Chris Turner
ING Economic and Financial Analysis
Central and Eastern Europe has been withstanding the slowdown in Western Europe very well. But will the good times last? ING's Head of FX Strategy, Chris Turner, has answers to that. Watch how he explains the main points of his team's big report, 'Directional Economics: Why CEE is withstanding the European slowdown'.
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EUR/USD retreats below 1.0900 after US data
EUR/USD stays under modest bearish pressure and trades below 1.0900 in the second half of the day on Tuesday. The US Dollar holds its ground following the Retail Sales data for June, making it difficult for the pair to regain its traction.
GBP/USD loses traction, drops to 1.2950 area
GBP/USD struggles to keep its footing and trades in negative territory at around 1.2950 in the American session. June Retail Sales data from the US helps the US Dollar stay resilient against its rivals, not allowing the pair to build on previous week's gains.
Gold climbs to multi-week highs above $2,440
Gold gathers bullish momentum and trades at its strongest level since late May above $2,440. The benchmark 10-year US Treasury bond yield loses more than 1% on the day below 4.2%, helping XAU/USD push higher on Tuesday.
Bitcoin price consolidates near $62,000 despite liquidation of $71.02 million in short position and surge in Open Interest
Bitcoin (BTC) sees a 3% price decline on Tuesday, trading around the $63,000 level at the time of writing. On-chain data shows a liquidation of $71.02 million in short positions and a rise in open interest.
ECB bank lending survey shows only modest pickup in expected loan demand
While the economy has returned to growth and interest rates are coming down, loan demand is only modestly improving as bank credit standards remain tight. For the ECB, there is nothing in the data that moves the needle for coming rate cuts.