Articles
What has changed after the US CPI report?
402038 July 14, 2024 01:14 Forexlive Latest News Market News
Yesterday,
we
got
some
goldilocks
US
data
with
another
soft
US
CPI
report
and
good
US
Jobless
Claims.
First
of
all,
better
than
expected
jobless
claims
should
quell
fears
of
a
deteriorating
labour
market,
at
least
in
the
short
term.
One
thing
to
note
is
that
the
data
might
have
been
distorted
by
the
shorter
week
as
we
had
Independence
Day
last
week.
Nonetheless,
the
next
week
release
should
give
a
better
picture.
US
Jobless
Claims
The
US
CPI,
on
the
other
hand,
surprised
to
the
downside
and
it
was
good
news
across
the
board.
Moreover,
we
saw
further
easing
in
the
policy
sensitive
OER
measure
with
the
Y/Y
rate
easing
to
5.4%
and
the
3-month
annualised
rate
to
3.6%.
The
Cleveland
Fed
new
tenant
index
is
considered
a
leading
indicator
and
it
points
to
further
easing
in
the
months
ahead.
Below
you
can
see
the
changes
in
various
measures.
CPI
measures
The
market
is
now
basically
certain
that
we
will
get
a
rate
cut
in
September
and
December,
but
it
has
also
started
to
price
in
a
third
cut
in
November.
There
are
some
speculations
that
the
Fed
might
even
cut
rates
in
July
but
I
think
that’s
out
of
the
equation.
I
can
see
the
Fed
cutting
rate
in
July
only
if
initial
claims
spike
big
in
the
next
weeks
or
the
stock
market
crashes
like
in
2018
signalling
a
possible
policy
mistake.
It’s
highly
likely
though
that
the
Fed
will
be
dovish
in
July
and
if
we
get
another
benign
CPI
report
in
August,
Fed
Chair
Powell
will
deliver
a
rate
cut
in
August
by
pre-committing
to
a
cut
in
September
at
the
Jackson
Hole
Symposium.
September
will
just
be
a
formality,
but
if
the
data
will
give
them
even
more
confidence,
then
they
will
be
able
to
ease
conditions
even
more
with
a
dovish
SEP.
The
current
estimate
for
the
Core
PCE
Y/Y
measure
is
2.4%,
which
would
be
very
good
news
for
the
Fed.
We
will
see
how
the
estimate
will
change
today
after
the
US
PPI
data.
ForexLive European FX news wrap: Japanese yen settles down after big swings
402036 July 14, 2024 00:14 Forexlive Latest News Market News
Headlines:
Markets:
-
GBP
leads,
JPY
lags
on
the
day -
European
equities
higher;
S&P
500
futures
flat -
US
10-year
yields
up
2.5
bps
to
4.218% -
Gold
down
0.6%
to
$2,400.77 -
WTI
crude
up
0.9%
to
$83.35 -
Bitcoin
down
0.5%
to
$57,250
It
was
a
much
calmer
session
following
the
big
swings
after
the
US
CPI
report
yesterday
and
in
part
in
Asia
trading
today
as
well.
The
Japanese
yen
stole
the
spotlight
after
Tokyo
decided
to
intervene
yesterday,
in
what
was
a
rather
unorthodox
move
on
their
part.
USD/JPY
continued
to
swing
in
Asia
trading
but
ultimately
settled
down
when
we
got
to
European
morning
trade.
The
pair
hugged
levels
around
159.00-30
for
the
most
part,
even
as
BOJ
data
suggested
that
Japan
did
step
into
the
market.
Besides
that,
the
dollar
was
a
touch
softer
across
the
board.
EUR/USD
is
up
0.2%
to
1.0890
and
GBP/USD
up
0.4%
to
1.2960
in
a
light
extension
to
the
post-CPI
moves.
As
for
the
broader
market
mood,
it
was
more
tentative
to
some
degree.
S&P
500
futures
remain
flattish
as
we
get
into
earnings
season.
JP
Morgan
topped
Q2
revenue
estimates
while
Wells
Fargo
reported
a
miss
amid
a
decline
in
net
interest
income.
In
Europe,
stocks
remain
modestly
optimistic
in
keeping
the
rebound
over
the
last
two
days.
Elsewhere,
bond
yields
are
up
slightly
after
the
overnight
fall
with
10-year
yields
in
the
US
still
holding
at
the
June
low
of
4.19%.
As
for
commodities,
gold
and
silver
are
both
pulling
back
wit
the
former
dragged
back
towards
$2,400
while
the
latter
is
down
over
2%
to
$30.69
on
the
day.
PPI and UMich consumer sentiment highlight the agenda today
402030 July 13, 2024 23:40 Forexlive Latest News Market News
AI
image
Happy
Friday.
The
Fed
calendar
is
bare
today
but
we
will
get
a
couple
of
notable
releases:
-
8:30
am
ET
PPI -
10
am
ET
Umich
prelim
consumer
sentiment
I
can’t
see
PPI
being
a
market
mover
but
a
hot
reading
would
at
least
stall
the
momentum
that
has
Fed
funds
pricing
in
61
bps
of
easing
by
year
end.
UMich
is
a
poorly-built
economic
indicator
but
there
is
a
growing
focus
on
the
consumer
right
now
so
the
market
could
run
with
a
miss
in
either
direction
from
the
68.5
consensus.
The
inflation
expectations
number
will
also
be
notable.
For
Canada,
May
building
permits
at
8:30
am
ET
are
expected
to
fall
5.9%
after
a
20.5%
jump
in
April.
There
is
clearly
some
cooling
in
the
housing
market
underway
but
the
market
is
more-focused
on
pricing
than
construction.
XRP Army celebrates first anniversary of Judge Torres ruling, XRP rallies 10%
402028 July 13, 2024 23:39 FXStreet Market News
-
XRP
traders
and
proponents
are
celebrating
the
first
anniversary
of
Judge
Torres’
ruling
that
served
as
a
partial
win
for
Ripple. -
Judge
Analisa
Torres
ruled
that
XRP
is
a
non-security
in
secondary
market
or
exchange
transactions,
on
July
13,
2023. -
XRP
extended
gains
by
nearly
10%,
rallying
to
$0.51
on
Saturday.
Ripple
(XRP)
rallied
nearly
10%
on
Saturday
as
the
community
of
XRP
holders
celebrated
the
one-year
anniversary
of
an
important
ruling
in
the
SEC
vs.
Ripple
lawsuit.
Judge
Analisa
Torres
had
declared
XRP
as
a
nob-security
in
the
lawsuit,
in
its
secondary
market
sales,
on
July
13.
XRP
trades
at
$0.5178,
at
the
time
of
writing.
Ripple
rallies
to
$0.51
as
XRP
Army
celebrates
lawsuit
ruling
Judge
Analisa
Torres
had
shed
light
on
XRP
Ledger’s
native
token’s
security
status
in
her
ruling
on
July
13,
2023.
In
the
ruling,
the
Judge
segregated
the
altcoin’s
secondary
market
sales
from
institutional
sales
and
noted
that
the
former
does
not
constitute
a
security.
In
a
recent
development
in
the
SEC
vs.
Binance
lawsuit,
Judge
Amy
Berman
Jackson
cited
Judge
Torres’
ruling
as
precedent,
further
cementing
Ripple’s
non-security
status.
XRP
proponent
attorney
Jeremy
Hogan
commented
on
the
judgment’s
anniversary
in
a
recent
tweet
on
X:
Happy
XRP
Day!In
memoriam
of
the
SEC’s
theory
that
a
digital
asset
somehow
remains
a
security
after
the
initial
sale.
RIP.
pic.twitter.com/q0jurGgdms—
Jeremy
Hogan
(@attorneyjeremy1)
July
13,
2024
XRP
rallies
10%,
highest
weekly
gains
in
a
year
Ripple
rallied
nearly
10%
on
Saturday,
the
altcoin
could
further
extend
gains
by
5.68%,
climbing
to
$0.5491,
the
lower
boundary
of
the
Fair
Value
Gap
(FVG)
as
seen
in
the
XRP/USDT
daily
chart.
XRP
faces
resistance
at
$0.5205,
the
38.2%
Fibonacci
retracement
level
of
the
decline
from
the
March
11
top
of
$0.7440
to
July
5
bottom
of
$0.3823.
The
green
bars
above
the
neutral
line
on
the
Moving
Average
Convergence
Divergence
(MACD)
indicator
support
the
bullish
thesis
and
signal
a
positive
underlying
momentum
in
XRP.
XRP/USDT
daily
chart
XRP
could
find
support
at
the
July
12
low
of
$0.4445
in
the
event
of
a
correction.
SEC
vs
Ripple
lawsuit
FAQs
It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.
The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.
The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.
The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.
The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.
Full Article
US June PPI +2.6% vs +2.3% expected
402027 July 13, 2024 23:15 Forexlive Latest News Market News
-
Highest
since
March
2023 -
Prior
was
+2.2%
y/y -
PPI
final
demand
+0.2%
m/m
vs
+0.1%
expected -
Prior
was
-0.2%
(revised
to
0.0%) -
PPI
ex
food/energy
+3.0%
vs
+2.5%
y/y
expected -
Prior
ex
food/energy
revised
to
2.6%
from
2.3% -
PPI
ex
food/energy
+0.4%
vs
+0.2%
m/m
expected -
Prior
ex
food/energy
+0.0%
(revised
to
+0.3%) -
Full
release
Well
this
is
a
curveball.
Had
it
come
before
CPI,
this
would
have
led
to
some
real
angst
but
now
the
market
is
left
scratching
its
head
about
where
inflation
is
landing.
There
is
some
pipeline
pressure
here
but
in
the
CPI
numbers,
we
should
get
a
year
of
housing
disinflation.
What’s
the
signal
and
what’s
the
noise?
Note
that
the
prior
numbers
were
also
revised
notably
higher.
There
is
also
this:
"The June rise in the index for final demand can be traced to a 0.6-percent increase in prices for final demand services. In contrast, the index for final demand goods decreased 0.5 percent.
For
now,
Fed
funds
pricing
ticked
1
bps
lower
to
60
bps.
The
dollar
initially
rallied
but
has
given
most
of
it
back.”
Does
that
sound
like
some
kind
of
one-off
quirk?
United States Baker Hughes US Oil Rig Count fell from previous 479 to 478
402026 July 13, 2024 23:14 FXStreet Market News
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on
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way
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Forecasting the Coming Week: Fed rate cut bets and the ECB should rule the sentiment
402025 July 13, 2024 23:14 FXStreet Market News
In
what
was
another
dreadful
week,
the
Greenback
saw
its
downtrend
gather
further
pace
and
drop
to
multi-week
lows
amidst
the
broad-based
improvement
in
the
risk-associated
universe.
The
FX
galaxy,
in
the
meantime,
continued
to
assess
the
likelihood
of
more
than
one
interest
rate
cut
by
the
Fed,
while
prudence
remained
intact
over
FX
intervention
by
Japanese
officials.
Next
week,
the
ECB
should
maintain
its
policy
rate
unchanged.
The
US
Dollar
Index
(DXY)
met
extra
downside
pressure
and
plummeted
to
five-week
lows
near
the
104.00
zone,
accompanied
by
a
strong
pullback
in
US
yields.
The
NY
Empire
State
Manufacturing
Index
kicks
off
the
week
on
July
15,
while
Retail
Sales,
Business
Inventories
and
the
NAHB
Housing
Market
Index
are
all
expected
on
July
16.
Mortgage
Applications
tracked
by
MBA,
Building
Permits,
Housing
Starts,
Industrial
Production
and
the
Fed
Beige
Book
will
all
be
unveiled
on
July
17.
The
usual
Initial
Jobless
Claims
are
due
on
July
18,
along
with
the
Philly
Fed
Manufacturing
Index,
the
CB
Leading
Index
and
TIC
Flows.
Finally,
EUR/USD
managed
to
revisit
the
1.0900
yardstick,
or
multi-week
tops,
on
the
back
of
further
weakness
in
the
Greenback.
An
Eurogroup
meeting
starts
the
week
on
July
15,
seconded
by
German
Retail
Sales
and
Industrial
Production
in
the
euro
area.
On
July
16,
the
EcoFin
meeting,
along
with
the
ECB
Bank
Lending
Survey
and
the
Economic
Sentiment
tracked
by
the
ZEW
survey
in
Germany
and
the
euro
bloc
are
all
due.
The
final
Inflation
Rate
in
the
euro
area
comes
on
July
17,
prior
to
the
ECB
meeting
and
President
Lagarde’s
press
conference
on
July
18.
Producer
Prices
in
Germany
and
the
Current
Account
results
in
the
euro
zone
will
close
the
docket
on
July
19.
GBP/USD
rose
to
levels
last
seen
a
year
ago
and
traded
at
shouting
distance
from
the
key
1.3000
threshold
towards
the
end
of
the
week.
The
UK
Inflation
Rate
is
due
on
July
17
ahead
of
the
labour
market
report
on
July
18.
The
GfK
Consumer
Confidence
gauge
will
be
published
on
July
19
followed
by
Public
Sector
Net
Borrowing
and
Retail
Sales.
Another
FX
intervention
dragged
USD/JPY
to
the
low-157.00s
following
recent
peaks
in
levels
just
shy
of
the
162.00
mark.
The
Tertiary
Industry
Index
is
expected
on
July
16
prior
to
the
Reuters
Tankan
Index
on
July
17.
The
Balance
of
Trade
results
and
weekly
Foreign
Bond
Investment
figures
all
come
on
July
18,
ahead
of
the
Inflation
Rate
on
July
19.
AUD/USD
extended
its
march
north
further
and
flirted
with
the
key
0.6800
barrier,
advancing
for
the
fifth
consecutive
week
for
the
first
time
since
the
beginning
of
2022.
The
Westpac
Leading
Index
is
due
on
July
17.
Finally,
the
Australian
labour
market
report
will
take
centre
stage
on
July
18.
Anticipating
Economic
Perspectives:
Voices
on
the
Horizon
-
The
Fed’s
Powell
and
Daly
are
due
to
speak
on
July
15. -
The
Fed’s
Kugler
speaks
on
July
16. -
The
RBA’s
Simon
and
the
Fed’s
Barkin
and
Waller
speak
on
July
17. -
The
Fed’s
Logan
speaks
on
July
18. -
The
Fed’s
Bowman,
Williams,
Daly
and
Bostic
speak
on
July
19.
Central
Banks:
Upcoming
Meetings
to
Shape
Monetary
Policies
-
The
Bank
Indonesia
(BI)
meets
on
July
17. -
The
ECB
is
expected
to
keep
rates
unchanged
on
July
18.
XRP rallies 5% as Ripple gears for utility in institutional crypto products
402022 July 13, 2024 22:39 FXStreet Market News
-
Ripple
CEO
appreciated
the
CME
Group
and
CF
Benchmarks
for
adding
the
XRP-Dollar
reference
rate
and
indices. -
Brad
Garlinghouse
says
institutional
crypto
products
have
trusted
benchmarks
for
reference
rates,
fuels
positive
sentiment
among
traders. -
XRP
extends
gains
by
5%
on
Friday,
trades
at
$0.4719.
Ripple
(XRP)
traders’
sentiment
turned
positive
on
Friday,
as
CEO
Brad
Garlinghouse
highlighted
the
addition
of
XRP-Dollar
reference
rate
and
indices
to
the
CME
Group
and
CF
Benchmarks.
The
CME
Group
is
a
leading
derivatives
marketplace,
and
CF
Benchmarks
is
an
FCA-regulated
Benchmark
administrator.
The
addition
of
XRP
indices
shows
how
the
asset
is
heading
towards
finding
utility
in
institutional
crypto
products.
XRP
trades
at
$0.4719
at
the
time
of
writing.
Daily
Digest
Market
Movers:
Ripple
traders
positive
with
recent
developments
in
XRP
-
Ripple
CEO
Brad
Garlinghouse
tweeted
about
the
addition
of
XRP-Dollar
reference
rates
and
indices
to
the
CME
Group
and
GF
Benchmarks
on
X. -
The
executive
highlights
that
institutional
crypto
products
have
trusted
reference
rates,
fueling
a
positive
sentiment
for
XRP
among
market
participants.
-
The
CME
Group
announced
in
an
official
tweet
that
the
XRP
reference
and
indices
go
live
on
July
29
for
users.
-
The
CryptoEQ
sentiment
tracker
identified
a
positive
sentiment
among
XRP
traders
on
Friday.
The
tracker
calculates
the
sentiment
through
the
asset’s
mention
in
media
and
social
media
platforms. -
The
Securities
and
Exchange
Commission
(SEC)
vs.
Ripple
lawsuit
has
no
further
update
since
Attorney
Fred
Rispoli
predicted
that
the
legal
battle
will
end
in
July
2024. -
SEC
vs.
Ripple
lawsuit
ruling
could
come
out
as
early
as
July
13,
according
to
this
pro-crypto
attorney
Technical
analysis:
XRP
breaks
past
key
resistance,
extends
gains
Ripple
is
in
an
upward
trend,
extending
gains
by
nearly
5%
on
Friday.
As
sentiment
among
XRP
traders
stays
bullish,
the
altcoin
could
rally
towards
resistance
at
the
psychological
barrier
at
$0.50.
At
the
time
of
writing,
XRP
trades
at
$0.4719.
Further
up,
XRP
could
rally
towards
$0.5205,
nearly
10%
gains
from
the
current
level,
as
seen
in
the
XRP/USDT
daily
chart.
The
Moving
Average
Convergence
Divergence
(MACD)
indicator
shows
a
positive
momentum
of
the
Ripple
price
trend.
XRP/USDT
daily
chart
If
XRP
corrects,
the
altcoin
could
collect
liquidity
in
the
Fair
Value
Gap
(FVG)
between
$0.40
and
$0.44,
as
seen
in
the
chart
above.
Further
down,
Ripple’s
price
could
find
support
at
the
July
5
low
of
$0.3823.
SEC
vs
Ripple
lawsuit
FAQs
It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.
The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.
The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.
The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.
The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.
Full Article
Near Protocol eyes rally as technical indicators signal bullish momentum
402020 July 13, 2024 22:39 FXStreet Market News
-
Near
Protocol
price
retested
its
support
zone
between
$4.23
and
$4.48,
impending
rally
eyed. -
RSI
and
AO
indicators
form
bullish
divergences,
signaling
bullish
reversal. -
Daily
candlestick
close
below
$4.04
would
invalidate
the
bullish
thesis.
Near
Protocol
(NEAR)
has
retested
its
support
zone
between
$4.23
and
$4.48
earlier
this
week,
with
an
impending
rally
on
the
horizon
looking
more
like
on
Friday.
Bullish
divergence
on
the
Relative
Strength
Index
(RSI)
and
the
Awesome
Oscillator
(AO)
indicators
signals
a
potential
reversal
and
upward
movement
in
NEAR
price
in
the
coming
days.
Near
Protocol
price
is
situated
for
rally
Near
Protocol
price
retested
its
support
zone
between
$4.23
and
$4.48
on
Monday
and
rebounded
10%
in
the
next
few
days.
As
of
Friday,
it
is
up
1.4%
at
$5.
This
support
zone
roughly
coincides
with
the
61.8%
Fibonacci
retracement
level
at
$4.04,
measured
from
its
swing
low
of
$0.97
on
October
19,
2023,
to
a
swing
high
of
$9.01
on
March
15,
2024.
Additionally,
the
formation
of
a
lower
low
on
the
daily
chart
on
July
5
contrasts
with
the
Relative
Strength
Index
(RSI)
indicator’s
higher
high
during
the
same
period.
This
development
is
termed
a
bullish
divergence
and
often
leads
to
the
reversal
of
the
trend
or
a
short-term
rally.
If
this
support
holds,
NEAR
could
rally
roughly
14%
from
the
current
level
of
$5
to
$5.74,
the
previous
weekly
resistance.
If
the
bulls
are
aggressive,
the
overall
crypto
outlook
is
positive
and
NEAR
closes
above
$5.74.
It
could
extend
an
additional
10%
rally
to
its
daily
resistance
level
at
$6.36.
NEAR/USDT
daily
chart
However,
if
NEAR’s
daily
candlestick
closes
below
$4.04
and
establishes
a
lower
low
on
the
daily
timeframe,
it
may
signal
a
shift
in
market
dynamics
that
favors
bearish
sentiment.
Such
a
change
could
nullify
the
bullish
outlook,
leading
to
a
10%
crash
in
NEAR’s
price
to
retest
the
low
of
March
5
at
$3.55.
Full Article
Why the US dollar climb after PPI was quickly erased
402019 July 13, 2024 22:15 Forexlive Latest News Market News
The
US
producer
price
index
rose
2.6%
y/y
in
the
largest
annual
rise
since
March
2023.
The
news
initially
caught
the
market
by
surprise
and
gave
a
lift
to
the
US
dollar.
However
the
move
was
short-lived
because
it
appears
as
though
there
was
a
one-off
skew
in
the
numbers.
All
the
gains
were
driven
by
services
while
the
index
for
final
demand
goods
decreased
0.5%.
Within
services,
the
BLS
reported:
Nearly all the June increase is attributable to a 1.9% jump in margins for final demand trade services. (Trade indexes measure changes in margins received by wholesalers and retailers.) The index for final demand services less trade, transportation, and warehousing inched up 0.1%.This refers to the to the difference between the price retailers and wholesalers pay for goods and the price at which they sell those goods.
A 1.9% jump in these margins means retailers and wholesalers are marking up their prices more significantly, it what looks like a one-off.As a result, the US dollar quickly gave back its gains (shown here as the euro falling and then recovering).
EURUSD
5
mins
Fed
cut
pricing
also
returned
to
62
bps
this
year,
which
is
slightly
higher
than
before
the
data.
A
brief
decline
in
stock
futures
also
reversed.