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AUD/USD stays directed toward 0.6700 after strong Aussie data, weak China's PMI
AUD/USD holds higher ground toward 0.6700 in Asian trading on Wednesday. The pair finds fresh bullish impetus after the Australian Retail Sales data beat estimates with 0.6% YoY in May. Weak China's Caixin Services PMI data fails to deter Aussie buyers. Eyes turn to US data and Fed Minutes.
USD/JPY extends gains above 161.50 ahead of US data, Fed Minutes
USD/JPY trades on a stronger note above 161.50 after reaching a new high for this move near 161.75 during the early Asian trading hours on Wednesday. Market players remain focused on the possible Japanese FX intervention, which could cap the pair’s upside. US data and Fed Minutes awaited.
Gold price remains confined in a range below 50-day SMA, FOMC minutes in focus
Gold price continues with its struggle to gain any meaningful traction on Wednesday. Traders seem reluctant and prefer to wait for more cues about the Fed’s rate-cut path. Investors look to FOMC minutes for some impetus ahead of the NFP report on Friday.
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Meme coin generation platform Pump.fun outperformed the Ethereum blockchain in daily revenue on Tuesday after raking in $1.99 million. Following this achievement, a celebrity meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
Benefit of the doubt: US consumer confidence and elections
Despite widespread expectation for the US economy to be in recession in 2024, that fate has been avoided thanks to a resilient consumer. Yet it is difficult to square this undaunted spending with consumer confidence and sentiment readings that are lackluster at best.