Natural Gas Futures: Near-term correction likely

Pablo Piovano FXStreet

CME Group’s flash data for natural gas futures markets noted traders scaled back their open interest positions for the second session in a row on Tuesday, this time by around 3.7K contracts. Volume, instead, went up for the second consecutive day, now by around 34.2K contracts.

Natural Gas remains supported around the $2.50 zone

Prices of natural gas maintained the optimism and climbed to multi-session highs past the $2.70 zone on Tuesday. The move, however, was on the back of shrinking open interest, which should remove some strength from the weekly rebound. In the meantime, the $2.50 region per MMBtu continues to hold the downside for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD holds lower ground near 1.3450 on USD rebound

GBP/USD trades in negative territory around 1.3450 in the European trading hours on Friday. Heightened Middle East tensions and rising global oil prices provide some support for the safe-haven US Dollar (USD), weighing on the pair. The US Michigan Consumer Sentiment Index will be published later on Friday.

EUR/USD falls to near 1.1500 as USD finds haven demand

EUR/USD drops to near 1.1600 in early Europe on Friday. The US Dollar finds fresh haven demand and exerts downside pressure on the major, as escalating tensions in the Middle East weigh on risk sentiment. Traders will likely stay cautious ahead of the Eurozone preliminary inflation data.

Gold sticks to losses as Iran risks revive USD demand

Gold meets with a fresh supply on Friday as the US Dollar rebounds from a one-and-a-half-month trough. Escalating US-Iran tensions keep inflation risks and Fed rate hike bets in play, supporting the USD. The technical setup seems tilted in favor of bearish traders and backs the case for further losses.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Indian Rupee hits fresh two-week high against US Dollar

The Indian Rupee extends the week-long rally against the US Dollar on Friday. The USD/INR pair slides to a fresh over two-week low near 95.30 due to the overnight slump in the US Dollar amid growing doubts regarding whether the Federal Reserve is seriously committed to bringing the United States inflation down.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.