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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 comes under pressure and weakens toward the 1.3530 zone on Tuesday. Cable thus leaves behind two daily upticks in a row and retreats further from Monday’s multi-week tops past 1.3570 following humble gains in the Greenback and disheartening UK jobs data.
EUR/USD could not sustain the earlier bullish attempt toward the proximity of 1.1600 the figure, coming under fresh downside pressure and revisiting the 1.1580-1.1570 band as the NA session draws to a close on Tuesday. The better tone in the US Dollar in the latter part of the day weighs on the pair amid steady volatility in the Middle East. Looking forward, the release of the FOMC Minutes takes centre stage on Wednesday.
Gold holds steady below $4,350, following the previous day's heavy losses, as traders await the release of FOMC Minutes for cues about the Fed's future policy path. In the meantime, the recent surge in US bond yields, bolstered by inflation fears stemming from rising oil prices, supports the US Dollar amid the Middle East crisis and should cap the non-yielding bullion.
Ethereum continued its consolidation pattern over the past week with several key on-chain and derivatives metrics indicating traders remain hesitant to return to the market. The holdings across several wallet cohorts remained largely unchanged over the past week. Wallets holding 10K-100K ETH, also classified as whales, saw modest inflows of only 10K ETH.
US Treasury yields keep rising across the curve this week, with the yield for the 30-year Treasury bond reaching its highest level since 2007, during the global financial crisis, at 5.33% so far on Monday. A mix of concerns about the ballooning US fiscal deficit and growing doubts about the Federal Reserve’s Independence are increasing pressure on US Government Bonds.
