressure around the yellow metal comes in response to a stronger US Dollar, rising US yields across the curcve, and the idea that the Fed might remain cautious for longer.
Pi Network Price Forecast: PI test crucial support level amid bullish RSI divergence
Pi Network edges lower by 2% at press time on Tuesday, failing to join the bandwagon of altcoins fueled by Bitcoin reaching record high levels. The increasing supply pressure on Centralized Exchanges and the token unlocks fuel the declining trend in PI token, resulting in a retest of the $0.4460 support level.
China’s first-half growth remains on track, though activity data signals caution
China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.
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