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In-Depth Analysis
Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.
On September 8, Canada begins charging its own importers 15%, 25% and 50% on roughly 700 lines of American goods. The measure is billed as dollar for dollar, and on the arithmetic of covered trade it is. What it is not is a tax on the United States.
Cryptocurrencies
XRP tests $1.40 support and rises to trade at $1.43 on Wednesday as the crypto market broadly consolidates. XRP faces profit-taking risk, as whales increasingly sell following last week’s rally.
Bitcoin hovers above $78,000 on Wednesday, struggling to advance beyond $80,000 after its strongest weekly rise in three years. BTC ETFs recorded their seventh consecutive day of inflows, totaling $314 million on Tuesday, amid whales rotating $5 billion into tax-deferred swaps.
Bitcoin has retained a strong bullish outlook since last week, trading around $79,000 on Wednesday. As the Crypto King consolidates, bulls appear to be mulling another breakout attempt to reclaim $80,000 and push beyond the supply zone at $82,500.
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Stocks
Weekly Forecast
The US Dollar collapsed this week, helping EUR/USD reach a fresh three-month high just above the 1.1700 mark, heading into the weekly close a handful of pips below that level but still firmly up. The USD sell-off was triggered by the United States Department of the Treasury, which announced on Wednesday that it will increase the government debt repurchase size by at least double.
Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.
