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GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US PCE and GDP data as well as the geopolitical landscape.
EUR/USD now accelerates its losses and recedes to the area of multi-day troughs around 1.1650 on Wednesday. The pair’s retracement comes on the back of a solid performance of the US Dollar in the wake of the release of July PCE data and another revision of Q2 GDP figures.
Gold now faces some renewed downside pressure and seems to challenge the key $4,600 mark per troy ounce on Tuesday. That said, the yellow metal’s correction comes after three daily upticks in a row, fading at the same time Tuesday’s move to fresh tops around $4,700.
Bitcoin price is trading in the green on Wednesday, holding above $78,000 while struggling to extend its recovery above the $80,000 mark. Institutional demand is strengthening, with steady inflows and BlackRock’s tax-deferred Bitcoin-to-ETF swap volume reaching $5 billion.
The main event for markets this week takes place this evening, after US markets close. Nvidia, the AI giant, will report results for last quarter. Another monster report is expected. Revenues could come in above $92bn, and earnings per share could come in at $2.09.
Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.
