On Wednesday, investors remained mainly focused on the timing of Fed rate cuts. Attention will, next, shift to the BoE meeting as well as the flash PMIs readings.CurrenciesEUR/USD advanced marginally and managed to retest the 1.0750 zone amidst the irresolute price action in the US Dollar. On June 20, the …
Read More »Bitcoin steadies after selloff amid overall pressure on crypto assets
Early on Wednesday, Bitcoin and other cryptocurrencies were gaining, recovering some of the losses from the selloff the day before. Over the last 24 hours, Bitcoin has increased by 0.2% to $65,505. The biggest cryptocurrency’s price has fallen since it reached a record high of around $74,000 in mid-March due …
Read More »Sterling rises as UK CPI interacts ahead of BoE decision
As expected, UK inflation continues to fall following the release of economic data on Wednesday. This data pushed the pound sterling above 1.2700. However, steady growth in the UK services sector may lead the Bank of England to hold interest rates steady at its meeting today, June 20. Disappointing retail …
Read More »WTI touches $81.00 amid holiday-thinned trading
Despite US exchanges being closed on Juneteenth, WTI crude tested into new highs on Wednesday on light trade, trimming $81.00 per barrel as commodities drifted higher. As Crude Oil recovers from a recent swing low, WTI reached a new seven-week high and is expected to continue rising for a second …
Read More »By Free Pass, Ethereum Survives Further Regulatory Scrutiny
Ethereum has received a free pass from the US Securities and Exchange Commission (SEC) as the regulator decided to drop its investigation into the altcoin for allegedly selling the token as a security. SEC’s enforcement division has notified Ethereum developers that the investigation into Ethereum 2.0 is being closed. Thid …
Read More »US Dollar consolidates gains amid remarks by Fed officials
US Dollar pauses as investors dissect recent comments from Federal Reserve officials. Markets appear skeptical about the Fed’s guidance and continue to anticipate potential cuts in September. Fed officials’ cautious remarks limit downside in the US Dollar.On Wednesday, the US Dollar as measured by the DXY Index (DXY) remained relatively …
Read More »Gold prices stabilize amid thin holiday trading
Gold (XAU/USD) trades in a tight range in the $2,320s in quiet markets on Wednesday. A lack of risk sentiment and low holiday volume caps volatility in the safe-haven asset. The USD – to which Gold is negatively correlated – trades broadly unchanged and since US bond markets are closed …
Read More »European Stocks Ease Despite UK Inflation Hitting Target; Nvidia Takes Crown as Most Valuable Company
European stock markets experienced a slight decline on Wednesday, even as UK inflation returned to the Bank of England’s target, with trading activity subdued due to a U.S. holiday. The DAX index in Germany dipped 0.2%, the CAC 40 in France also fell 0.2%, and the FTSE 100 in the …
Read More »U.K. Inflation Hits Central Bank Target, Raising Hopes for Rate Cuts
In a significant development for the UK economy, inflation has finally fallen back to the Bank of England’s 2% target for the first time in nearly three years. This encouraging news has sparked hopes that the central bank may soon begin easing its monetary policy and cutting interest rates. The …
Read More »Oil Markets in Flux: Balancing Geopolitical Tensions with Demand Concerns
Oil prices maintained a delicate equilibrium on Wednesday, caught between escalating geopolitical tensions in Europe and the Middle East and growing apprehension over a surprising build in U.S. crude inventories. The market remained cautiously optimistic, with Brent crude futures edging up by a marginal 2 cents to $85.35 a barrel, …
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