FX Handover: Gold Bucks Its Parabolic Trend, Bitcoin Cracks 12k

A summary of news and snapshot of moves from today’s Asia session.

  • The US dollar remains supported after comments from Powell and Bullard were perceived as less dovish than feared. The weak lead from Wall Street also weighed on Asian equity markets early on.
  • NZD is the strongest major after RBNZ held rates and provided only a slightly dovish statement. Still, it paves the way for an August cut with key employment and inflation data arriving just ahead of their next meeting.
  • Slight improvement to risk appetite saw gold fall -1.3%, currently its most bearish session in 3 months. USD/CNH nudged its way up to a 5-day high. JPY is the weakest major.
  • China has suspended Canadian meat imports from select companies with immediate effect.
  • A Senior administration official says Washington will not accept any conditions around the US use of tariffs in trade talks.
  • Bitcoin racks $12k to reach its highest level since January 2018.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.