Abstract:Following the policy adjustments made by numerous central banks, the market's outlook has become negative, as the prospect of increased interest rates reignites worries about an economic downturn. This apprehension, compounded with concerns regarding the Reserve Bank of Australia's capacity to boost rates, has fostered a risk-off attitude. Additionally, rumors of the Federal Reserve implementing a rate hike in July are predicted to impede the AUDUSD.
Following the policy adjustments made by numerous central banks, the market's outlook has become negative, as the prospect of increased interest rates reignites worries about an economic downturn. This apprehension, compounded with concerns regarding the Reserve Bank of Australia's capacity to boost rates, has fostered a risk-off attitude. Additionally, rumors of the Federal Reserve implementing a rate hike in July are predicted to impede the AUDUSD.
That said, the US Dollar cheers the downbeat sentiment and hawkish testimony of Fed Chair Powell to print the biggest daily gains in six weeks. While the strong USD weighs on the commodities and Antipodeans, the Gold price struggles for clear directions at critical support near $1,910.
Its worth noting that the GBPUSD fails to justify upbeat UK Retail Sales, due to the firmer US Dollar and fears of UK recession, whereas the EURUSD bears take clues from the downbeat German PMI.
Elsewhere, markets in China are off for the second consecutive day but the rest in the Asia-Pacific zone arent seeing any improvement amid recession woes.
Talking about the cryptos, SECs crackdown on industry players dragged the BTCUSD and ETHUSD from monthly highs but the hopes of more investment underpin the corrective bounce of late.
Following are the latest moves of the key assets:
• Brent oil drops to the lowest level in over a week to $73.00 by the press time.
• Gold price remains sluggish after refreshing a three-month low, mildly bid near $1,918 at the latest.
• USD Index refreshes weekly high around 103.00, after reversing from a six-week low the previous day.
• Wall Street closed mixed whereas Asia-Pacific shares edged lower. That said, equities in Europe and UK are on the downside to begin the trading day.
• BTCUSD and ETHUSD print mild gains around $30,000 and $1,880 to reverse the previous days pullback from the monthly high.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
In the midst of the 2021 crypto and NFT boom, celebrities flocked to the burgeoning market of digital assets, promoting Non-Fungible Tokens (NFTs) as the next big thing. Fast forward to 2024, the glitter has faded, and many celebrity-endorsed NFTs have lost their allure. The question remains: what happened to celebrities’ NFTs, and why should this serve as a stark reminder for everyday investors?
Updated forex analysis shows USD weakness, focusing on key levels like EUR/USD, DXY bearish trend, and pivot points for major currency pairs.
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