Articles

Gold price surges over 1.3% as soft US inflation data fuels rate cut hopes

June 15, 2024 04:49   FXStreet   Market News  

  • Gold soars above $2,330 as investors bet on Fed rate cuts later this year.
  • Risk aversion due to European political turmoil boosts demand for safe-haven assets like gold.
  • US Consumer Sentiment dips in June, inflation expectations remain above Fed’s 2% target.
  • XAU/USD is underpinned by fall of 10-year US Treasury yield.

Gold’s price spiked during the North American session on Friday after inflation data in the United States (US) increased investors’ hopes of the Federal Reserve (Fed) cutting interest rates later this year. Additionally, risk aversion, spurred by Europe’s political uncertainty, triggered a flight to safety, bolstering the golden metal.

The XAU/USD trades at $2,333, gaining more than 1.30% after bouncing off daily lows of $2,301. Sentiment remains sour, yet US equities recovered some during the last hour of trading, with the Nasdaq up 0.28%, while the S&P 500 trims its earlier losses, shy of being flat on the day at -0.10%.

On the data front, US Consumer Sentiment deteriorated in June, while inflation expectations for one and five years remained above the Fed’s 2% goal. Meanwhile, US inflation data revealed during the week was cheered by investors, who still bet that the US central bank will slash rates twice instead of just once, as policymakers projected.

Data from the Chicago Board of Trade (CBOT) shows traders expect 39 basis points (bps) of easing during the year via December’s 2024 fed funds rate contract.

The US 10-year Treasury note yield dropped three bps to 4.211%, a tailwind for the non-yielding metal, shrugging off China’s bullion purchasing pause.

News that the People’s Bank of China paused its 18-month bullion buying spree weighed on the precious metal. PBOC holdings held steady at 72.80 million troy ounces of Gold in May.

Daily digest market movers: Gold price strengthens amid strong US Dollar

  • US Dollar Index (DXY) increased by 0.28% to 105.53, capping Gold prices.
  • University of Michigan Consumer Sentiment Index fell to 65.6 in June from 69.1, missing the consensus estimate of 72. This marks the lowest level of sentiment in seven months.
  • Inflation expectations for the next twelve months are projected to remain unchanged at 3.3%; while for the five-year period, inflation expectations are anticipated to decrease to 3.1%, down from the previous 3.3%.
  • On Wednesday, Fed Chair Jerome Powell stated that they are less confident about inflation than previously “in order to cut.” He added, “If jobs are to weaken unexpectedly, the Fed is ready to respond.” When asked about the US CPI report, Powell noted that it is just one report and emphasized the need to see the deflation process evolving toward the Fed’s goal.
  • Despite US CPI report showing disinflation process continuing, Fed Chair Jerome Powell commented that they remain “less confident” about the progress on inflation.
  • Even though the latest US CPI and PPI reports were weaker than expected, the latest NFIB Small Business Optimism Index survey for May showed that businesses are struggling with higher prices and access to cheap financing.

Technical analysis: Gold price sellers regain control as prices are headed toward $2,300

Gold price is neutral to downwardly biased as the Head-and-Shoulders chart pattern remains in place, suggesting the stage is set for further downside. Although momentum shows buyers’ recovery, the Relative Strength Index (RSI) remains bearish, suggesting that the uptrend could be short-lived and open the door for further losses.

If Gold extends its gains past the June 7 cycle high of $2,387, it will be ready to test the $2,400 figure. Conversely, if XAU/USD drops below $2,300, the first support would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie beneath, as sellers would eye the Head-and-Shoulders chart pattern objective at around $2,170 to $2,160.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

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Ethereum could sustain range-bound move following SEC Chair’s uncertainty over ETH status

June 15, 2024 04:49   FXStreet   Market News  

  • Ethereum will host traditional market participants’ tokenization efforts as they look to avoid liquidity fragmentation.
  • SEC Chair Gensler maintains uncertain position when asked if ETH is a commodity.
  • Ethereum may sustain range-bound movement in the short term.

Ethereum’s (ETH) price failed to record any gain on Friday, as its down by about 1.4%. This follows recent comments from a key BlackRock executive suggesting Ethereum will be the home of upcoming tokenization efforts from traditional market participants.

Daily digest market movers: Tokenization on Ethereum, ETH commodity question

In a panel discussion at a Coinbase event on Thursday, BlackRock’s CIO of ETF and Index Investments, Samara Cohen, suggested that permissioned blockchains won’t scale.

She mentioned that traditional market participants are gearing their tokenization efforts toward building on open-source Ethereum in order not to fragment liquidity, according to VanEck’s Matthew Sigel.

Also read: Ethereum poised for recovery following increased exchange outflows

“If you’re serious about open-source, you can’t not build on Ethereum,” Sigel stated.

Meanwhile, at a Senate hearing on Thursday, Securities & Exchange Commission (SEC) Chair Gary Gensler seemed to maintain an uncertain position when questioned whether ETH is a commodity. He failed to give a yes or no response again. At the same hearing, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam reiterated that ETH is a commodity. This comes after Gensler confirmed that the SEC will likely approve spot ETH ETF S-1s over the summer.

Many speculated that the SEC had begun considering ETH as a commodity after the 19b-4 approval of spot ETH ETFs. However, Gensler’s recent position has caused doubts among crypto community members.

Read more: Ethereum breaches key support, receives ‘digital oil’ tag from world’s largest bank

Nate Geraci, President of The ETF Store, also expressed dissatisfaction at how long it took the SEC to approve spot ETH and BTC ETFs despite allowing investors to purchase the underlying assets through publicly-traded companies like Coinbase and Robinhood.

Bloomberg analyst Eric Balchunas replied that these products should have been approved ten years ago.

ETH technical analysis: Ethereum may sustain range-bound move

Ethereum is trading around $3,417 on Friday as it has yet to recover from losses experienced in the last 24 hours.

As stated in a previous analysis, in the short term, ETH may not see any substantial price action, but traders expect higher volatility in the coming months. However, QCP analysts noted that higher Ether volatility premiums over Bitcoin will eventually decline as the market prices in spot ETH ETF S-1 approval.

“Currently[,] ETH volume is trading at a 10 volume premium to Bitcoin, and we expect the spread to narrow with ETH overwriters returning as we wait in anticipation of an S-1 Form approval late summer,” wrote QCP analysts.

Greekslive data from WuBlockchain also confirms that long traders are becoming more cost-effective as the short-term outlook appears gloomy.

“200,000 ETH options expired with a Put Call Ratio of 0.36, a max pain of $3,600 and a notional value of $710 million. ETH each major short term implied volatility (IV) is below 60%, both have fallen to a lower level, the buyer is more cost-effective,” wrote WuBlockchain.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chart

As a result, ETH will likely maintain a range-bound movement between the $3,457 and $3,730 price levels in the coming weeks. If the crypto market experiences an unexpectedly bullish event, a further move to test the $3,900 resistance is expected.

Ethereum FAQs

Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.

Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.

Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.

Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.


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USD/JPY Price Analysis: Climbs steadily above 157.00

June 15, 2024 04:45   FXStreet   Market News  

  • USD/JPY trades at 157.36, up 0.22%, as BoJ keeps rates unchanged, weakening the JPY.
  • Technical outlook: RSI indicates bullish momentum, with key resistance levels at 158.25 and 158.44.
  • Support levels include the Tenkan-Sen at 156.00, June 12 low at 155.72, and Ichimoku Cloud low at 153.35/40.

The USD/JPY finishes the week on a higher note, registering gains of 0.22% on Friday after the Bank of Japan (BoJ) decided to hold rates unchanged, weakening the Japanese Yen (JPY). The Greenback strengthened due to risk aversion and the Wednesday Fed’s hawkish hold. The pair trades at 157.36 at the time of writing.

USD/JPY Price Analysis: Technical outlook

From a technical standpoint, the USD/JPY climbs steadily, with buyers remaining in charge, as depicted by the Relative Strength Index (RSI). Momentum shows that bulls are losing steam, yet the RSI remains bullish.

The USD/JPY climbed past 157.00, and despite breaching 158.00, buyers failed to hold to its gains above the latter, which could have opened the door for further gains. If they would like to extend their profits, they must clear June’s 14 high of 158.25 before challenging the April 26 high of 158.44, ahead of 159.00. A breach of that level would clear the path to test the year-to-date (YTD) high of 160.32.

Conversely, if USD/JPY slides beneath the Tenkan-Sen at 156.00, the next stop would be June 12 low of 155.72. A breach of the latter and the pair could tumble toward the 154.00 figure, before testing the Ichimoku Cloud (Kumo) low of 153.35/40.

USD/JPY Price Action – Daily Chart

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Forexlive Americas FX news wrap: European political turmoil on center stage

June 15, 2024 04:26   Forexlive Latest News   Market News  

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The Nasdaq closes at a new record high for the 5th consecutive day

June 15, 2024 04:18   Forexlive Latest News   Market News  

The NASDAQ index closed at a new record on Monday at 17192.53. It did the same on Tuesday, Wednesday, Thursday and again today to extend the streak of consecutive high close levels to five trading days.

The S&P was on a similar move this week, but close marginally lower today snapping it 4-day record close string.

Overall, however, both the S&P and NASDAQ indices are closing higher for the week. The Dow industrial average did not fare as well as it fell today and is closing lower for the week.

The final numbers are showing:

  • Dow Industrial Average average -57.94 points or -0.15% at 38589.15
  • S&P index -2.14 points or -0.04% at 5431.61
  • NASDAQ index rose 21.32 points or 0.12% at 17688.88

for the trading week:

  • Dow industrial average fell -0.54%
  • S&P index rose 1.58%
  • NASDAQ index rose 3.24% which was its largest weekly gain since April 22.

The small-cap Russell 2000 did not fare as well today or this week. On the day, the index fell -32.75 points or -1.61% at 2006.15. For the trading week, the index fell -1.00%:.

Some big winners this week included:

  • Broadcom, +23.35%. The company announced earnings and also a 10:1 stock split
  • Adobe +12.87%. They announced their earnings which beat expectations and raised guidance as well
  • CrowdStrike: +10.45%. They too announced better-than-expected earnings
  • Shopify, +9.87%
  • Super Micro Computer, +9.81%
  • Nvidia, +9.09%
  • Micron, +7.96%
  • Apple, +7.925 on the back of Worldwide Developers Conference. Technically, the stock broke outside its $165 to $200 trading range that has confined the pair since April 2023
  • Lam Research, +7.61%
  • Home Depot +6.04%
  • Palo Alto networks, +5.10%

Some big losers included:

  • Celcius -17.87%
  • Trump Media, -17.2%
  • Raytheon, -17.17%
  • Paramount, -15.32%.
  • Beyond Meat, -12.52%

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Ethereum fails to recover from market dump following Gensler’s uncertainty over ETH commodity status

June 15, 2024 04:17   FXStreet   Market News  

  • Ethereum will host traditional market participants’ tokenization efforts as they look to avoid liquidity fragmentation.
  • SEC Chair Gensler maintains uncertain position when asked if ETH is a commodity.
  • Ethereum may sustain range-bound movement in the short term.

Ethereum’s (ETH) price failed to record any gain on Friday, as it’s down by about 1.4%. This follows recent comments from a key BlackRock executive suggesting Ethereum will be the home of upcoming tokenization efforts from traditional market participants.

Daily digest market movers: Tokenization on Ethereum, ETH commodity question

In a panel discussion at a Coinbase event on Thursday, BlackRock’s CIO of ETF and Index Investments, Samara Cohen, suggested that permissioned blockchains won’t scale.

She mentioned that traditional market participants are gearing their tokenization efforts toward building on open-source Ethereum in order not to fragment liquidity, according to VanEck’s Matthew Sigel.

Also read: Ethereum poised for recovery following increased exchange outflows

“If you’re serious about open-source, you can’t not build on Ethereum,” Sigel stated.

Meanwhile, at a Senate hearing on Thursday, Securities & Exchange Commission (SEC) Chair Gary Gensler seemed to maintain an uncertain position when questioned whether ETH is a commodity. He failed to give a yes or no response again. At the same hearing, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam reiterated that ETH is a commodity. This comes after Gensler confirmed that the SEC will likely approve spot ETH ETF S-1s over the summer.

Many speculated that the SEC had begun considering ETH as a commodity after the 19b-4 approval of spot ETH ETFs. However, Gensler’s recent position has caused doubts among crypto community members.

Read more: Ethereum breaches key support, receives ‘digital oil’ tag from world’s largest bank

Nate Geraci, President of The ETF Store, also expressed dissatisfaction at how long it took the SEC to approve spot ETH and BTC ETFs despite allowing investors to purchase the underlying assets through publicly-traded companies like Coinbase and Robinhood.

Bloomberg analyst Eric Balchunas replied that these products should have been approved ten years ago.

ETH technical analysis: Ethereum may sustain range-bound move

Ethereum is trading around $3,417 on Friday as it has yet to recover from losses experienced in the last 24 hours.

As stated in a previous analysis, in the short term, ETH may not see any substantial price action, but traders expect higher volatility in the coming months. However, QCP analysts noted that higher Ether volatility premiums over Bitcoin will eventually decline as the market prices in spot ETH ETF S-1 approval.

“Currently[,] ETH volume is trading at a 10 volume premium to Bitcoin, and we expect the spread to narrow with ETH overwriters returning as we wait in anticipation of an S-1 Form approval late summer,” wrote QCP analysts.

Greekslive data from WuBlockchain also confirms that long traders are becoming more cost-effective as the short-term outlook appears gloomy.

“200,000 ETH options expired with a Put Call Ratio of 0.36, a max pain of $3,600 and a notional value of $710 million. ETH each major short term implied volatility (IV) is below 60%, both have fallen to a lower level, the buyer is more cost-effective,” wrote WuBlockchain.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chartAs a result, ETH will likely maintain a range-bound movement between the $3,457 and $3,730 price levels in the coming weeks. If the crypto market experiences an unexpectedly bullish event, a further move to test the $3,900 resistance is expected.

Crypto ETF FAQs


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US Dollar extends gains ahead of the weekend depsite soft UoM data

June 15, 2024 04:05   FXStreet   Market News  

  • DXY rally extends into Friday, hitting its highest level since early May.
  • Consumer Confidence from the UoM figures come in below expectations, dampening the market mood, but DXY maintains its daily gains.
  • US Treasury yields remain low, signaling a risk-off market environment.

On Friday, the US Dollar Index (DXY) shrugged off weak data releases and continued its positive traction. The Index now hovers around its highest level since early May near 105.80 and then retreated to 105.60 but held daily gains.

The economic outlook for the US remains a mixed bag. The Federal Reserve (Fed) continues to hold its economic activity revisions steady but revised its Personal Consumption Expenditures (PCE) estimates higher. Additionally, preliminary analysis suggests softening inflation but a resilient labor market, pushing the Fed to anticipate fewer rate cuts. On Friday,

Consumer Confidence data from the University of Michigan showed poor results that reached a seven-month low. This made the USD trim part of its daily gains as much of the US economy revolves around consumer spending.

Daily digest market movers: DXY holds the line after UoM data, markets adjust to Fed’s decision

  • On Wednesday, FOMC dot plot update shows median expectancy of only one rate cut for 2024.
  • Markets were previously anticipating between one or two rate cuts in 2024, but this altered after the Fed announced its decision.
  • University of Michigan Consumer Confidence Index for the US has fallen from 69.1 in May to 65.6 in early June, which is below the market’s expectation of 72. This decline also reflected in the Current Conditions Index, falling from 69.6 to 62.5.
  • Consumer expectation index also fell slightly from 68.8 to 67.6. The five-year inflation outlook rose from 3% to 3.1%.

DXY technical analysis: Bulls continue to dominate, holding above SMAs

As of Friday’s session, the technical indicators maintain their positive outlook. The Relative Strength Index (RSI) remains above 50 and the Moving Average Convergence Divergence (MACD) continues to reflect green signaling bars. Furthermore, the index remains standing above its 20, 100 and 200-day Simple Moving Average (SMA). The combination of these factors strengthens the bullish outlook for the DXY.

 

Central banks FAQs

Central Banks have a key mandate which is making sure that there is price stability in a country or region. Economies are constantly facing inflation or deflation when prices for certain goods and services are fluctuating. Constant rising prices for the same goods means inflation, constant lowered prices for the same goods means deflation. It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve (Fed), the European Central Bank (ECB) or the Bank of England (BoE), the mandate is to keep inflation close to 2%.

A central bank has one important tool at its disposal to get inflation higher or lower, and that is by tweaking its benchmark policy rate, commonly known as interest rate. On pre-communicated moments, the central bank will issue a statement with its policy rate and provide additional reasoning on why it is either remaining or changing (cutting or hiking) it. Local banks will adjust their savings and lending rates accordingly, which in turn will make it either harder or easier for people to earn on their savings or for companies to take out loans and make investments in their businesses. When the central bank hikes interest rates substantially, this is called monetary tightening. When it is cutting its benchmark rate, it is called monetary easing.

A central bank is often politically independent. Members of the central bank policy board are passing through a series of panels and hearings before being appointed to a policy board seat. Each member in that board often has a certain conviction on how the central bank should control inflation and the subsequent monetary policy. Members that want a very loose monetary policy, with low rates and cheap lending, to boost the economy substantially while being content to see inflation slightly above 2%, are called ‘doves’. Members that rather want to see higher rates to reward savings and want to keep a lit on inflation at all time are called ‘hawks’ and will not rest until inflation is at or just below 2%.

Normally, there is a chairman or president who leads each meeting, needs to create a consensus between the hawks or doves and has his or her final say when it would come down to a vote split to avoid a 50-50 tie on whether the current policy should be adjusted. The chairman will deliver speeches which often can be followed live, where the current monetary stance and outlook is being communicated. A central bank will try to push forward its monetary policy without triggering violent swings in rates, equities, or its currency. All members of the central bank will channel their stance toward the markets in advance of a policy meeting event. A few days before a policy meeting takes place until the new policy has been communicated, members are forbidden to talk publicly. This is called the blackout period.

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Toncoin price looks poised for 24% rally

June 15, 2024 04:02   FXStreet   Market News  

  • Toncoin price breaks out of a cup and handle pattern, a bullish sign.
  • On-chain data suggests growing activity and interest within the TON’s ecosystem.
  • A daily candlestick close below $6.01 would invalidate the bullish thesis.

Toncoin (TON) price breaks out of a cup and handle pattern, a bullish continuation configuration. On-chain data indicates a surge in TON’s growing activity and interest could propel prices to surge by 24%.

Toncoin price forms bullish technical pattern

Toncoin price closed above the resistance level of the Cup and Handle pattern at $7.70 on Thursday, which signifies a bullish breakthrough. This pattern, crafted by TON’s price movements from mid-April to early June, delineates a U-shaped bottom formation, termed the cup, followed by a smaller U-shaped bottom known as the handle.

This breakout of a bullish continuation pattern forecasts a 41% rally to $10.86, obtained by adding the depth of the cup to the breakout point.

Considering the current market conditions, this outlook is extremely bullish and is unlikely to be achieved. Investors can remain conservative and start booking profits around the 161.8% Fibonacci extension level at $9.61, drawn from a swing high of $7.70 on April 13 to a swing low of  $4.60 on May 1. This move would constitute a 24% gain.

TON/USDT 1-day chart

TON/USDT 1-day chart

Additionally, crypto intelligence tracker DefiLlama data shows that TON’s Total Value Locked (TVL) has increased from $420.47 million on June 8 to an all-time high of $569.45 million on June 14.

This 35% increase in TVL indicates growing activity and interest within the TON ecosystem. It suggests that more users are depositing or utilizing assets within TON-based protocols, adding further credence to the bullish outlook.

TON TVL chart

TON TVL chart

Even though the on-chain metric and technical analysis point to a bullish outlook, if TON’s produces a daily candlestick close below $6.01, the daily support level, the move would invalidate the bullish thesis by producing a lower low on the daily time frame. This development could see Toncoin’s price fall 23% to the weekly support level of $4.60.


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Elections chase out EUR spec longs

June 15, 2024 03:56   Forexlive Latest News   Market News  

It’s no surprise that euro longs are bailing with all the turmoil in France. We saw how much in the latest CFTC data, which covers futures up to Tuesday’s close.

Net spec longs fell to 44K contracts from 67K. I wouldn’t be surprised if more cashed out later this week due to the pain hitting French bonds.

The other notable moves in the IMM report were large jumps in AUD spec shorts and particularly in CAD spec shots which jumped to 129K from 92K.

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Top meme coins DOGE, SHIB, PEPE and WIF extend losses as crypto market slump continues

June 15, 2024 03:49   FXStreet   Market News  

  • DOGE has declined over 16% in the past week.
  • SHIB, PEPE, WIF have seen more than 20% losses in the weekly timeframe.
  • Beercoin continues downward spiral hours after suspected insider activity.

Top meme coins continued a second consecutive day of losses on Friday as the crypto market has yet to recover from the impact of the Federal Reserve’s (Fed) rate decision.

DOGE, SHIB, PEPE and WIF bows into weekend

During periods of extended market gains, meme coins have proven to be among the largest gainers, as the March meme coin frenzy revealed. Consequently, these tokens also suffer sharp declines during market slumps, as their recent price performance reveals.

Read more: Andrew Tate’s DADDY meme coin dethrones Iggy Azalea’s MOTHER after 450% surge

Dogecoin (DOGE) has witnessed over a 6% decrease on the day, extending its weekly losses to about 16%. DOGE is currently trading around $0.134. If the market decline persists, the $0.115 price level provides support based on on-chain data. According to data from IntoTheBlock, investors historically purchased 46 billion DOGE at an average price of $0.115, the meme coin’s largest accumulation price zone. Hence, it could provide the needed cushion to prevent a further decline.

If DOGE begins trending upward, it could face resistance around the $0.16 price level, at which investors bought over 18 billion DOGE tokens.

DOGE Global In/Out of the Money

DOGE Global In/Out of the Money

Shiba Inu (SHIB) has declined 8% in the past 24 hours and is now 20% down on the weekly timeframe.

Also read: Base meme coins bleed, with BRETT, BENJI, CHOMP, KEYCAT posting double-digit losses

The $0.000016 price level could prove a crucial support as it’s the largest accumulation zone of SHIB, where investors acquired about 469 trillion SHIB tokens.

SHIB Global In/Out of the Money

SHIB Global In/Out of the Money

PEPE is down more than 10% on the day, increasing its weekly losses by about 22%. PEPE’s increased weekly losses can be traced to a $174 million spike in volume on June 11, potentially from sellers.

Solana-based dogwifhat (WIF) plunged 9% in the last 24 hours, extending its weekly loss to 20%.

Read more: Top trending meme coins PEPE, BOME, TRUMP: Bearish signs persist

Meanwhile, the recently launched Solana meme coin Beercoin continued its downward spiral, taking a 15% loss on Friday. BEER is now down 56% from its all-time high of $0.0005704, reached on June 10. The decline follows an X post from crypto analyst @WazzCrypto alleging that the team/insiders cashed out $15 million worth of BEER after its listing on crypto exchange Bybit.

Lookonchain also reports that a BEER pre-sale participant cashed out a $1.3 million profit after selling 4.6 billion BEER tokens.


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RBC expects another Bank of Canada rate cut in July

June 15, 2024 03:46   Forexlive Latest News   Market News  

Macklem

RBC says the decision for the Bank of Canada to cut rates as the country has underperformed global peers on a per-capital basis for more than a year. Theyalso say that’s why it’s easier to envision the BOC on a sharper path of easing than other G10 central banks.

They envision the Bank of England cutting in August but expect a slow pace after that, with only 100 bps by the end of 2025 and a similar pace from the ECB. They don’t see the Fed easing until December.

For the Bank of Canada, they envision a second 25 basis point cut in July, something I talked about yesterday on BNNBloomberg.

Market pricing currently reflects 55 basis points in further easing in Canada this year.

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Australia CFTC AUD NC Net Positions fell from previous $-51.3K to $-64.8K

June 15, 2024 03:45   FXStreet   Market News  

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