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GBP/USD erases recovery gains and slips toward 1.3350 in the European session on Wednesday. The UK annual Consumer Price Index (CPI) inflation cooled to 2.6% in June against the market forecast of 2.7%, tempering the British Pound's rebound from weekly troughs. Traders also assess the ongoing Mideast tensions amid a pause in the US Dollar uptrend.
EUR/USD holds positive ground above 1.1400 in European trading on Wednesday, helped by hawkish ECB expectations and a broad US Dollar retreat. However, persisting Middle East tensions and surging Oil prices keep the pair's upside elusive.
Gold extends gains for the fourth consecutive day, standing comfortably above $4,100, unfazed by the risk-off market amid rising tensions in Iran and higher Oil prices. The pair has rallied nearly 2.5% so far this week and is on track for its best weekly performance in more than three months.
Cardano price edges lower after the 50-day Exponential Moving Average at $1.770 capped two consecutive days of recovery seen earlier this week. ADA futures point to waning retail traction as Open Interest and trading volume decline amid elevated long liquidations. The technical outlook for ADA is bearish, as momentum remains subdued below a resistance trendline near $0.1782.
I continue to start the day by looking at these two charts: US crude & Kospi. The former is extending gains, trading above $86 per barrel for WTI and $92 per barrel for Brent, while the Kospi is up more than 4.5%, led higher by Korean chipmakers following a similar jump in VanEck's Semiconductor ETF yesterday.
