Tue, June 18, 2024

USD trading

Polkadot, DOT

Polkadot Community Approves ‘Jam’ Architecture, $65M Fund

Quick Look: Web3 Foundation introduced the JAM Implementer’s Prize, a $64.7 million fund to boost JAM protocol development. Enhances scalability, flexibility, and security, integrating elements from Polkadot and Ethereum for better performance. Trading between $6.10 and $6.25 with reduced volatility and Open Interest, indicating market calm. The Polkadot community has recently approved a significant advancement …

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Euro (EUR) fell before the ECB meeting. What about the dollar?

EUR/USD Forecast: Dollar Rallies as Euro Hits 1-Month Low

Quick Look: ECB’s rate cut and political shifts undermine the EUR as the USD strengthens with easing inflation. Air fell below 1.0700, its lowest in over a month, amid volatile market conditions. Mixed signals with CPI at 3.3% in May; FOMC keeps interest rate steady, revealing uncertainty about future cuts. Far-right victories in elections prompt …

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BOJ Bank of Japan title

USD/JPY Rises to 157.50 Amid BoJ Diverging Policies

Quick Look: USD/JPY reached 157.50 due to the US Federal Reserve’s hawkish stance. The US maintains high rates (5.25%-5.5%), while BoJ keeps rates at 0%. Possible rate cut in 2024; cautious approach until inflation goals are met. Potential reduction in bond purchases and rate hikes to address yen weakness. The USD/JPY pair has maintained a …

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Euro (EUR)

EUR/USD Mid-Day: Neutral Bias at 1.0915 and 1.0718

Quick Look: EUR/USD remains neutral, watching 1.0915 for an upward move and 1.0718 for a downward shift. The pair is adjusting from a high of 1.1274, with 1.0601 and 1.1138 as significant levels.  Noise and choppiness dominate, influenced by Federal Reserve and ECB policies. As we reach mid-day, the EUR/USD pair presents a neutral bias, with …

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swiss franc and U.S. dollar - USD/CHF

USD/CHF Rises to 0.8955 as Fed Adjusts Rate-Cut Outlook

Quick Look: USD/CHF rises to 0.8955, influenced by the Fed’s cautious outlook and Swiss economic data. The Fed signals only one potential rate cut this year, shifting from three cuts previously projected. Swiss producer inflation dropped by 0.3% MoM, raising expectations for SNB rate cuts. The USD/CHF pair has climbed to 0.8955, reflecting market reactions …

USD/CHF Rises to 0.8955 as Fed Adjusts Rate-Cut Outlook Read More »

Wibest – Pound Sterling: Pound sterling coins. gbp

GBP/USD Faces Uncertainty Ahead of US CPI & FOMC

Quick Look: UK’s GDP showed no growth in April 2024, with declines in manufacturing, industrial production, and construction sectors. PM Rishi Sunak’s Conservative Party faces pressure ahead of the July 2024 elections amid economic and cost of living issues. The GBP/USD pair found support at 1.2736. Upside targets at 1.2800 and 1.2895, influenced by US …

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Chinese Yuan and dollar

Yuan Strengthens: Onshore and Offshore Rates Up

Quick Look: Onshore Dollar to Yuan closed at 7.2537, up 4 basis points; offshore USD/CNH at 7.2684, up 20 basis points. USD/CNY closed at 7.2545 previously, showing minor market volatility and cautious optimism. PBOC injected 2 billion yuan through seven-day reverse repos, maintaining a 1.8% interest rate. Mixed economic indicators with weak consumer spending and …

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Wibest – Australian Dollar: The AUD/USD sign on a trading trading chart with a green arrow pointing upward.

AUD/USD Testing Key Support Levels Amid Economic Concerns

Quick Look: Renewed downside for AUD/USD due to the strong USD outlook and key economic events. Immediate support at 0.6574, 0.6557; resistance at 0.6615, 0.6698, 0.6709; pivotal 0.6600 level tested. Bearish short-term for AUD/USD; possible decline towards 200-day SMA of 0.6539. RSI around 40 on the 4-hour chart indicates further downside potential. The Australian Dollar …

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Ripple and authorities

Ripple Launches $1 Billion Fund for Japan and Korea

Quick Look: Ripple introduces the Japan and Korea Fund, channelling one billion XRP to boost blockchain innovation in Japan and South Korea. Ripple intensifies efforts in the Asia-Pacific region, aiming to increase cryptocurrency payment adoption. Partnerships with HashKey DX and SBI Holdings target supply chain finance and broader adoption of Ripple’s solutions in Japan. Ripple, …

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GBP/USD: British pound sterling coins. Bank of England (BoE)

GBP/USD Trading at 1.2718 with 0.03% Daily Decline

Quick Look: The short-term trend remains bullish, with GBP/USD Price at 1.2718 with a slight daily decline of 0.03%. Support at 1.2688/1.2654, resistance at 1.2800/1.2970, 21-day EMA at 1.2712, bullish MACD and RSI above 50. UK Employment Data expected job contraction of 100,000; wage growth at 6.1%, impacting inflation. The strong US Dollar impacts GBP/USD, …

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Wibest – CHF Franc: New Swiss franc notes. usd/chf

USD/CHF Targets 0.9050 Resistance in June 2024

Quick Look: USD/CHF broke a significant trendline from 2022 highs, indicating the potential for higher prices within a bullish triangular range. Currently experiencing an A-B-C corrective decline, testing support at 0.8900; bullish resumption needs a rise above 0.9000. From the 0.8332 bottom, corrective pattern against the downtrend from the 2022 high; a break above 0.9243 …

USD/CHF Targets 0.9050 Resistance in June 2024 Read More »

Japanese Yen fell against the U.S. dollar on Thursday

Flight-to-Safety Drives Yen Up, USD/JPY Down 0.31%

Quick Look: USD/JPY exchange rate closed at 110.933, down 0.31% due to geopolitical tensions and BOJ policy speculation. The Yen appreciated as investors sought safety amidst global uncertainties, notably the crisis in Turkey. Japan’s June household income rose by 4.4%, spending fell by 1.2%, and real wages grew by 2.8%.  Internal BOJ discussions on yield …

Flight-to-Safety Drives Yen Up, USD/JPY Down 0.31% Read More »

Gold

Gold Prices Skyrocket: 2.6% Rise Amid Market Speculations

Quick Look: Spot gold hit $2,386.55 (up 0.5%) but fell to $2,379.18 (-1.73%) later; the weekly increase was 2.6%. XAU prices neared $2,400 due to potential Fed rate cuts; U.S. Treasury yields fluctuated; the dollar remained low. Gold prices have risen significantly, with the potential for a record high this year despite physical demand dips. …

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