USD/ARS Exchange rate

EUR/USD recedes from earlier tops north of the 1.1700 barrier and slips back to the low-1.1600s as the NA session draws to a close on Wednesday. The move higher in spot came in response to rumours saying President Trump is gauging the possibility of firing Chair Powell. These rumours, however, were later dismissed.

Following an early move to the proximity of the 1.3500 mark, GBP/USD now gives away part of that advance and drift lower to the 1.3400 neighbourhood, up modestly for the day. Investors, in the meantime, shift their attention to the upcoming UK labour market report on Thursday following hotter-than-expected UK inflation data in June.

Gold now manages to leave behind the initial weakness and rapidly advances to the area of three-week peaks around the $3,380 mark per troy ounce as the US Dollar’s retracement gathers extra pace following another round of Trump-Powell effervescence.

Major altcoins Cardano (ADA), Litecoin (LTC) and Solana (SOL) are showing signs of strength as these cryptos stabilize around key support levels, suggesting a new leg higher as bullish momentum mounts. ADA and SOL hold steady around $0.74 and $163.65 respectively while LTC approaches resistance at $96.30. 

China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.