Articles

June Cleveland Fed median CPI +0.2% vs +0.2% prior

401808   July 11, 2024 23:14   Forexlive Latest News   Market News  

High
risk
warning:

Foreign
exchange
trading
carries
a
high
level
of
risk
that
may
not
be
suitable
for
all
investors.
Leverage
creates
additional
risk
and
loss
exposure.
Before
you
decide
to
trade
foreign
exchange,
carefully
consider
your
investment
objectives,
experience
level,
and
risk
tolerance.
You
could
lose
some
or
all
your
initial
investment;
do
not
invest
money
that
you
cannot
afford
to
lose.
Educate
yourself
on
the
risks
associated
with
foreign
exchange
trading
and
seek
advice
from
an
independent
financial
or
tax
advisor
if
you
have
any
questions.

Advisory
warning:

FOREXLIVE™
is
not
an
investment
advisor,
FOREXLIVE™
provides
references
and
links
to
selected
news,
blogs
and
other
sources
of
economic
and
market
information
for
informational
purposes
and
as
an
educational
service
to
its
clients
and
prospects
and
does
not
endorse
the
opinions
or
recommendations
of
the
blogs
or
other
sources
of
information.
Clients
and
prospects
are
advised
to
carefully
consider
the
opinions
and
analysis
offered
in
the
blogs
or
other
information
sources
in
the
context
of
the
client
or
prospect’s
individual
analysis
and
decision
making.
None
of
the
blogs
or
other
sources
of
information
is
to
be
considered
as
constituting
a
track
record.
Past
performance
is
no
guarantee
of
future
results
and
FOREXLIVE™
specifically
hereby
acknowledges
clients
and
prospects
to
carefully
review
all
claims
and
representations
made
by
advisors,
bloggers,
money
managers
and
system
vendors
before
investing
any
funds
or
opening
an
account
with
any
Forex
dealer.
Any
news,
opinions,
research,
data,
or
other
information
contained
within
this
website
is
provided
on
an
“as-is”
basis
as
a
general
market
commentary
and
does
not
constitute
investment
or
trading
advice,
and
we
do
not
purport
to
present
the
entire
relevant
or
available
public
information
with
respect
to
a
specific
market
or
security.
FOREXLIVE™
expressly
disclaims
any
liability
for
any
lost
principal
or
profits
which
may
arise
directly
or
indirectly
from
the
use
of
or
reliance
on
such
information,
or
with
respect
to
any
of
the
content
presented
within
its
website,
nor
its
editorial
choices.

Disclaimer:

FOREXLIVE™
may
be
compensated
by
the
advertisers
that
appear
on
the
website,
based
on
your
interaction
with
the
advertisements
or
advertisers.

Finance
Magnates
CY
Limited

GBP/USD Price Analysis: Soars past 1.2900 as USD weakens on soft CPI

401806   July 11, 2024 23:14   FXStreet   Market News  

• 
  The
  GBP/USD
  climbs
  sharply
  as
  US
  inflation
  disappoints;
  UK
  economy
  exceeds
  expectations.
• 
  Technical
  outlook
  remains
  bullish
  with
  RSI
  near
  overbought,
  signaling
  potential
  for
  further
  gains.
• 
  Key
  resistance
  levels:
  1.2950,
  1.2995,
  and
  1.3142;
  support
  at
  1.2894,
  1.2860,
  and
  1.2800
  if
  pullback
  occurs.

The
Pound

Sterling
extended
its
gains
on
Thursday
following
better-than-expected
data
from
the
UK
as
the
economy
expanded
above
estimates.
US
inflation
missed
the
mark,
coming
softer
a
headwind
for
the
Greenback.
Therefore,
the
GBP/USD
trades
at
1.2927,
up
0.62%.

GBP/USD
Price
Analysis:
Technical
outlook

From
a
technical
standpoint,
the
GBP/USD
uptrend
remains
intact.
The
pair
hit
a
new
year-to-date
(YTD)
high
after
clearing
the
March
8
high
of
1.2894.

Momentum
favors
buyers
as
the
Relative
Strength
Index
(RSI)
stands
bullish,
slightly
beneath
overbought
conditions.

Therefore,
if
GBP/USD
pushes
above
1.2950,
that
could
pave
the
way
for
testing
the
July
27,
2023,
peak
of
1.2995,
ahead
of
testing
1.3000.
Further
upside
is
seen
once
cleared
on
July
14,
2023,
at
a
high
of
1.3142.

On
the
flip
side,
if
GBP/USD
tumbles
below
1.2900,
the
pair
could
be
set
for
a
pullback.
The
next
support
would
be
1.2894,
followed
by
the
June
12
high
turned
support
at
1.2860
and
the
1.2800
mark.

GBP/USD
Price
Action
–
Daily
Chart

United States EIA Natural Gas Storage Change above forecasts (56B) in July 5: Actual (65B)

401805   July 11, 2024 23:14   FXStreet   Market News  

Tech stocks hit by a around of profit taking

401804   July 11, 2024 22:41   Forexlive Latest News   Market News  

I
think
this
is
mostly
a
mechanical
move
as
low-rate
trades
get
re-worked.
The
Russell
2000
is
up
a
whopping
2.5%
in
its
best
day
of
the
year
while
the
Nasdaq
is
now
down
nearly
1%.

That
speaks
to
hedges
being
unwound.

Some
of
that
is
that
lower
inflation
will
lead
to
rate
cuts
and
yields
are
down
9-13
bps
across
the
curve.

I
also
worry
that
this
is
as
good
as
it
gets
for
tech.
The
AI
boom
has
led
to
a
massive
run
in
megacap
tech
and
those
stocks
also
act
as
safe
havens
and
insulation
against
high
rates
(because
of
their
low
debt
levels).

We
could
be
shifting
paradigms
here
towards
more
worries
about
growth
and
at
the
same
time
hitting
a
wall
on
AI
spending
and
hype.
Even
if
that’s
not
the
case,
you
can
see
the
temptation
to
take
some
profits
after
a
run
like
this
in
the
Nasdaq:

The RBNZ diverges from the RBA – DBS

401803   July 11, 2024 22:40   FXStreet   Market News  

NZD/USD
declined
0.6%
after
the
RBNZ
stating
that
it
expects
inflation
to
return
to
the
1-3%
target
range
in
2H.
The
RBNZ
is
also
diverging
from
the
RBA,
where
markets
still
see
a
risk
of
another
rate
hike
due
to
stubborn
inflation,
DBS
FX
&
Credit
Strategist
Chang
Wei
Liang
notes.

A
RBNZ
rate
cut
in
August
increasingly
possible

“NZD/USD
declined
0.6%
after
the
RBNZ
surprised
markets
by
stating
that
it
expects
inflation
to
return
to
the
1-3%
target
range
in
2H,
adding
that
it
could
temper
monetary
restraint
with
a
decline
in
inflation.
Markets
are
now
pricing
in
a
44%
chance
of
a
rate
cut
in
August.”

“The

RBNZ
is
also
diverging
from
the
RBA,
where
markets
still
see
a
risk
of
another
rate
hike
due
to
stubborn
inflation.
AUD/NZD
has
leapt
towards
1.11,
supported
by
widening
short-term
AUD-NZD
rate
differentials.”

Pound Sterling jumps above 1.2900 on soft US Inflation, strong UK GDP growth

401801   July 11, 2024 22:39   FXStreet   Market News  

• 
  The
  Pound
  Sterling
  performs
  strongly
  on
  faster
  UK
  GDP
  growth
  and
  soft
  US
  Inflation
  data.
• 
  The
  UK
  economy
  expanded
  at
  a
  faster
  pace
  of
  0.4%
  in
  May,
  beating
  an
  estimate
  of
  0.2%.
• 
  US
  annual
  headline
  and
  core
  inflation
  decelerated
  in
  June.

The
Pound

Sterling
(GBP)
surges
above
the
round-level
resistance
of
1.2900 against
the
US
Dollar
(USD)
in
Thursday’s
American session.
The
GBP/USD
pair
strengthens
as
the United
States
(US)

Consumer
Price
Index
(CPI)
for
June
showed
that
price
pressures
softened
more
than
expected
in
June.
Annual
headline
and
core
CPI,
which
strips
off
volatile
food
and
energy
prices,
decelerated
to
3%
and
3.3%,
respectively.
Monthly
headline
inflation
deflated
by
0.1%,
while
economists
forecasted
growth
at
a
similar
pace.
The
core
CPI
grew
at
a
slower
pace
of
0.1%
from
the
estimates
and
the
prior
release
of
0.2%.

Softer-than-expected
US
inflation
data
has
boosted
expectations
of
early
rate
cuts
by
the Federal
Reserve (Fed)
and
has
weighed
heavily
on
the
US
Dollar. The
US
Dollar
Index
(DXY),
which
tracks
the
Greenback’s
value
against
six
major
currencies,
weakens
to
June’s
low
near
104.00.

The
Cable
was
already
upbeat
due
to
multiple
tailwinds,
such
as
weakness
in
the
US
Dollar
due
to
firm
speculation
that
the
Fed will
begin
reducing
interest
rates
in
September
and
an
upbeat

outlook
for
the
British
currency
amid
easing
Bank
of
England’s
(BoE)
early
rate
cut
bets
and
strong
United
Kingdom
(UK)
Gross
Domestic
Product
(GDP)
report
for
May.
The
expectations
for
Fed
rate
cuts
were
higher
as Fed
Chair
Jerome
Powell
signaled
some
disinflation
progress
in
his
semi-annual
Congressional
testimony
comments.
Powell
refrained
from
announcing
a
victory
over
inflation
but
assured
that
policymakers
are
very
focused
on
the
path
toward price
stability.

Daily
digest
market
movers:
Pound
Sterling
rises
strongly on
robust
UK
GDP
growth

• The
  Pound
  Sterling
  outperforms
  its
  major
  peers
  on
  Thursday
  as
  the
  UK
  economy
  grew
  at
  a
  faster
  pace
  in
  May
  and
  the
  maintenance
  of
  a
  hawkish
  stance
  by
  BoE
  policymakers.
  UK’s
  Office
  for
  National
  Statistics
  (ONS)
  has
  reported
  that
  the
  economy
  expanded
  strongly
  by
  0.4%
  from
  the
  estimates
  of
  0.2%
  and
  a
  stagnant
  performance
  recorded
  in
  April.
• The
  UK
  ONS
  also
  showed
  that
  monthly
  Industrial
  and
  Manufacturing
  Production
  grew
  in
  line
  with
  expectations
  after
  contracting
  in
  April,
  while
  annual
  figures
  missed
  estimates.
  Monthly
  Industrial
  and
  Manufacturing
  Production
  rose
  by
  0.2%
  and
  0.4%,
  respectively.
  Annually,
  Industrial
  and
  Manufacturing
  Production
  grew
  at
  a
  slower
  pace
  of
  0.4%
  and
  0.6%,
  respectively.
  The
  factory
  data
  has
  returned
  to
  a
  positive
  trajectory
  after
  contracting
  at
  a
  stronger
  pace
  in
  April,
  suggesting
  a
  strong
  recovery
  in
  the
  domestic
  and
  overall
  demand
  for
  factory
  products.
• Meanwhile,
  Bank
  of
  England
  (BoE)
  policymakers
  have
  pushed
  back
  expectations
  of
  rate
  cuts
  in
  August.
  On
  Wednesday,
  BoE
  policymaker
  Catherine
  Mann
  warned
  that
  the
  decline
  in
  annual
  headline
  inflation
  to
  the
  2%
  target
  was
  merely
  a
  “touch
  and
  go”.
  Mann
  added
  that
  price
  pressures
  could
  rise
  again
  and
  remain above
  the
  required
  rate
  for
  the
  rest
  of
  the
  year.
  She
  indicated
  that
  her
  stance
  would
  remain
  hawkish
  until
  she
  sees
  a
  sustained
  decline
  in
  service
  inflation
  and
  wage
  growth.
• This
  week,
  BoE
  policymaker
  Jonathan
  Haskel
  also
  maintained
  hawkish
  guidance
  on
  interest
  rates
  due
  to
  sticky
  wage
  growth.
  Haskel
  said: “I
  would
  rather
  hold
  rates
  until
  there
  is
  more
  certainty
  that
  underlying
  inflationary
  pressures
  have
  subsided
  sustainably”,
  Reuters
  reported.

Pound
Sterling
Price
Today:

Technical
Analysis:
Pound
Sterling
delivers
inverted
H&S
breakout

The
Pound
Sterling
moves
higher
above
the
round-level
resistance
of
1.2900 against
the
US
Dollar.
The
GBP/USD
pair
is
expected
to
extend
its
upside
after
delivering
a
breakout
of
an inverted
Head
and
Shoulder
(H&S)
formed
on
a
daily
timeframe.
The
neckline
of
the
above-mentioned
chart
pattern
is
plotted
near
1.2850,
and
a
breakout
of
the
H&S
formation
results
in
a
bullish
reversal.

Advancing
20-day
Exponential
Moving
Average
(EMA)
near
1.2747 suggests
that
the
near-term
trend
is
bullish.

The
14-day
Relative
Strength
Index
(RSI)
established
into
the
bullish
range
of
60.00-80.00,
indicating
that
the
momentum
has
leaned
to
the
upside.

Japan intervened in the forex market – report

401800   July 11, 2024 22:15   Forexlive Latest News   Market News  

The

report
cites
a
source.

Atsushi
Mimura

replaced
Masato
Kanda
in
late
June
as
Japan’s
top
currency
diplomat
and
we’ve
been
eagerly
awaiting
a
new
strategy.
Kanda
relied
heavily
on
verbal
intervention
and
then
tried
to
squeeze
the
market
after
it
blew
through
higher
levels.
He
ultimately
spent
$60
billion
in
a
temporarily
successful
intervention
that
knocked
USD/JPY
down
by
800
pips.

It
later
recovered
though
and
I
don’t
think
that
playbook
would
have
been
as
successful
a
second
time.

Enter
Mimura.
The
new
strategy
appears
to
be
to
wait
for
help
—
this
time
from
US
data
—
and
go
with
the
momentum.
I’ve
written
about
this
strategy
several
times
and
how
it’s
had
more
success
globally.
You
want
to
swim
with
the
current
and
this
is
an
indication
that
will
be
the
new
policy.

The
slip-up
here
—
I
think
—
is
that
they
leaked
it
(although
we
certainly
suspected
it).
I
would
expect
dip
buyers
to
jump
on
this
now
that
it’s
clear
what
happened.

At
the
same
time,
I
now
think
it’s
more-dangerous
to
hold
USD/JPY
longs
through
US
data
releases
—
particularly
top-tier
data.
Your
risk-reward
is
heavily
skewed
towards
the
downside.
That
could
lead
to
longer-term
specs
abandoning
this
pair
and
help
to
do
the
MoF’s
work.

Ultimately,
the
fundamentals
are
what
they
are
and
that’s
why
USD/JPY
is
near
38–year
highs.
The
only
thing
that
can
change
that
is
the
fundamentals
are
there
is
no
real
momentum
around
higher
rates/inflation
in
Japan.
So
the
key
is
the
US
dollar
side
and
that’s
starting
to
cooperate
but
it’s
a
long
road.

Another downside surprise in U.S. June inflation – Rabobank

401799   July 11, 2024 22:15   FXStreet   Market News  

In
June,
headline
CPI
growth
in
the
U.S.
edged
down
to
3%
from
3.3%
in
May.
That’s
below
consensus
expectations
and
marked
another
downside
surprise
after
May,
Rabobank
macro
strategists
note.

The
odds
are
tilting
towards
a
September
Fed
rate
cut

“That
closely
watched
supercore
measure
posted
a
second
consecutive
outright
decline
(-0.04%
in
May
and
-0.05%
in
June)
to
leave
the
three-month
annualized
basis
down
to
1.3%
in
June.
That’s
the
slowest
reading
since
October
2021
and
just
half
of
the
pre-pandemic
run
rate
of
2.6%.
The
easing
among
core
services
components
was
also
widespread,
with
transport
and
education
services
seeing
monthly
declines
from
May.”

“Energy
CPI
dropped
lower
to
1%
in
June
upon
a
second
monthly
decline
in
gasoline
prices.
Food
CPI
was
little
changed
at
2.2%,
as
slower
reading
for
grocery
CPI
(1.1%)
continued
to
balance
off
still
elevated
inflation
for
dining
out
(4.1%).
The
broader
‘core’
CPI
excluding
food
and
energy
also
dropped
to
3.3%
above
last
year
after
a
smaller
0.1%
monthly
increase
from
May.”

“A
second
U.S.
CPI
downside
in
a
row
in
June
has
added
to
market
odds
for
a
first
rate
cut
from
the

Federal
Reserve
(Fed)
this
September.
After
today’s
CPI
report,
we
think
an
interest
rate
cut
at
the
Fed’s
next
meeting
in
July
is
still
unlikely
but
the
odds
are
tilting
towards
a
September
cut.”

AUD/USD posts fresh six-month high near 0.6800 as US Inflation cools further

401798   July 11, 2024 22:14   FXStreet   Market News  

• 
  AUD/USD
  jumps
  to
  near
  0.6800
  as
  soft
  US
  inflation
  boosts
  Fed
  rate-cut
  bets.
• 
  US
  annual
  headline
  and
  core
  inflation
  decelerated
  sharply
  in
  June.
• 
  The
  RBA
  may
  cut
  interest
  rates
  next
  year.

The

AUD/USD
pair
jumps
close
to
the
crucial
resistance
of
0.6800
in
Thursday’s
American
session.
The
Aussie
asset
strengthens
as
the
US
Dollar
(USD)
plunges
after
the

United
States
(US)
Consumer
Price
Index
(CPI)
report
showed
that
inflationary
pressures
cool
down
again
in
June.
This
has
prompted
expectations
for
the

Federal
Reserve
(Fed)
to
start
reducing
interest
rates
from
the
September
meeting.

The
US
Dollar
Index
(DXY),
which
tracks
the
Greenback’s
value
against
six
major
currencies,
tumbles
to
near
104.00.

US
annual
core
inflation,
which
excludes
volatile
food
and
energy
prices,
came
in
lower
at
3.3%
than
estimates
and
May’s
reading
of
3.4%.
In
the
same
period,
the
headline
inflation
decelerated
at
a
faster
pace
to
3.0%
from
expectations
of
3.1%
and
the
former
release
of
3.3%.

On
month,
headline
inflation
deflated
by
0.1%
and
the
core
CPI
grew
at
a
slower
pace
of
0.2%.
Soft
inflation
figures
would
deliver
more
confidence
to
Fed
policymakers
to
discuss
on
an
early
return
to
the
policy
normalization
process.

According
to
the
CME
FedWatch
tool,
30-day
Federal
Fund
Futures
price
data
indicates
that
a
rate-cut
in
September
is
a
done
deal.
The
probability
for
Fed
rate
cuts
has
increased
to
89%
from
74.4%
recorded
a
week
ago.

On
the
Asia-Pacific
front,
growing
speculation
that
the
Reserve
Bank
of
Australia
(RBA)
will
not
cut
interest
rates
this
year
has
kept
the
near-term

outlook
of
the
Australian
Dollar
firm.
The
RBA
would
be
one
of
the
last
to
join
the
global
rate-cut
cycle
as
price
pressures
have
revamped
in
Australia.

US dollar sinks as inflation cools. USD/JPY plunges

401797   July 11, 2024 21:40   Forexlive Latest News   Market News  

USD/JPY
is
plunging
after
the
softer
US
CPI
numbers.
This
could
be
a
squeeze
on
the
very-crowded
long
trade.

The
dollar
is
broadly
weaker
but
in
the
50-100
pips
range
on
most
pairs,
however
this
move
is
now
nearly
300
pips.
That
either
speaks
to
a
real
squeeze
and
possibly
intervention.

Intervening
at
a
time
like
this
would
mark
a
departure
for
the
Japanese
Ministry
of
Finance
but
a
new
currency
czar
was
installed
last
month
and
he
may
be
using
new
tactics.
It’s
often
said
that
currency
intervention
works
best
with
a
tailwind
and
CPI
was
certainly
that.

US Dollar nosedives with CPI speeding up its disinflationary pathway

401795   July 11, 2024 21:39   FXStreet   Market News  

• 
  The
  US
  Dollar
  retreats
  firmly
  after
  soft
  CPI
  release. 
• 
  The
  Fed
  should
  no
  longer
  be
  concerned
  on
  the
  disinflationary
  trajectory. 
• 
  The
  US
  Dollar
  index
  falls
  further
  and
  heads
  to
  104.00.

The
US
Dollar
(USD)
is
easing
firmly
on
Thursday
after
the
US

Consumer
Price
Index
(CPI)
for
June
revealed
a
substantial
decline
in
inflation.
Special
remarks
for
the
retail
sales
which
shrank
even
by
0.1%,
meaning
that
US
consumer
is
no
longer
willing
to
pay
current
prices
for
goods
and
is
rather
awaiting
for
lower
prices
before
making
their
purchases.
Add
in
there
a
softer
print
for
housing
and
rent,
and
it
looks
like
the
Fed
measures
put
in
place
are
starting
to
pay
off. 

On
the
economic
front,
most
important
data
for
this
Thursday
is
out
of
the
way,
and
focus
will
now
shift
towards
Friday
on
the
Producer
Price
Index
(PPI)
numbers
for
June.
Meanwhile
markets
will
want
to
hear
from
Fed
officials
that
these
numbers
are
what
they
are
looking
for,
and
should
trigger
a
more
dovish
response
from
the

Fed.
With
nearly
less
than
two
months
left,
the
initial
rate
cut
for
the
US
looks
to
be
locked
in
for
September.  

Daily
digest
market
movers:
Cuts
are
coming

•  Let
  us
  walk
  you
  through
  the
  main
  numbers
  that
  came
  in
  this
  Thursday:
  • US
    CPI
    for
    June:
    • Monthly
      headline
      CPI
      fell
      into
      contraction
      from
      +0.1%
      to
      -0.1%
      for
      June. 
    • Monthly
      core
      CPI
      declined
      from
      0.2%
      to
      0.1%.
    • Annual
      headline
      CPI
      fell
      from
      3.3%
      to
      3.0%.
    • Annual
      core
      CPI
      went
      from
      3.4%
      to
      3.3%.
  • Weekly
    Jobless
    Claims
    for
    the
    week
    of
    July
    5:
    • Initial
      Claims
      came
      in
      a
      touch
      lower,
      from
      239.000
      to
      222.000.
    • Continuing
      Claims
      went
      from
      1.856
      million
      to
      1.852
      million. 
• At
  15:30
  GMT,
  President
  of
  Federal
  Reserve
  Bank
  of
  Atlanta
  Raphael
  Bostic
  participates
  in
  a
  moderated
  conversation
  at
  the
  NCUA’s
  Diversity,
  Equity,
  and
  Inclusion
  Summit
  in
  Minneapolis,
  United
  States.
• Equity
  markets
  are
  jumping
  higher
  with
  rate
  cuts
  being
  applauded
  in
  both
  Europe
  and
  US
  equity
  indices. 
• The
  CME
  Fedwatch
  Tool
  is
  broadly
  backing
  a
  rate
  cut
  in
  September
  despite
  recent
  comments
  from
  Fed
  officials.
  The
  odds
  now
  stand
  at
  68.1%
  for
  a
  25-basis-point
  cut.
  A
  rate
  pause
  stands
  at
  a
  28.6%
  chance,
  while
  a
  50-basis-point
  rate
  cut
  has
  a
  slim
  3.3%
  possibility. 
• The
  US
  10-year
  benchmark
  rate
  trades
  at
  4.19%
  and
  remains
  near
  the
  lower
  level
  for
  the
  week.

US
Dollar
Index
Technical
Analysis:
Look
out
below

The
US
Dollar
Index
(DXY)
faces
a
key
pivotal
moment
with
the
US
Consumer
Price
Index
release
for
June.
This
is
the
make-or-break
moment
for
September
rate
cut
prospects,
with
any
uptick
snapping
the
disinflationary
trajectory
that
would
mean
that
September
meeting
is
off
the
table.
So,
expect
markets
to
give
a
more
significant
probability
of
a
further
easing
of
the
DXY
than
a
stronger
US
Dollar. 

On
the
upside,
the
55-day
Simple
Moving
Average
(SMA)
at
105.14
remains
the
first
resistance.
Should
that
level
be
reclaimed
again,
105.53
and
105.89
are
the
following
nearby
pivotal
levels.
The
red
descending
trend
line
in
the
chart
below
at
around
106.23
and
April’s
peak
at
106.52
could
come
into
play
should
the
Greenback
rally
substantially. 

On
the
downside,
the
risk
of
a
nosedive
move
is
increasing,
with
only
the
double
support
at
104.81,
which
is
the
confluence
of
the
100-day
SMA
and
the
green
ascending
trend
line
from
December
2023,
still
in
place.
Should
that
double
layer
give
way,
the
200-day
SMA
at
104.41
is
the
gatekeeper
that
should
catch
the
DXY
and
avoid
further
declines.
Further
down,
the
correction
could
head
to
104.00
as
an
initial
stage. 

US
Dollar
Index:
Daily
Chart

Crypto Today: Bitcoin, Ethereum and Ripple make comeback even as large volume BTC, ETH, XRP transfers persist

401793   July 11, 2024 21:39   FXStreet   Market News  

• 
  Bitcoin
  trades
  above
  $58,700
  on
  Thursday,
  even
  as
  selling
  pressure
  from
  German
  government
  and
  Mt.Gox
  transfers
  persists. 
• 
  Ethereum
  surged
  to
  $3,149
  as
  market
  gears
  up
  for
  likely
  ETF
  approval,
  traders
  buy
  the
  rumor
  ahead
  of
  the
  event. 
• 
  Ripple
  rallied
  to
  $0.45,
  erasing
  losses
  from
  the
  past
  seven
  days
  as
  Brad
  Garlinghouse
  questions
  Democrats’
  stance
  on
  crypto. 

Bitcoin,
Ethereum
and
Ripple
update

• Bitcoin
  dominance
  climbed
  above
  54%
  on
  July
  11
  as
  BTC
  made
  a
  comeback
  above
  $58,700
  on
  Thursday.
  The
  largest
  asset
  by
  market
  capitalization
  held
  steady
  and
  sustained
  recent
  gains
  despite
  the
  selling
  pressure
  from
  the
  German
  government
  BTC
  transfers
  and
  news
  of
  Mt.Gox
  payback
  to
  creditors.
  BTC
  noted
  a
  consistent
  volume
  of
  large
  transfers
  from
  whales,
  as
  seen
  in
  July
  2024,
  per
  Santiment
  data. Bitcoin,
  Ethereum
  are
  digital
  commodities,
  says
  CFTC
  Chair.
• Ethereum
  trades
  at
  $3,149
  on
  Thursday.
  ETH
  traders
  are
  awaiting
  the
  anticipated
  Securities
  and
  Exchange
  Commission
  (SEC)
  approval
  on
  a
  Spot
  Exchange
  Traded
  Fund
  (ETF)
  product.
  The
  rising
  price
  makes
  it
  likely
  that
  ETH
  traders
  are
  buying
  the
  rumor
  ahead
  of
  the
  event,
  given
  the
  approval
  is
  expected
  by
  market
  participants. Key
  dynamics
  to
  watch
  ahead
  of
  launch
  of
  Ethereum
  ETFs.
• Ripple
  made
  a
  comeback
  above
  $0.45
  on
  July
  11
  as
  traders
  await
  the
  final
  ruling
  in
  the
  SEC
  vs.
  Ripple
  lawsuit.
  Ripple
  CEO
  Brad
  Garlinghouse
  made
  comments
  on
  the
  Democrats’
  stance
  on
  crypto
  and
  appreciated
  how
  Republicans
  are
  pro-crypto.
  The
  executive
  called
  traders
  to
  “choose
  wisely”
  when
  referring
  to
  the
  upcoming
  Presidential
  election. 

Chart
of
the
day

ONDO/USDT
daily
chart 

ONDO
is
trading
around
$1.000
at
the
time
of
writing.
ONDO
is
likely
to
rally
8%
and
extend
gains
to
$1.093,
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
daily
chart
above. 

The
Moving
Average
Convergence
Divergence
(MACD)
indicator
shows
that
ONDO
has
an
underlying
negative
momentum.
This
is
expected
to
change
as
ONDO
extends
its
gains. 

ONDO
could
find
support
at
the
July
9
low
of
$0.9114. 

Market
updates

• On-chain
  analyst
  behind
  the
  X
  handle
  @ScamDetective5
  shared
  snapshots
  of
  Ripple’s
  financial
  documents
  and
  said
  that
  it
  is
  likely
  the
  firm’s
  98%
  revenue
  comes
  from
  the
  sale
  of
  XRP. 

• The
  German
  government
  continues
  to
  transfer
  BTC;
  another
  $138
  million
  in
  Bitcoin
  hit
  exchanges
  on
  Thursday. 

• Capriole
  Fund’s
  crypto
  speculation
  index
  dipped
  under
  10%,
  which
  means
  there
  is
  potential
  for
  an
  upswing
  in
  Bitcoin,
  per
  a
  CoinDesk
  report. 

Industry
updates 

• Vitalik
  Buterin
  mentioned
  how
  the
  Ethereum
  ecosystem
  can
  be
  strengthened
  further
  in
  his
  talk
  at
  the
  Ethereum
  Community
  Conference
  (EthCC)
  on
  Wednesday. 

• Golem,
  an
  ICO
  project
  from
  the
  previous
  crypto
  cycle,
  has
  allegedly
  stopped
  offloading
  Ether
  and
  staked
  40,000
  ETH,
  per
  a
  Lookonchain
  report. 

• Compound
  Labs
  reported
  that
  the
  project’s
  website
  has
  been
  compromised
  in
  an
  official
  announcement
  on
  X,
  asking
  that
  users
  refrain
  from
  interacting
  with
  the
  platform.