Crypto AnalysisCrypto took the stock market rally with caution
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Following an initial drop to fresh six-day lows, GBP/USD now picks up some updside traction and trades in levels just shy of the 1.3600 barrier on Thursday. The generalised cautious tone among market participants continue to underpin the Greenback ahead of Friday’s data releases and the Fed Warsh’s speech.
EUR/USD gyrates around the 1.1650 region amid the absence of clear direction and following an earlier drop to the 1.630 area. The pair’s vacillating mood comes in response to the equally irresolute price action in the US Dollar as investors warm up for the release of the NFP Annual Revision and the speech by the Fed’s Warsh at the Jackson Hole Symposium, both events due on Friday.
Gold extended its gains on Thursday, up 0.17% as US jobs data was solid, while the US trade deficit widened. In the meantime, investors eye Fed Chair Warsh's speech, keeping the precious metal near familiar levels. The XAU/USD trades at $4,601 at the time of writing.
Charles Schwab plans to expand its crypto trading offering by adding spot trading for Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its Schwab Crypto platform, according to a statement on Thursday. The financial services firm announced that clients will be able to buy and sell SOL, AVAX and LINK in their Schwab Crypto accounts in the coming months.
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.
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.
