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The Fed leaves rates unchanged, as expected. Focus now shifts to Powell’s press conference – LIVE
As largely anticipated by market participants, and in an unanimous vote, the US Federal Reserve maintained its policy rates unchanged at its event on Wednesday. The Fed announced a reduction in the balance sheet runoff pace and highlighted lack of progress in inflation.
EUR/USD climbs to daily highs on steady FOMC
The selling bias in the Greenback remained unchanged after the Federal Reserve left its interest rates unchanged on Wednesday, sending EUR/USD to daily highs near the 1.0700 barrier.
GBP/USD regains its smile after the Fed leaves rates unchanged
The resumption of the upward pressure lifts GBP/USD back above 1.2500 the figure, partially trimming Tuesday’s strong retracement and bouncing off earlier lows near 1.2470.
Gold accelerates its gains on unchanged rates by the Fed
The precious metal maintains its constructive stance near the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.
DEEPER DIVE
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture.
Building the future
There is a construction boom underway that is quietly transforming the production capabilities and other aspects of the US economy. The fastest-growing category within nonresidential construction in recent years has been manufacturing.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
XAU/USD battles to extend gains beyond $2,300 Premium
Gold bottomed at $2,281.56 early on Wednesday, as demand for the US Dollar extended at the beginning of the day amid a dismal mood. Speculative interest turned risk-averse on Tuesday following the release of the higher-than-anticipated United States (US) Q1 Employment Cost Index, which fueled concerns about persistent inflationary pressure. As a result, Wall Street turned red, while government bond yields rallied, with the 2-year Treasury note hitting its highest since last November.
Conditions worsened on Wednesday, as most major markets closed due to the Labor Day Holiday. Canada and the US, however, work normally as they celebrate such a holiday on a different date. American stock markets remain under pressure, reflecting continued concerns. At the same time, demand for the Greenback eased following dismal US data and ahead of the Federal Reserve (Fed) monetary policy announcement, sending investors back into Gold. XAU/USD recovered the $2,300 threshold and trades near a daily high of $2,310.35.
CRYPTOCURRENCIES
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
THE STOCK OF THE DAY
MULN experiences second straight session of double-digit gains Premium
Mullen Automotive receives $45K subsidy from California per electric semi-truck. Subsidy is point-of-sale and could push Mullen THREE cost down to $17,000. MULN stock rose 81% on Monday on the news. Mullen stock rally continues on Tuesday with early gains.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium
The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level. The US Dollar lost its appeal following discouraging US macroeconomic data indicating tepid growth and persistent inflationary pressures.
GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium
Pound Sterling witnessed a negative start to the week despite the return of risk appetite on ebbing fears over a wider regional conflict in the Middle East.
US Dollar: Decline expected to moderate ahead of Fed and NFP Premium
A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
Gold: Strength of $2,300 support is an encouraging sign for bulls Premium
Gold (XAU/USD) price started the week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the euro. Chinese PMIs and New Zealand employment to be watched too.
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