Kathy Lien
BK Asset Management
Will the July Nonfarm Payrolls report disappoint, sending stocks and the US Dollar lower? Let's take a look at what the signal is from the other labor market indicators because forex fundamentals matter for trading.
Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.
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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.