Ipek Ozkardeskaya
Swissquote Bank Ltd
Natural gas prices tanked more than 10% after Russia offered to increase gas supply for the winter months, but the offer doesn’t come for free: Russia wants permission on the controversial Nord Stream 2.
US crude is down along with lower nat gas prices, but gold remains unreactive to inflation fears.
In equities, US indices rebounded on strong ADP report and progress on US debt ceiling talk. No one expects the US to default in a week, investors rather have their eyes set on Friday’s NFP figures.
Elsewhere, Bitcoin surges past the $55K mark and we start hearing ‘buy the dip’ echoing across the markets; is it time to buy the dip?
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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GBP/USD flatlines below 1.2700, looks to US data/Fed minutes
GBP/USD is lacking a firm directional bias below 1.2700 on Wednesday, reversing early gains. Traders appear reluctant and prefer to wait on the sidelines ahead of the FOMC minutes while the UK elections on Thursday also keep them on the edge. US ADP data eyed as well.
Gold eyes a range breakout, as Fed Minutes looms
Gold price is trading around a flatline near $2,330 early Wednesday, as traders consider the recent US jobs data and Federal Reserve Chairman Jerome Powell’s speech, bracing for yet another busy US calendar.
Bitcoin struggles around $64,000 level
Bitcoin faces resistance near the $64,000 daily level, leading to a 1.05% decline in trading on Wednesday. Ethereum and Ripple similarly encounter resistance, resulting in 1% and 0.5% declines, respectively.
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