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FXStreet Team
FXStreet
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 extends its intraday slide and struggles around 1.3350 early in the American session on Thursday. The pair's upside remains capped by a US Dollar bounce and cooler-than-expected UK inflation data amid escalating Middle East tensions.
The US Dollar gains momentum on Thursday as Middle East concerns fuel demand for safety. The Euro, in the meantime, came under selling pressure following the ECB monetary policy decision. EUR/USD down to fresh weekly lows around 1.1380.
Gold keeps retreating on Thursday, trading well below $4,100 early in the American session. US crude oil prices climb to a fresh six-week high toward $90 amid a further escalation of tensions between the US and Iran, fueling inflation fears and bolstering US Fed interest rate hike expectations. Hawkish Fed bets weigh negatively on the yieldless bullion.
The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure and traditional finance, according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.
Bitcoin extends its correction, trading below $65,800 after a modest decline in the previous day. Despite BTC’s fading strength, US-listed spot Bitcoin Exchange Traded Funds continued to attract institutional inflows on Wednesday, marking the seventh consecutive day of gains.
