Articles

GBP/USD Price Analysis: Holds position above 1.2850 nearing a pullback resistance

401703   July 11, 2024 12:14   FXStreet   Market News  

• 
  GBP/USD
  moves
  upward
  within
  an
  ascending
  channel,
  signaling
  a
  bullish
  bias.
• 
  The
  14-day
  RSI
  is
  positioned
  just
  below
  the
  70
  level,
  indicating
  potential
  overbought
  conditions
  in
  the
  pair.
• 
  A
  break
  above
  the
  pullback
  resistance
  at
  the
  1.2860
  level
  could
  lead
  the
  pair
  to
  test
  the
  upper
  boundary.

GBP/USD
continues
to
advance
for
the
second
consecutive
session,
trading
around
1.2860
during
Asian
hours
on
Thursday.
The
analysis
of
the
daily
chart
shows
that
the
pair
is
moving
upward
within
an
ascending
channel,
which
indicates
a
bullish
bias
in
the
pair’s
price
action.

Additionally,
the
14-day
Relative
Strength
Index
(RSI)
is
positioned
slightly
below
the
70
level,
indicating
confirmation
of
the
bullish
trend
while
also
suggesting
potential
overbought
conditions.
A
breach
above
this
level
could
signal
a
need
for
caution,
possibly
indicating
a
forthcoming
correction.

Furthermore,
the
Moving
Average
Convergence
Divergence
(MACD)
momentum
indicator
indicates
bullish
momentum
in
the
short
term.
This
is
evidenced
by
the
MACD
line
being
above
the
centerline
and
showing
divergence
above
the
signal
line.

In
terms
of
resistance,
the
GBP/USD
pair
tests
pullback
resistance
near
the
1.2860
level.
A
successful
breakthrough
above
this
barrier
could
potentially
push
the
pair
higher
to
test
the
upper
boundary
of
the
ascending
channel
around
the
1.2870
level.

On
the
downside,
the
GBP/USD
pair
could
encounter
significant
support
near
the
14-day
Exponential
Moving
Average
(EMA)
at
the
1.2763
level.
If
this
level
is
breached,
it
may
lead
to
increased
selling
pressure,
potentially
testing
the
lower
boundary
of
the
ascending
channel
around
1.2740.
Further
support
could
be
found
around
the
throwback
support
level
of
1.2615.

GBP/USD:
Daily
Chart

ForexLive Asia-Pacific FX news wrap: Awaiting the US inflation data

401702   July 11, 2024 11:42   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
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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
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compensated
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the
advertisers
that
appear
on
the
website,
based
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your
interaction
with
the
advertisements
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advertisers.

Finance
Magnates
CY
Limited

Cardano price set for a 10% rally upon a breakout above descending trendline

401700   July 11, 2024 11:40   FXStreet   Market News  

• 
  Cardano
  price
  is
  testing
  its
  descending
  trendline,
  a
  breakout
  above
  it
  signals
  a
  potentially
  bullish
  move
  ahead.
• 
  Technical
  analysis
  shows
  that
  ADA
  has
  formed
  a
  bullish
  divergence
  on
  a
  momentum
  indicator. 
• 
  A
  daily
  candlestick
  close
  below
  $0.317
  would
  invalidate
  the
  bullish
  thesis. 

Cardano’s
(ADA)
price
is
revisiting
its
descending
trendline,
and
a
breakout
above
it
signals
a
bullish
move.
ADA
is
supported
by
a
bullish
divergence
observed
in
both
the
Relative
Strength
Index
(RSI)
and
the
Awesome
Oscillator
(AO),
suggesting
potential
momentum
for
an
upward
rally.

Cardano
price
shows
potential
for
a
rally

Cardano
price
is
retesting
its
descending
trendline,
which
is
drawn
from
joining
multiple
swing
high
levels
from
late
March
to
early
July.

If
ADA
breaks
above
the
descending
trendline,
it
could
rise
10%
to
retest
its
daily
resistance
level
of
$0.426.

Additionally,
the
formation
of
a
lower
low
in
the
daily
chart
on
July
5
contrasts
with
the
Relative
Strength
Index’s
(RSI)
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.

Moreover,
if
ADA
closes
above
$0.426,
it
could
extend
the
rally
by
an
additional
31%
to
revisit
its
50%
price
retracement
between
$0.318
and
$0.810
at
$0.564.

ADA/USDT
daily
chart

However,
if
ADA’s
daily

candlestick
closes
below
$0.317
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
invalidate
the
bullish
outlook,
leading
to
a
10%
crash
in
the
Cardano
price
to
the
previous
low
of
$0.283
on
November
1,
2023.

US core CPI inflation expected to hold steady in June

401699   July 11, 2024 11:40   FXStreet   Market News  

• 
  The
  US
  Consumer
  Price
  Index
  is
  forecast
  to
  rise
  3.1%
  YoY
  in
  June,
  at
  a
  softer
  pace
  than
  May’s
  3.3%
  increase.
• 
  Annual
  core
  CPI
  inflation
  is
  expected
  to
  hold
  steady
  at
  3.4%.
• 
  The
  inflation
  data
  could
  confirm
  or
  deny
  a
  Fed
  rate
  cut
  in
  September
  and
  drive
  the
  US
  Dollar
  valuation.

The
Bureau
of
Labor
Statistics
(BLS)
will
publish
the
highly
anticipated
Consumer
Price
Index
(CPI)
inflation
data
from
the

United
States
(US)
for
June
on
Wednesday
at
12:30
GMT.

The
US
Dollar
(USD)
braces
for
intense
volatility,
as
any
surprises
from
the
US
inflation
report
could
significantly
impact
the
market’s
pricing
of
the
Federal
Reserve
(Fed)
interest
rate
cut
expectations
in
September.

What
to
expect
in
the
next
CPI
data
report?

Inflation
in
the
US,
as
measured
by
the
CPI,
is
expected
to
increase
at
an
annual
rate
of
3.1%
in
June,
down
from
the
3.3%
rise
reported
in
May.
The
core
CPI
inflation,
which
excludes
volatile
food
and
energy
prices,
is
seen
holding
steady
at
3.4%
in
the
same
period.

Meanwhile,
the
US
CPI
is
set
to
rise
0.1%
MoM
in
June
after
staying
unchanged
in
May.
Finally,
the
monthly
core
CPI
inflation
is
forecast
to
rise
0.2%
to
match
the
previous
increase.

Federal
Reserve
(Fed)

Chairman
Jerome
Powell
delivered
the
Semi-Annual
Monetary
Policy
Report
and
testified
before
US
Congress
earlier
in
the
week.
In
his
prepared
remarks,
Powell
reiterated
that
it
will
not
be
appropriate
to
cut
the
policy
rate
until
they
gain
greater
confidence
in
inflation
heading
sustainably
toward
2%.
When
asked
about
the
latest
developments
in
the
jobs
market,
“the
most
recent
labor
market
data
sent
a
pretty
clear
signal
that
the
labor
market
has
cooled
considerably,”
he
noted.
In
the
end,
his
remarks
failed
to
move
the
needle
with
respect
to
market
pricing
of
a
Fed
rate
cut
in
September.
According
to
the
CME
FedWatch
Tool,
the
probability
of
the
Fed
leaving
the
policy
rate
unchanged
in
September
stands
at
around
26%,
virtually
unchanged
from
where
it
stood
before
this
event.

Previewing
the
June
inflation
data,
“we
expect
the
June
CPI
report
to
show
that
core
prices
remained
largely
under
control
after
posting
a
surprisingly
soft
0.16%
gain
in
May,”
said
TD
Securities
analysts
in
a
weekly
report.

“Headline
inflation
likely
printed
flat
m/m
again
(-0.01%)
as
energy
prices
continue
to
provide
large
relief.
Note
that
our
unrounded
core
CPI
forecast
at
0.18%
m/m
suggests
larger
risks
for
another
dovish
surprise
to
a
rounded
0.1%
increase,”
analysts
added.

How
could
the
US
Consumer
Price
Index
report
affect
EUR/USD?

Investors
remain
optimistic
about
a
Fed
rate
cut
in
September,
but
the
market
positioning
suggests
they
are
not
fully
convinced
yet.
Hence,
a
smaller-than-forecast
increase
in
the
monthly
core
CPI,
a
reading
of
0.1%
or
smaller,
could
confirm
a
policy
pivot
in
September.
In
this
scenario,
the
US
Dollar
could
come
under
selling
pressure
with
the
immediate
reaction.

On
the
other
hand,
an
increase
of
0.3%
or
bigger
could
highlight
a
lack
of
progress
in
disinflation
and
cause
market
participants
to
reassess
the
probability
of
an
interest
rate
reduction
in
September.
In
this
case,
investors
could
price
in
a
widening
policy
gap
between
the
European
Central
Bank
(ECB)
and
the
Fed,
opening
the
door
for
a
sharp
decline
in
EUR/USD
in
the
near
term.

Eren
Sengezer,
European
Session
Lead
Analyst
at

FXStreet,
offers
a
brief
technical

outlook
for
EUR/USD
and
explains:
“EUR/USD
holds
above
the
100-day
and
the
200-day
Simple
Moving
Averages
(SMA)
following
the
pullback
seen
earlier
in
the
week,
reflecting
sellers’
hesitancy.
Additionally,
the
Relative
Strength
Index
(RSI)
indicator
on
the
daily
chart
holds
above
50
ahead
of
the
US
inflation
data,
indicating
a
slightly
bullish
bias
in
the
short
term.”

“The

Fibonacci
23.6%
retracement
level
of
the
mid-April-June
uptrend
forms
interim
resistance
at
1.0850.
Once
EUR/USD
clears
this
level,
it
could
face
next
resistance
at
1.0900-1.0915
(psychological
level,
June
4
high)
before
targeting
1.1000.
On
the
downside,
technical
sellers
could
take
action
and
force
EUR/USD
to
stretch
lower
if
the
pair
drops
below
1.0800
(100-day
SMA,
200-day
SMA)
and
starts
using
this
level
as
resistance.
In
this
scenario,
1.0750
(20-day
SMA)
could
be
seen
as
the
next
support
before
1.0680
(Fibonacci
78.6%
retracement).”

Trump to speak at Bitcoin 2024 conference in Nashville in late July

401698   July 11, 2024 11:15   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

WTI sticks to modest intraday gains near multi-day top, just below $82.00 mark

401697   July 11, 2024 11:14   FXStreet   Market News  

• 
  WTI
  attracts
  buyers
  for
  the
  second
  straight
  day
  and
  draws
  support
  from
  a
  combination
  of
  factors.
• 
  A
  drop
  in
  US
  inventories,
  supply
  disruption
  worries
  and
  a
  softer
  USD
  act
  as
  a
  tailwind
  for
  Oil
  prices.
• 
  China’s
  economic
  woes
  might
  cap
  any
  further
  gains
  ahead
  of
  the
  crucial
  US
  CPI
  report
  later
  today.

West
Texas
Intermediate
(WTI)
US
crude
Oil
prices
build
on
the
overnight
recovery
from
the
vicinity
of
the
$80.00
mark,
or
a
two-week
low
and
gain
some
follow-through
positive
traction
during
the
Asian
session
on
Thursday.
The
uptick
is
supported
by
a
combination
of
factors
and
lifts
the
commodity
to
a
multi-day
peak,
around
the
$82.00
round
figure
in
the
last
hour.

The
Organization
of
the
Petroleum
Exporting
Countries
(OPEC)
maintained
its
forecast
for
relatively
strong
growth
in
global
Oil
demand
this
year
and
next.
Adding
to
this,
the
US
Energy
Information
Administration
(EIA)
reported
that
crude
inventories
fell
by
3.4
million
barrels
to
445.1
million
barrels
in
the
week
ended
July
5,
far
exceeding
analysts’
expectations.
This
is
seen
underpinning
Crude
Oil
prices
amid
a
modest
US
Dollar
(USD)
weakness.

Federal
Reserve
(Fed)
Chair
Jerome
Powell,
during
the
Congressional
testimony,
said
that
the
US
remained
on
a
path
to
stable
prices
and
continued
low
unemployment.
The
comments
reaffirmed
market
expectations
that
the
Fed
will
lower
borrowing
costs
in
September
and
cut
interest
rates
again
in
December.
The

outlook
keeps
the
USD
bulls
on
the
defensive
and
seems
to
benefit
the
USD-denominated
commodities,
including
Crude
Oil
prices.

Furthermore,
concerns
about
supply
disruptions
stemming
from
the
ongoing
conflicts
in
the
Middle
East
turn
out
to
be
another
factor
lending
some
support
to
the
black
liquid.
Meanwhile,
weak
inflation
data
from
China
–
the
world’s
top
Oil
importer
–
might
cap
the
upside
for
Crude
Oil
prices.
Traders
might
also
prefer
to
wait
for
the
release
of
the
US
consumer
inflation
figures
before
positioning
for
the
next
leg
of
a
directional
move.

Gold Price Forecast: Will XAU/USD retake $2,400 on softer US CPI inflation?

401695   July 11, 2024 11:14   FXStreet   Market News  

• 
  Gold
  price
  extends
  its
  recovery
  momentum
  toward
  $2,400
  on
  US
  CPI
  day.
• 
  The
  US
  Dollar
  nurses
  losses
  with
  Treasury
  bond
  yields,
  as
  risk
  flows
  dominate
  on
  Fed
  rate
  cut
  bets.
• 
  Gold
  price
  keeps
  eyes
  on
  $2,400
  and
  US
  CPI
  inflation
  data
  amid
  bullish
  daily
  technical
  setup.

Gold
price
is
extending
its
upbeat
momentum
into
a
third
consecutive
day
on
Thursday,
eagerly
looking
forward
to
the
US
Consumer
Price
Index
(CPI)
data
release
later
in
the
day
to
seal
in
a
US

Federal
Reserve
(Fed)
interest
rate
cut
in
September.

All
eyes
remain
on
US
CPI
report

Following
a
brief
pause
in
the
Gold
price
recovery
following
round
one
of
Fed
Chair
Jerome
Powell’s
testimony
on
Tuesday,
buyers
regained
control
on
Wednesday
after
Powell’s
second
congressional
appearance.

Powell’s
caution
on
loosening
labor
market
conditions
suggested
a
September
rate
cut
is
likely
on
the
cards,
knocking
off
the
US
Dollar
(USD)
once
again
alongwith
the
US
Treasury
bond
yields.
Heightening
dovish
Fed
expectations
fuelled
a
risk-on
rally
on
Wall
Street,
which
exerted
additional
downside
pressure
on
the
safe-haven
Greenback.

Broad
US
Dollar
weakness,
Gold
price
made
another
run
toward
$2,400
but
failed
due
to
risk
appetite,
diminishing
the
demand
for
the
non-yielding
Gold
price.

On
Thursday,
risk
flows
extend
into
Asian
trading,
keeping
Gold
price
afloat
at
the
expense
of
the
US
Dollar.
Meanwhile,
the
modest
uptick
in
the
US
Treasury
bond
yields
seems
to
lack
conviction,
in
the
face
of
the
expected
slowdown
in
the
annual
US
CPI
inflation
data
for
June.

The
US
CPI
is
seen
rising
3.1%
YoY
in
June,
slowing
from
a
3.3%
increase
in
May
while
the
annual
core
CPI
inflation
is
likely
to
steady
at
3.4%
in
the
same
period.
On
a
monthly
basis,
CPI
is
set
to
rise
0.1%
while
core
CPI
is
seen
up
by
0.2%.

A
softer-than-expected
US
headline
annual

CPI
data
or
a
downside
surprise
in
the
monthly
inflation
figure
could
affirm
a
September
Fed
rate
cut
while
boosting
odds
for
another
rate
cut
in
December.
Conversely,
hot
inflation
data
could
push
back
against
Fed
rate
cuts
as
early
as
September.

In
the
former
case,
Gold
price
could
storm
through
the
roof
and
retest
all-time
highs,
as
the
US
Dollar
is
likely
to
melt
with
the
yields.
However,
hot
US
inflation
data
could
sink
Gold
price
toward
$2,300.

Markets
are
currently
pricing
in
a
74%
chance
that
the
Fed
will
lower
rates
in
September,
according
to
the
CME
Group’s
FedWatch
Tool.

Besides,
speeches
from
Fed
officials
and
US
President
Joe
Biden
could
also
have
some
bearing
on
the
USD-denominated
Gold
price.
Biden
could
express
his
take
on
the
June
inflation
data
and
the
timing
of
the
Fed
rate
cut.
Also,
markets
could
focus
on
his
comments
on
the
nomination
issue
amid
long-simmering
concerns
about
Biden’s
age
and
whether
he’s
fit
to
serve
a
second
term
as
a
US
President.

Gold
price
technical
analysis:
Daily
chart

The
short-term
technical

outlook
for
Gold
price
continues
to
lean
in
favor
of
buyers,
as
the
14-day
Relative
Strength
Index
(RSI)
points
north
above
the
50
level.

Gold
buyers
need
to
find
acceptance
above
the
six-week
high
of
$2,393
to
resume
the
uptrend
toward
the
all-time
high
of
$2,450.
Ahead
of
that,
the
$2,400
level
could
act
as
a
tough
nut
to
crack
for
them.

On
the
downside,
Gold
price
could
face
immediate
support
at
the
$2,350
psychological
barrier,
below
which
the
$2,340
demand
area
will
be
challenged.

Around
that
level,
the
50-day
Simple
Moving
Average
(SMA)
and
the
21-day
SMA
close
in.
A
sustained
move
below
the
latter
could
trigger
a
fresh
downtrend
toward
the
$2,300
round
level.

AUD/USD hits a 6 month high with USD lower across the majors board

401694   July 11, 2024 10:41   Forexlive Latest News   Market News  

The
USD
id
dribbling
lower.
Apaprt
from
what
has
ben
posted
there
are
no
obvious
fresh
catalysts.
Markets
are
super-pumped
to
see
a
lower
US
CPI
later
today
and
a
potential
nearer-term
USFed
rate
cut.
Whether
the
CPI
behaves
or
not,
time
will
tell.

The
Australian
dollar
has
been
a
key
beneficiary.
The
RBA
look
to
be
on
hold
for
longer,
and
even
maybe,
just
maybe,
will
hike
again.
Yesterday
we
had
signals
from
the
Reserve
Bank
of
New
Zealand
that
rate
cuts
are
coming.

AUD/JPY
has
been
a
beast,
of
course.

BitMEX pleads guilty over bank secrecy violation

401693   July 11, 2024 10:39   FXStreet   Market News  

• 
  BitMEX
  pleaded
  guilty
  to
  violating
  the
  Bank
  Secrecy
  Act on
  Wednesday. 
• 
  BitMEX
  had
  been
  operating
  in
  the
  US
  without
  establishing
  adequate
  anti-money
  laundering
  programs.
• 
  Founders
  may
  face
  up
  to
  five
  years
  imprisonment
  following
  the
  guilty
  plea.

BitMEX
pleaded
guilty
to
violating
the
Bank
Secrecy
Act
on
Wednesday
after
failing
to
implement
anti-money
laundering
(AML)
and
Know
Your
Customer
(KYC)
programs
on
its
platform.

BitMEX
co-founders
could
face
jail
time
after
pleading
guilty
to
charges

Damian
Williams,
the
US
Attorney
for
the
Southern
District
of
New
York,
disclosed
on
Wednesday
that
crypto
exchange
BitMEX
pleaded
guilty
to
flouting
the
Bank
Secrecy
Act.

The
exchange
refused
to
implement
robust
AML
protection
and
KYC
verification
processes
on
its
platform.
This
made
it
vulnerable
to
“large-scale
money
laundering
and
sanctions
evasion
schemes,
posing
a
serious
threat
to
the
integrity
of
the
financial
system.”

The
report
states
that
BitMEX
co-founders
Arthur
Hayes,
Benjamin
Delo,
and
Samuel
Reed
willfully
failed
to
comply
with
the
law,
knowing
that
anti-money
laundering
programs
are
a
requirement
for
crypto
companies.

“The
company
and
its
executives
knew
that
because
BITMEX
operated
in
the

United
States,
including
by
serving
US
customers,
it
was
required
to
implement
an
AML
program
that
included
a
“know
your
customer”
(“KYC”)
component
but
chose
to
flout
those
requirements,
requiring
only
that
customers
provide
an
email
address
to
use
BITMEX’s
services,”
the
report
stated.

The
company
also
allegedly
lied
to
a
bank
regarding
the
purpose
of
a
subsidiary.
This
enabled
it
to
move
millions
of
dollars
through
the
US
financial
system.

BitMEX’s
clash
with
US
courts
dates
back
to
2020
when
the
Commodity
Futures
Trading
Commission
(CFTC)
charged
the
exchange
with
violating
regulations
regarding
AML.
The
case
resulted
in
BitMEX
paying
a
fine
of
$100
million. 

The
US
Attorney’s
Office’s
Illicit
Finance
and
Money
Laundering
Unit
will
handle
the
prosecution,
and
the
company’s
co-founders
may
face
a
five-year
prison
sentence.

Gold price trades with positive bias around $2,375 area, focus remains glued to US CPI

401692   July 11, 2024 10:39   FXStreet   Market News  

• 
  Gold
  price
  ticks
  higher
  for
  the
  third
  straight
  day
  on
  Thursday,
  albeit
  lacking
  bullish
  conviction.
• 
  Fed
  rate
  cut
  bets
  keep
  the
  USD
  bulls
  on
  the
  defensive
  and
  continue
  to
  lend
  some
  support.
• 
  The
  risk-on
  mood
  caps
  the
  upside
  as
  traders
  keenly
  await
  the
  release
  of
  the
  US
  CPI
  report.

Gold
price
(XAU/USD)
attracts
some
buyers
for
the
third
successive
day
on
Thursday,
albeit
it
lacks
follow-through
and
trades
below
the
weekly
top
during
the
Asian
session.
Traders
now
seem
reluctant
and
prefer
to
wait
for
the
release
of
the
latest
consumer
inflation
figures
from
the

United
States
(US)
before
positioning
for
a
firm
near-term
direction.
The
key
US
CPI
report
will
be
looked
upon
for
more
cues
on
interest
rate
cuts
by
the

Federal
Reserve
(Fed),
which,
in
turn,
should
drive
the
US
Dollar
(USD)
demand
and
provide
some
meaningful
impetus
to
the
non-yielding
yellow
metal.

Heading
into
the
key
data
risk,
comments
from
Fed
Chair
Jerome
Powell
reaffirmed
market
expectations
that
the
central
bank
will
lower
borrowing
costs
in
September
and
again
in
December.
This
keeps
the
USD
bulls
on
the
defensive
and
continues
to
act
as
a
tailwind
for
the
Gold
price.
Apart
from
this,
sustained
central
bank
buying,
macroeconomic
uncertainties,
and
geopolitical
risks
lend
support
to
the
XAU/USD.
That
said,
the
prevalent
risk-on
environment
is
holding
back
bullish
traders
from
placing
fresh
bets
and
capping
any
further
gains
for
the
safe-haven
precious
metal. 

Daily
Digest
Market
Movers:
Gold
price
continues
to
draw
support
from
rising
Fed
rate
cut
bets

• Firming
  acceptance
  that
  the
  Federal
  Reserve
  (Fed)
  will
  begin
  its
  rate-cutting
  cycle
  in
  September
  and
  lower
  borrowing
  costs
  again
  in
  December
  continues
  to
  undermine
  the
  US
  Dollar,
  lending
  some
  support
  to
  the
  Gold
  price. 
• The
  bets
  were
  lifted
  by
  Fed
  Chair
  Jerome
  Powell’s
  comments,
  saying
  that
  the
  US
  remained
  on
  a
  path
  back
  to
  stable
  prices
  and
  that
  the
  central
  bank
  will
  consider
  neutral
  rates
  later
  in
  2024
  once
  inflation
  makes
  more
  progress.
• Powell
  acknowledged
  some
  cooling
  in
  the
  US
  economy,
  though
  he
  said
  that
  he
  continues
  to
  see
  a
  soft
  landing,
  boosting
  investors’
  appetite
  for
  riskier
  assets,
  which,
  in
  turn,
  is
  seen
  capping
  the
  upside
  for
  the
  safe-haven
  XAU/USD.
• Powell
  also
  reiterated
  that
  the
  Fed
  remained
  committed
  to
  its
  2%
  inflation
  target,
  making
  the
  release
  of
  the
  latest
  US
  consumer
  inflation
  more
  relevant
  and
  holding
  back
  traders
  from
  placing
  fresh
  bullish
  bets
  around
  the
  metal.
• The
  headline
  CPI
  is
  estimated
  to
  have
  risen
  by
  0.1%
  in
  June
  and
  the
  yearly
  rate
  decelerated
  from
  3.3%
  to
  3.1%,
  while
  the
  Core
  CPI
  (excluding
  Food
  and
  Energy
  prices)
  is
  expected
  to
  remain
  sticky
  and
  come
  in
  at
  a
  3.4%
  YoY
  rate.
• The
  crucial
  inflation
  data
  will
  set
  the
  stage
  for
  the
  Fed’s
  rate-cut
  path,
  which,
  in
  turn,
  should
  influence
  the
  USD
  price
  dynamics
  and
  help
  in
  determining
  the
  next
  leg
  of
  a
  directional
  move
  for
  the
  non-yielding
  yellow
  metal.

Technical
Analysis:
Gold
price
could
aim
to
reclaim
the
$2,400
mark
and
retest
the
all-time
peak

From
a
technical
perspective,
last
week’s
sustained
breakout
through
the
50-day
Simple
Moving
Average
(SMA)
and
a
subsequent
move
beyond
the
$2,365
supply
zone
was
seen
as
a
fresh
trigger
for
bullish
traders.
Moreover,
oscillators
on
the
daily
chart
have
been
gaining
positive
traction
and
suggest
that
the
path
of
least
resistance
for
the
Gold
price
is
to
the
upside.
This,
in
turn,
supports
prospects
for
some
follow-through
strength
towards
reclaiming
the
$2,400
mark
with
some
intermediate
hurdle
near
the
overnight
swing
high,
around
the
$2,386-2,387
zone,
and
the
$2,393
area,
over
a
one-month
top
touched
last
week.

On
the
flip
side,
any
corrective
slide
is
likely
to
find
some
support
near
the
$2,360-2,358
region
ahead
of
the
50-day
SMA,
currently
pegged
near
the
$2,345
area.
A
convincing
break
below
the
latter
has
the
potential
to
drag
the
Gold
price
to
the
$2,319-2,318
support
en
route
to
the
$2,300
mark
and
the
$2,285
horizontal
zone.
The
latter
now
coincides
with
the
100-day
SMA,
which,
if
broken,
decisively
might
shift
the
near-term
bias
in
favor
of
bearish
traders.
The

XAU/USD
might
then
slide
to
the
$2,258
intermediate
support
before
dropping
to
the
$2,225-2,220
area
and
the
$2,200
round-figure
mark.

Ten investment bank forecasts for June US CPI due later on Thursday, 11 July 2024

401691   July 11, 2024 10:16   Forexlive Latest News   Market News  

I
posted
this
earlier
in
the
week,
so
this
is
a
repeat.

The
Wall
Street
Journal’s
Fed
watcher
Timiraos
summarising
inflation
forecasts
for
June:

The
data
is
due
on
Thursday
July
11
at
8.30
am
US
Eastern
time
(1230
GMT)
and
will
be
a
key
factor
for
the
Federal
Open
Market
Committee
(FOMC)
into
interest
rate
moves
ahead.

The
Fed
is
expected
to
hold
at
its
July
meeting
but
September
is
looking
more
and
more
like
it
might
be
live.

USD/INR trades with mild losses, eyes on US CPI data

401689   July 11, 2024 10:15   FXStreet   Market News  

• 
  The
  Indian
  Rupee
  edges
  higher
  in
  Thursday’s
  Asian
  session. 
• 
  The
  persistent
  Indian
  foreign
  inflows
  and
  a
  fall
  in
  crude
  oil
  prices
  support
  the
  INR. 
• 
  The
  US
  June
  Consumer
  Price
  Index
  (CPI)
  inflation
  data
  will
  be
  the
  highlight
  on
  Thursday.

The
Indian
Rupee
(INR)
strengthens
on
the
softer
US
Dollar
(USD)
on
Thursday.
Additionally,
the
sustained
inflow
of
foreign
funds
into
Indian
markets
and
the
decline
of
crude
oil
prices
all
contribute
to
the
INR’s
upside.
The
upside
of
the
pair
remains
capped
amid
the
potential
rate
cuts
by
the
US

Federal
Reserve
(Fed),
even
though
Fed
Chair
Jerome
Powell
said
the
labor
market
was
better
balanced
and
acknowledged
progress
on
cooling
inflation
without
committing
to
rate
cuts. 

Nonetheless,
the
renewed
Greenback
demand
from
importers
due
to
high
oil
price
pressures
might
undermine
the
local
currency
as
India
is
the
third
largest
consumer
of
crude
oil
in
the
world,
after
the

United
States
and
China.
Later
on
Thursday,
investors
will
closely
monitor
the
release
of
the
US
Consumer
Price
Index
(CPI)
inflation
data
for
June.
Further
progress
on
inflation
could
lead
to
key
changes
in
their
policy
statement
that
pave
the
way
for
a
September
rate
cut. 

Daily
Digest
Market
Movers:
Indian
Rupee
rebounds
amid
Indian
foreign
inflows
and
lower
crude
oil
prices

• The
  Indian
  Rupee
  is
  expected
  to
  trade
  with
  a
  slight
  bearish
  bias
  on
  weakness
  in
  the
  domestic
  market
  and
  a
  positive
  tone
  in
  the
  US
  Dollar,
  said
  Anuj
  Choudhary,
  Research
  Analyst
  at
  Sharekhan
  by
  BNP
  Paribas. 
• The
  Fed
  Chair
  Jerome
  Powell
  responded
  to
  questions
  before
  the
  House
  Financial
  Services
  Committee
  on
  Wednesday,
  saying
  that
  the
  Fed
  will
  make
  interest
  rate
  decisions
  based
  on
  the
  data,
  the
  incoming
  data,
  the
  evolving
  outlook,
  and
  the
  balance
  of
  risks,
  and
  not
  in
  consideration
  of
  political
  factors. 
• Powell
  further
  stated
  that
  it
  would
  not
  be
  appropriate
  to
  cut
  the
  policy
  rate
  until
  they
  gain
  greater
  confidence
  in
  inflation
  heading
  sustainably
  towards
  the
  Fed’s
  2%
  target. 
• Fed
  Governor
  Lisa
  Cook
  said
  on
  Thursday
  that
  US
  inflation
  should
  continue
  to
  fall
  without
  a
  significant
  further
  rise
  in
  the
  Unemployment
  Rate,
  per
  Reuters.
• The
  probability
  of
  the
  Fed
  leaving
  the
  policy
  rate
  unchanged
  in
  September
  stood
  at
  nearly
  25%
  following
  this
  event,
  according
  to
  the
  CME
  FedWatch
  Tool.
• The
  US
  CPI
  is
  projected
  to
  show
  an
  increase
  of
  3.1%
  YoY
  in
  June,
  while
  core
  inflation
  is
  projected
  to
  remain
  steady
  at
  3.4%
  YoY. 

Technical
analysis:
USD/INR
extends
consolidation
in
the
near
term

The
Indian
Rupee
trades
on
a
positive
note
on
the
day.
The

USD/INR
pair
maintains
its
uptrend
on
the
daily
chart,
with
the
pair
holding
above
the
key
100-day
Exponential
Moving
Average
(EMA). 

In
the
near
term,
further
consolidation
remains
in
play
as
the
pair
has
traded
within
a
familiar
trading
range
since
March
21.
The
neutral
momentum
is
also
supported
by
the
14-day
Relative
Strength
Index
(RSI),
which
hovers
around
the
50-midline.

Sustained
trading
above
the
upper
boundary
of
the
trading
range
at
83.65
will
pave
the
way
to
the
all-time
high
of
83.75.
Further
north,
the
next
hurdle
is
seen
at
the
84.00
psychological
barrier. 

On
the
other
hand,
a
decisive
break
below
the
100-day
EMA
at
83.36
could
draw
in
enough
bearish
demand
to
the
83.00
round
mark.
The
additional
downside
filter
to
watch
is
82.82,
a
low
of
January
12.