France PMI Manufacturing dropped sharply from 54.6 to 51.0 in June, well below expectation of 53.8. That’s the lowest level in 19 months. PMI Services dropped from 58.3 to 54.4, below expectation of 57.5, lowest Read more…
The tug of war in Bitcoin near the psychologically important $20K continues. After losing 4.7% to $19.9K on Wednesday, the first cryptocurrency returned to $20.4K on Thursday morning. Ethereum is down 1.2% to $1085 in Read more…
AUDUSD has been underperforming over the last week as it failed to surpass the short-term simple moving averages (SMAs). The price is currently diving beneath the 0.6900 round number, and it appears ready to retest Read more…
WTI oil futures (August delivery) lost almost 5% on Wednesday, tumbling to a six-week low of $101.53 before closing the day off its lows. The bearish action breached the support trendline, which joined the lows Read more…
EUR/USD Following the unsuccessful test of the support level at 1.0460, the bulls entered the market and we witnessed an impulsive upward movement that was limited at the psychological level at 1.0600. If the EUR/USD Read more…
American stocks wavered on Wednesday as Jerome Powell testified before a Senate committee. In the statement, Jerome Powell warned that the battle to fight inflation could lead to higher interest rates and even a recession. Read more…
WTI crude remains under pressure over fears of recession. A fall below the daily support at 109.00 triggered a new round of liquidation. After a clean cut through the 30-day moving average, the demand area Read more…
Markets It was outright risk-off yesterday. The inflation scare traded for recession fears – a pattern we’ve observed before. Fed chair Powell did little to alleviate these concerns. In his testimony before Congress he reiterated Read more…
Market optimism couldn’t survive to Jerome Powell’s testimony yesterday, as he said that a recession is possible, and that calling a soft landing is ‘very challenging’ under the current circumstances. More worryingly, Powell mentioned another Read more…
Federal Reserve Chairman Jerome Powell’s semi-annual testimony on Capitol Hill was the centre of attention overnight. Mr Powell finally dispensed with soft landings, describing them as challenging, and instead said that a recession is “certainly Read more…