Above forecast UK June inflation questions expectations for BoE rate cut in August
British inflation was unchanged at 2.0% in June, missing forecasts for a slight fall (1.9%), with strong underlying price pressures hurting bets for the Bank of England’s first rate cut since 2020 in the next month’s policy meeting.…
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Gold hits new record high
Gold hit new record high early Wednesday ($2482), following acceleration through former top on Tuesday (metal was up 1.9% for the day, the biggest daily gain since Dec 13).
Break above previous all-time high ($2450) signaled an end of…
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Oil price falls nearly 2% but key supports still hold
WTI oil price fell nearly 2% on Tuesday, on track for the biggest daily loss since June 3, as growing worries about weaker demand from China and more signals for Fed September rate cut, soured sentiment.
Fresh bears hit the lowest in…
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US retail sales flat in June and beat negative forecast
The unchanged retail sales in June, despite expectations of a decline, suggest a stronger underlying trend in consumer spending which could positively influence economic growth estimates for the second quarter.
This stable performance…
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USDJPY may fall further if US retail sales miss in June
USDJPY remains in extended consolidation of last week’s sharp fall, sparked by US inflation data and intervention by Japanese authorities.
Near-term action is holding above 55DMA (157.55) which repeatedly contained dips and marks solid…
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Gold advances further on Powell’s dovish stance
Gold price rose further in early Tuesday following more dovish tones from Fed Powell in his speech on Monday, which contributes to growing expectations that the Fed may soon decide to start cutting interest rates.
Powell pointed to the…
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Dollar Index remains in red as markets await Powell’s speech
The dollar index returned to red on Monday after a gap higher opening in market reaction on assassination attempt on former President Donald Trump, though dollar-negative sentiment on growing expectations for September Fed rate cut,…
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Cable is holding near 1.30 barrier ahead of Powell’s speech
Cable keeps form tone on Monday and hit new yearly high, trading just ticks under psychological 1.30 barrier.
The pair advanced strongly in past two weeks and bulls may start to lose traction on facing headwinds from 1.30 resistance, as…
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China’s economic growth slowed in Q2, signaling need for more stimulus
China’s economy grew 4.7% in the second quarter, in the slowest pace of growth since Q1 2023, against 5.3% expansion in the first three months of 2024 and missing expectations for 5.1% growth.
Much slower than expected growth of the…
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Bitcoin surges to two-week high on Monday
BTCUSD surged almost 5% in early Monday’s trading and traded above 63K barrier for the first time in two weeks.
Fresh rally extends into third straight day and accelerated higher after weekend’s assassination attempt added to hopes for…
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