Euro-hopeful Bulgaria does not yet meet the criteria to adopt the single currency, the European Commission will say on Wednesday in an assessment of European Union countries that must one day switch to the euro. Unlike bigger and richer EU countries that still use their own currency, such as Sweden and Poland, Bulgaria, the EU's poorest member, is eager to join the euro zone and wants to begin the two-year waiting period in May or June. Apart from Britain, which will leave the EU next year, and Denmark, which has a permanent exemption from adopting the euro, all EU countries are legally obliged to join the single currency once they meet all the criteria.
Cryptocurrencies were lower on Tuesday, with Bitcoin nearing the $8,000 mark, not far from last week’s low of $7,972.40. Bitcoin was trading at $8,201.10, falling 3.45% as of 8:20 AM ET (12:20 GMT) on the Bitfinex exchange. Despite the decrease in digital asset values, the second largest Bitcoin mining firm has announced plans to raise $2 billion in an initial public offering in July.
Investing.com – Wall Street looked set to continue its rally on Tuesday, as trade war worries between the U.S. and China eased.The S&P 500 futures was up three points or 0.13% to 2,736.50 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 41 points or 0.16% to 25,043.0. Meanwhile tech heavy Nasdaq 100 futures rose 22 points or 0.32% to 6,938.00.China said Tuesday it would cut import tariffs for automobiles and some car parts starting on July 1. Tariffs would be lowered to 15% from the current 20% to 25%, while tariffs on auto parts would be cut to 6%. ...
Regulators in Canada and in the U.S. have disclosed that they will soon launch an expansive crackdown on a number of the cryptocurrency investment schemes. The same message was also echoed on Monday by the North American Securities Administrators Association. SEE: China’s IFCERT Tracks Down 421 Fake Cryptocurrencies; 60% Run By Overseas Servers The launch of […] The post Regulators Disclose Plan To Crack Down On Cryptocurrency Investment Schemes appeared first on Market Exclusive.
Investing.com - The dollar pulled back from a five-month high against major rivals on Tuesday, as traders opted to take profits after the recent rally, while Forex traders focused on testimony to the UK Treasury Select Committee.
Investing.com - Gold prices were little changed in early dealings on Tuesday, hovering not far off a 2018 low struck in the previous session, as improved appetite for riskier assets sapped demand for the yellow metal.
The USD/JPY has formed a progressive Zig-Zag pattern and at this point it seems like bullish momentum is shaping up for a new push higher. 110.90-111.05 is the POC zone and if the price manages to stay above 110.70 we might see higher levels. Next targets are 111.35, 111.61 and 111.77. Watch for a potential bounce from the POC zone.
A dip in Treasury yields and the U.S. Dollar could be supportive for gold over the short-run as investors prepare for the release of the latest Fed meeting minutes on Wednesday at 1800 GMT.
The market started off the week with a positive momentum bouncing higher from the 1.17 level which offered enough psychological support. The 1.18 level on the top is an important psychological resistance and market can witness some selling pressure from there.
The end of the last week and the start of this one are great for the currencies from the antipodes: AUD and NZD. In the battle of those two, the AUD seems a bit stronger, that is why we will focus on the first one. On the AUDJPY, we can see a very interesting buying opportunity.
The direction of the Forex pair the rest of the week is likely going to be controlled by the comments of several Fed officials and the minutes of the U.S. central bank’s last monetary policy meeting due to be released on Wednesday at 1800 GMT. Regarding the minutes, investors will focus on the Fed’s inflation outlook.
A quiet day on the economic data front leaves the markets to consider what lies ahead, while BoE Governor Carney could catch the markets napping this morning should he deliver a surprise on the policy front.
Gold markets fell to the $1283 level during the day on Monday but found enough of a bounce to rally as the Americans came on board. However, we are starting to show signs of resistance at current levels, so I think that we will probably continue to go lower.
The US dollar has rallied a bit during trading on Monday, slicing through the 111 level and reaching as high as 111.40, but pulling back the way it has it could offer a nice buying opportunity. There is a potential for a bit of a “floor” at the gap from the beginning of the week.
The US dollar has fallen slightly against the Canadian dollar during the session on Monday, reaching down towards the 50 simple moving average on the hourly chart. This is a market that has recently seen and impulsive move higher and pulling back against it is a bit of surprise, perhaps showing that the market is ready to enter consolidation more than anything else.
The New Zealand dollar shows signs of strength again, as Monday was very bullish. We reached towards the 0.6930 level, an area that now looks as if it is trying to define the top of an ascending triangle. While I do think that this market continues to struggle longer term, it looks as if we are ready for a bit of a bounce.
The British pound fell a bit during the open on Monday, reaching down towards the 1.34 level before finding buyers. By showing the sign of support, it looks as if there is still some fight left in the buyers. However, there are major problems above.
The British pound went back and forth during the trading session on Monday, as traders came back to work from the weekend. It looks as if the ¥149 level is offering a bit of support, but the question remains whether we can hold that level to test major resistance above.
The Euro rallied a bit against Sterling during the trading session on Monday, breaking above the 0.8750 level. Because of this, it looks as if we are trying to find some type of momentum to the upside and perhaps reach towards the 0.88 level above which has been massively important in the past.
The Australian dollar rallied a bit during the Monday session, after bouncing from the 0.75 handle. This is obviously a psychologically important number, but we are struggling later in the day. The question then is where we go from here?
The news about trade will likely start to fade as we approach the release of the Fed minutes on Wednesday. The minutes could determine the next major move in the Aussie and Kiwi as they are expected to reveal the Fed’s inflation outlook. Higher inflation could mean faster interest rate hikes and a stronger U.S. Dollar.
Crude oil futures surged on Monday, hitting a 3.5 year high on geopolitical concerns over Iran and Venezuela that could lead to supply disruptions.