The latest US, Chinese tariffs on each other's good have come into effect at 0401 GMT today, as the world's two biggest economies struggle to reach a mutually beneficial solution on the trade front.
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AUD/USD: Further weakness could retest 0.7000
AUD/USD resumes its decline, leaving behind two daily gains in a row and approaching the area of multi-day lows in the 0.7040-0.7030 band ahead of the opening bell in Asia. Moving forward, the Aussie is expected to remain under scrutiny in light of the publication of the jobs report in Australia.
EUR/USD stays well offered below 1.1800
The selling pressure on EUR/USD is picking up pace, with the pair slipping decisively below the key 1.1800 level and sliding to fresh two week lows as Wednesday’s session draws to a close. The move lower comes as the US Dollar finds renewed strength after the latest round of US data and the release of the FOMC Minutes. Next of note on the docket will be the US weekly Initial Jobless Claims.
Gold battle to regain $5,000 continues
Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.
Bitcoin has found or is near a bottom, extended consolidation to follow: K33
Bitcoin (BTC) is nearing or has already established a bottom, which could be followed by a sustained period of slow price movement, according to K33.
Mixed UK inflation data no gamechanger for the Bank of England
Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.
NVIDIA trend shift again? The battle to reclaim the parallel channel
For much of the past year, NVIDIA Corporation (NVDA) has largely been contained in an inclining parallel channel. However, the price action on Thursday and Friday of last week marked a significant departure from this trend.