Bitcoin and Ethereum fall amid profit taking

Bitcoin and Ethereum fall amid profit taking Prices of both bitcoin and ethereum sank on Monday, as investors appeared to take profit on the recent rally that has seen both cryptocurrencies touch record highs. On the U.S.-based GDAX exchange, BTC/USD fell to $2,288.1, down $192.5 or 7.76%. Other big exchanges such as Poloniex, Bitfinex and…

Dollar turns positive despite downbeat economic data

Dollar turns positive despite downbeat economic data The dollar moved into positive territory against a basket of global currencies, despite dwindling investor confidence of stronger U.S. second-quarter economic growth, after economic data undershot expectations. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.07% to…

Gold Stabilizes After Week Starts With Losses

Gold is showing little movement in the Tuesday session, after falling 0.87% on Monday. In North American trade, spot gold trading at $1243.60 per ounce. On the release front, the current account deficit increased to $117 billion, but this beat the forecast of $124 billion. On Wednesday, the US will release Existing Home Sales and…

Lazy Days Of Summer – Not So

Lazy Days Of Summer – Not So Those lazy days of summer are about to turn into the hazy, crazy days of summer given the abundance of risk narratives that lie ahead. Risk aversion reared its ugly head on Tuesday as headline risk reminded us that of what lies ahead and what key drivers will…

Dudley Do-Right For The Dollar Bulls

Dudley Do-Right For The Dollar Bulls Dudley Do-Right for the dollar bulls In the absence of any meaningful economic data overnight, the market’s focus was on Fed member Dudley who bolstered the case for Fed policy normalisation. Hitting the right chords and sounding dismissive about the recent slowdown in inflation, an unrepentantly hawkish Dudley provided…

Market Preps For FOMC

The USD picture remains one of enduring weakness as the markets squares towards tomorrow’s FOMC meeting tonight where they are widely expected to deliver their second rate hike for the year. With the rate hike now 96% priced in focus will fall on the Fed’s forward guidance and importantly their views surrounding low inflation and…