- #EUR/USD# is falling toward 1.0800, under renewed selling in the European trading hours. The pair is weighed by a modest US Dollar recovery, despite sluggish US Treasury bond yields. US jobs and sentiment data awaited.
- The Pound Sterling (GBP) recovery faltered on Tuesday despite hopes that an interest rate hike of 25 basis points (bps) by the Bank of England (#BOE#) at its September monetary policy meeting will neutralize the Federal Reserve-BoE divergence. The revival move in the GBPUSD pair faded as further policy tightening by the BoE will dampen the economic outlook.
- Pound Sterling faces an intense sell-off near 1.2630 after a recovery move from 1.2550 as the market mood dampens. The recovery move in the Pound Sterling was not backed by any strong economic trigger, therefore, the move faded now. The 20 and 50-day Exponential Moving Averages (EMAs) have delivered a bearish crossover, which indicates that the overall trend is bearish. The Cable is expected to find support near the 200-day EMA, which trades around 1.2483.
- #AUD/USD# has come under intense selling pressure and lost nearly 30 pips to test 0.6450 after the Australian CPI inflation fell more than expected in July. The Aussie data douses expectations of any further RBA tightening. All eyes are now on key US data.
- #USD/JPY# is recovering above 146.00 early Wednesday, having posted the biggest daily loss in a week on Tuesday. The pair is capitalizing on the dovish BoJ Tamura's commentary and a fresh US Dollar rebound. Focus shifts to top-tier US economic data.
- #gold# lacks upside momentum at the highest level in three weeks, making around $1,937-38 of late, as traders seek more clues to confirm the dovish bias about the US Federal Reserve (Fed) that gained momentum after the previous day’s downbeat US data.
- Dogecoin price is up 5% in the last 24 hours, liquidating up to $1.88 million in short positions.
- The uptick follows a positive development in the Grayscale vs. SEC case and news of X adding crypto payments.
- DOGE could rise 10% to $0.0723 or fall 5% to immediate support at $0.0625, with 52% of holders incurring losses.
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