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FXStreet
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 leaves behind part of the recent three-day retracement and hovers around the 1.3550 region on Monday. The Greenback’s fresh downward trend helps Cable and the rest of the risk complex recoup part of the recent ground lost while attention remains on the potential Fed rate path.
EUR/USD manages to gather fresh steam and advances past the 1.1600 hurdle as Monday’s NA session draws to a close. Indeed, the pair patially reverses Friday’s sharp retracement amid the renewed downside momentum in the US Dollar. Moving forward, the flash Inflation Rate in the euro zone and US JOLTs and the ISM Manufacturing should keep investors entertained on turnaround Tuesday.
Gold is looking to build on the overnight bounce from sub-$4,400 levels amid a softer US Dollar, though the upside seems limited. Fed Chair Kevin Warsh's hawkish message, along with inflation risks stemming from higher oil prices, lift September rate-hike bets. Adding to this, escalating US-Iran tensions could support the safe-haven USD, warranting caution for XAU/USD bulls.
Ethereum treasury firm BitMine Immersion Technologies extended its ETH buying run following another round of weekly acquisitions. The firm purchased 53,501 ETH last week, its largest weekly purchase since June and marking 65 consecutive weeks of ETH acquisitions. The move has lifted BitMine's stack to 5.901 million ETH worth $14.63 billion at the time of writing.
West Texas Intermediate oil price gains ground for the second successive day, trading around $85.60 per barrel during the Asian hours on Tuesday. Crude oil prices are climbing following a fresh wave of hostilities in the Middle East that has renewed fears over potential disruptions to regional energy flows.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
