Market Overview The crypto market cap fell by another 0.4% to $3.87 trillion. The market is plunging below the former resistance level, raising speculators’ fears of a possible major correction towards $3.6 trillion. Bitcoin fell to $114.7k, rolling back to levels seen two weeks ago and below the medium-term trend line, which is a 50-day … Read more

AUDUSD remains in a sideways mode for the third straight day, with near term price action moving within a narrow daily cloud. Upticks above cloud top (0.6512) were repeatedly capped by daily Kijun-sen (0.6522) that resulted in attack at cloud base (0.6474, also Fibo 61.8% of 0.6419/0.6568 upleg), which so far contained dips. No clear … Read more

Headline CPI inflation for July came in at 1.7% year-on-year (y/y), cooling from the 1.9% in June and below expectations for a 1.8% y/y print. Gasoline prices falling 0.7% on the month on lower geopolitical tensions and increased OPEC+ output were a drag on the index. Shelter price inflation rose for the first time since … Read more

Markets This morning’s mediocre Japanese 20-y government bond auction and yesterday’s meeting in the White House on Ukraine were potential drivers for any directional market action today. Quod non. Japanese yields in the 10-y+ sector closed up to 4 bps higher, but the signal this time wasn’t picked up by markets outside the country. US, … Read more

The morning NA session follows a quasi-dead European overnight trading. This tends to happen when a lack of data adds to the Summer trading when volumes are typically subdued. The Dollar Index had been in the middle of many headwinds, as per usual. After a stellar July followed by and N-shaped (for nope) downward spiral … Read more

Key Highlights Gold corrected gains after it failed to clear the $3,400 resistance. A major bearish trend line is forming with resistance at $3,345 on the 4-hour chart. WTI Crude Oil prices declined below the $63.20 support zone. EUR/USD is consolidating above the 1.1600 support zone. Gold Price Technical Analysis Gold prices failed to settle … Read more

The RBNZ reduced the OCR by 25bps to 3.00% as expected. But the forward guidance was very dovish – 1.5 cuts by year end are projected. The decision was reached following a 4 – 2 vote on the options of a 25bp vs 50bp cut – emphasising the significant shift in strategy. The RBNZ unexpectedly … Read more

 In focus today The minutes from FOMC’s July meeting will be released this evening but given that the meeting was held before the latest weak Jobs report, markets’ main focus remains on the timelier Fed commentary. Inflation data will be interesting to gauge after investors have backed off bets on further rate cuts from the … Read more

A selloff across US Big Tech names dampened market mood yesterday, triggered largely by mounting doubts over the AI boom. An MIT report revealed that 95% of companies investing in generative AI have yet to see returns, while OpenAI CEO Sam Altman himself warned that some sector valuations were “insane.” The comments may have been … Read more

Markets Markets initially looked on track for yet another session of summertime technical trading yesterday, counting down to Friday’s Jackson Hole address of Fed Chair Powell. European equities outperformed (EuroStoxx 50 +0.89%) as markets pondered progress in talks to end the war between Russia and Ukraine. (EMU) yields initially maintained recent gains. However, in US … Read more