Furthermore, it shows that investors want Federal Reserve Chairman Jerome Powell and the FOMC members to cut very aggressively. Due to the muted reaction in the financial markets, a dovish spin by Powell on Friday should trigger a more volatile reaction in the markets.
It’s a busy day ahead as the markets react further to the FOMC meeting minutes. Chatter from Jackson Hole may overshadow the stats…
Investing.com - The U.S. dollar was largely unchanged on Thursday in Asia. The U.S. Federal Reserve’s July 30-31 meeting minutes released overnight received some focus.
The Treasury Department’s Office of Foreign Assets Control (OFAC) took actions against three Chinese nationals, who it alleges manufactured and distributed "synthetic opioids or their precursor chemicals." According to OFAC, the individuals laundered part of their drug proceeds in bitcoin, transmitting these proceed in and out of banks in China and Hong Kong.The post U.S. Treasury blacklists cryptocurrency addresses associated with Chinese "drug kingpins" appeared first on The Block.
Cable continued to stay consolidated near 1.1264 level on Wednesday. Upbeat July Canadian Consumer Price Index (CPI) remained as the primary driver that lifted the CAD currency.
Investing.com – Stocks rose for the fourth day in the last five as investors were cheered by Boeing's hope to get its 737 Max jet back into the air and by gains in tech and retail stocks.
Gold markets pulled back a bit during the trading session on Wednesday but continues to find support underneath near the $1500 level. That being the case, it’s very likely that we will continue to see a lot of interest in gold as it has been such a bullish move lately.
The US dollar rallied a bit during the trading session early on Wednesday but continues to see a lot of resistance just above at the ¥107 level. At this point, it looks as if we are going to continue to see more of the same.
The British pound ran into a bit of resistance during the trading session on Tuesday but ran into the 1.22 level to roll over a bit. At this point, the question is whether or not we are trying to form some type of bottoming pattern?
The British pound rallied a bit during the trading session on Wednesday, but also pulled back. Now that we are looking at the ¥130 level, the question then becomes whether or not we can break above there. If we do, obviously that means a lot and if we don’t, that means confirmation.
The Euro has gone back and forth during the trading session on Wednesday, as we continue to hang around the 1.11 EUR level, which of course is an area that has attracted a lot of attention recently, as we await the Federal Reserve Meeting Minutes, and then of course the speech from Jerome Powell on Friday.
The Australian dollar rallied a bit during the trading session on Wednesday, slamming into the crucial 0.68 level, an area that has caused resistance several times before. With this, the question then becomes whether or not we can break out?
XAU/USD is currently trading at 1,501, falling 0.40% in value so far on Wednesday. Technical conditions are suggesting that a potential downtrend is on the making as the MACD did a bearish cross. However, it is still too soon to say it.
Gold is in a long-term bull market but from time to time the market will go through periods of profit-taking and position-squaring. Additionally, traders are not always going to chase the market higher.
Based on the early price action and the current price at 1.1104, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1097.
The volatility on the market dropped recently and the reason for that seems to be in the Jackson Hole symposium later this week.
Investing.com – Wall Street rose on Wednesday after positive earnings from Lowe’s (NYSE:LOW) and Target (NYSE:TGT) helped boost confidence over the economic health of U.S. consumers.
EUR/USD caught a bid from support on Tuesday to end a 5-day consecutive decline. Volatility is expected in the session ahead as the Fed will release minutes from their latest meeting.
Investing.com - Gold prices traded lower on Wednesday as safe-haven demand faltered as risk appetite returned to markets ahead of the minutes from the last Federal Reserve meeting.
Based on the early price action and the current price at .6782, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at .6777.