Dale J Pinkert
Independent Analyst
In today's TradeGATEHub Live Trading session, Coach Dale delves into the dynamics of the financial markets with Michael. Coach discusses the dollar's unexpected weakness despite the recent Bank of England rate cut and shares his perspectives on the market's potential rebound. Michael, on the other hand, highlights the option activities that have caught his attention and reviews the trading strategies he's implemented in anticipation of the upcoming Non-Farm Payroll (NFP) report. This session offers valuable insights for traders looking to navigate through current market conditions.
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EUR/USD resumes slide and nears intraday lows
The US Dollar resumed its advance after discouraging US data and as Wall Street turned south. EUR/USD accelerates below 1.0800 as recession signs outpace hopes for upcoming rate cuts.
GBP/USD accelerates its decline and flirts with 1.2750
The prevailing risk-off tone in the broader FX world weighs on the British pound and its peers, sending GBP/USD back to the area of four-week lows near 1.2750.
Gold consolidates gains around $2,450
After falling to $2,430 earlier in the day, Gold regains its traction and trades at around $2,450 in the American session. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 4% after weak US data, allowing XAU/USD to hold its ground.
Crypto Today: Bitcoin holders accumulate without fear, Ethereum struggles while XRP holds gains steady
Bitcoin long-term holders have continued to accumulate BTC consistently in the last two months. Ethereum hovers around $3,100, struggles to make a comeback to resistance at $3,500.
Bank of England cuts rates and there are more to come this year
The Bank of England is staying tight-lipped on when it expects to cut rates again. But we think better news on services inflation and wage growth can unlock one, or more likely two rate cuts by year-end.