Bitcoin’s price encountered resistance around $65,000 on Thursday, despite positive on-chain data indicating increased holdings among short-term investors and a slight rise in inflows to US spot Bitcoin ETFs. Analysts see the $65,000 level as a crucial hurdle for bulls to overcome.Bitcoin Struggles to Breach $65,000The price of Bitcoin (BTC) …
Read More »Mark Carney Takes the Helm: Canada’s New PM Faces Trump and Global Trade Challenges
Newly-appointed Canadian Prime Minister Mark Carney officially assumed office on Friday morning, suc…
Oil Gains Amidst Geopolitical Tempest and Shifting Demand Forecasts
Despite a week dominated by fluctuating geopolitical tensions and evolving economic forecasts, oil p…
Fresh Deadline Drama: Senate Poised to Avert Shutdown
Funding Bill on the Brink of PassageThe Senate is set for a pivotal test vote this afternoon on the …
PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears
The Pound Sterling (GBP) faced renewed pressure against the US Dollar (USD) this week, with GBP/USD …
Changpeng Zhao Denies Ties of Trump Family Ties and Binance Amid Controversy
Changpeng Zhao (CZ), the founder and former CEO of Binance, the globe’s largest cryptocurrency…
Gold Shatters $3,000 Barrier: Historic Safe-Haven Surge Amid Global Uncertainty
In a landmark moment, gold prices surged past the $3,000 per ounce threshold on Friday, marking an a…
Bristol Myers Squibb Gains Expanded EU Approval for CAR-T Therapy Breyanzi
The European Commission has granted Bristol Myers Squibb (NYSE: BMY) an expanded approval for its CA…
Forex Market Overview: Yen Weakens, Pound Slips, Dollar Recovers
The Japanese yen weakened on Friday after concluding union wage negotiations, while the British poun…
Oil Prices Rebound as Ukraine Conflict Persists, Trade War Concerns Loom
Oil prices bounced back on Friday, recovering some of the previous session’s losses, as the Uk…
Gold Prices Hold Near Record Highs Amid Trade Tensions, Rate Cut Expectations
Gold prices remained steady at all-time highs in Asian trading on Friday, driven by escalating U.S.-…
Market Analysis
July, 2024
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18 July 2024 7:57 pm
GBP/USD slides below 1.3000 despite solid UK data
The GBP/USD pair falls below the 1.3000 barrier and trades with losses of more than 0.20% as the US dollar strengthens and the technical picture indicates that momentum is still bullish and the RSI is still positive despite the recent decline. Watch out for these important support levels: 1.2894, 1.2861, …
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18 July 2024 7:00 pm
Fed’s Goolsbee: Inflation fight is not done but I feel a lot better
In an interview with Yahoo Finance on Thursday, Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted that they have had multiple months of better inflation data. Goolsbee noted that he feels a lot better on inflation but added that the fight is not done yet.The US Dollar Index …
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18 July 2024 3:56 pm
The Pound’s Ascent: A Year-Long High Amid Global Rate Shifts, But Can It Last?
The British pound has soared to its highest point in a year, propelled by investors seeking attractive returns as global interest rates decline. However, financial experts warn that sustaining this momentum may require more than just elevated interest rates. Recent data reveals that UK inflation remains stubbornly high, prompting traders …
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18 July 2024 1:41 pm
European Shares Rise on Energy Gains, ECB Decision Looms
European shares experienced a modest rebound on Thursday, driven by gains in the energy sector, which offset declines in technology stocks. However, investor attention remained firmly fixed on the European Central Bank’s (ECB) impending interest rate decision. The pan-European STOXX 600 index edged 0.3% higher, breaking a three-day losing streak. …
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18 July 2024 12:58 pm
Oil Prices Rise on Larger-Than-Expected Decline in U.S. Crude Stocks
Oil prices continued to rise on Thursday, supported by a larger-than-expected decline in U.S. crude inventories, signaling strong demand from the world’s largest oil consumer. Brent crude futures rose 0.5% to $85.49 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.8% to $83.54, both building on gains from …
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18 July 2024 11:40 am
Gold Prices Surge to New Heights Amid Rate Cut Optimism and Trade War Fears
Gold prices continued their upward trajectory, hitting fresh record highs in Asian trading on Thursday. This surge was driven by a weakening dollar, fueled by growing expectations of U.S. interest rate cuts, as well as increasing safe-haven demand due to escalating trade tensions between the U.S. and China. Spot gold …
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18 July 2024 4:10 am
Market Drivers; US Session, July 17
The US Dollar declined to new four-month lows due to additional foreign exchange (FX) intervention by the Bank of Japan (BoJ), stronger expectations of rate cuts, and improved sentiment in risk-related assets.On Thursday, the European Central Bank (ECB) is likely to keep its policy rates unchanged, with investors closely monitoring …
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18 July 2024 3:56 am
Explainer: Why oil recovers gain 2% after three declining days
A larger-than-expected weekly decline in US crude stockpiles and a weaker US currency overcame hints of slower Chinese economic growth as oil prices rose by almost 2% on Wednesday. By 1:33 p.m. EDT (1733 GMT), Brent futures had increased by $1.35, or 1.6%, to $85.08 per barrel, while US West …
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18 July 2024 2:45 am
GBP/JPY drops as rumors amid continued BoJ’s Yenterventions
A return to 203.00 was seen in the GBP/JPY as markets began to expect further market intervention. On Wednesday, the Yen surged against the Pound Sterling by a whole percentage. This comes after a sharp 2% decrease and spike in BoJ spending last week. The GBP/JPY pair resumed its recent …
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18 July 2024 12:12 am
XAU/USD retreats despite Fed rate cut expectations
Gold prices have fallen to $2,457 after reaching an all-time high of $2,483 because of profit-taking. Fed officials, led by Governor Christopher Waller, signal potential rate cuts, suggesting a downward trend for the Fed funds rate. The US Dollar Index drops to 103.72, its lowest level since March 2024, while …
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17 July 2024 11:26 pm
No ECB’s surprise rate cut in July as focus shifts to September
In July, there won’t be any surprise rate cut, and all eyes are now on September. Following the June rate cut, the European Central Bank (ECB) is expected to keep interest rates unchanged during its July meeting. Policymakers emphasize that the June cut does not imply a linear reduction in …
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17 July 2024 10:18 pm
Despite positive housing data, dovish Fed bets, US dollar retreats
The US dollar saw a decline, falling to its lowest level since March. Federal Reserve wagers are still skewed toward a dovish position, which affects the USD. Robust housing data was unable to stop this trend.On Thursday, the US Dollar measured by the DXY index saw an extension in its …
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