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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.
The Australian Dollar spent Monday trying to talk itself into a recovery, and the tape was not buying it. AUD/USD has ridden a China-and-commodities narrative for months, one that conveniently glossed over how shaky both legs of that trade have become, and Friday's Nonfarm Payrolls print finally forced a reckoning. US employers added 172K jobs against a consensus near 85K, with roughly 93K of upward revisions to prior months and the unemployment rate steady at 4.3%.
There is a strange disconnect running through the Japanese Yen right now, and USD/JPY parked just above 160.00 captures it perfectly. By any domestic reading the Yen should be firming: first-quarter Gross Domestic Product beat expectations over the weekend at 0.5% on the quarter, the Bank of Japan is widely expected to raise rates at its meeting on June 18, and authorities have spent the past week jawboning a currency they clearly want stronger.
Gold price trades with mild losses around $4,325 during the early Asian session on Tuesday. The precious metal remains on the defensive near its lowest since March 24 amid uncertainty in the Middle East and rising bets of a US interest rate hike.
Bitcoin treasury firm Strategy bought 1,550 BTC last week for roughly $101.3 million, according to a Form 8-K filing on Monday. The purchase, made at an average price of $65,332 per Bitcoin, was funded through proceeds from the company's at-the-market equity offering program.
On June 12, the largest initial public offering (IPO) in history is set to hit the tape, and almost nobody is asking whether the price is right, because almost everybody already wants in.
More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.
