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AUD/USD defends 0.6500 amid subdued USD price action
AUD/USD finds support near 0.6500, albeit without bullish conviction. Dovish Fed expectations, along with a fresh leg down in US Treasury bond yields, undermine the USD. The pair's upside remains capped in the wake of China's economic woes, concerns about a possible US recession, geopolitical tensions, and a weaker risk tone.
USD/JPY hovers around 146.00 after BoJ Summary of Opinions
The USD/JPY pair hovers around 146.05 after retreating from a weekly high of 147.90 during the early Asian trading hours on Thursday. The downtick of the pair is backed broadly by the softer US Dollar and the safe-haven flows.
Gold price holds steady around $2,385 area; bullish potential intact
Gold price oscillates in a range amid subdued USD price action during the Asian session on Thursday. Furthermore, bets for bigger interest rate cuts by the Fed, declining US Treasury bond yields, escalating geopolitical tensions in the Middle East and a weaker risk tone suggest that the path of least resistance for the XAU/USD is to the upside.
Ethereum's decline could prove slingshot effect following ETF inflows, buy signal across technical indicators
Ethereum is down more than 5% on Wednesday after a potentially wrongly interpreted on-chain activity sparked fears of a $2 billion ETH supply flooding the market. While the outlook is bearish, ETF investors could force an ETH rally amid potential bullish divergence signs in technical indicators.
More effort needed to restore confidence
Investors tried to do everything they could with the news the BoJ wouldn’t be looking to raise rates again while markets were unstable. There has been a lot of worry around massive carry unwind back into the Yen, something that has been a major drag on US and global equities.