Articles

USD/INR strengthens ahead of Fed Chair Powell’s second testimony

401463   July 10, 2024 10:14   FXStreet   Market News  

• 
  The
  Indian
  Rupee
  edges
  lower
  in
  Wednesday’s
  Asian
  session. 
• 
  The
  renewed
  US
  Dollar
  demand
  might
  weigh
  on
  the
  local
  currency,
  while
  sustained
  Indian
  foreign
  inflows
  could
  underpin
  the
  INR. 
• 
  Fed
  Chair
  Jerome
  Powell’s
  second
  testimony
  will
  be
  in
  the
  spotlight
  on
  Wednesday. 

The
Indian
Rupee
(INR)
trades
on
a
weaker
note
on
Wednesday
amid
the
modest
rebound
of
the
US
Dollar
(USD).
The
persistent
Greenback
demand
from
local
importers
might
continue
to
limit
the
local
currency’s
gains.
However,
sustained
Indian
foreign
inflows,
a
positive
economic

outlook,
and
the
fastest
macroeconomic
growth
among
large
economies
might
all
contribute
to
the
INR’s
upside.

Traders
will
focus
on
the
second
semi-annual
testimony
by

Federal
Reserve
(Fed)
Chair
Jerome
Powell
on
Wednesday.
The
attention
will
shift
to
the
US
Consumer
Price
Index
(CPI)
inflation
data
on
Thursday.
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.
Any
dovish
comments
from
the
Fed’s
Powell
or
signs
of
softer
inflation
in
the
US
might
exert
some
selling
pressure
on
the
Greenback. 

Daily
Digest
Market
Movers:
Indian
Rupee
weakens
despite
India’s
optimistic
outlook

• The
  Reserve
  Bank
  of
  India
  said
  on
  Monday
  that
  the
  country
  added
  46.7
  million
  jobs
  in
  the
  fiscal
  year
  ended
  March,
  the
  highest
  since
  1981-1982. 
• India’s
  central
  bank
  added
  $5.6
  billion
  in
  Gold
  reserves
  in
  the
  June
  quarter,
  with
  foreign
  currency
  assets
  increasing
  by
  $1.9
  billion
  and
  the
  value
  of
  gold
  in
  reserves
  rising
  by
  $3.8
  billion.
  As
  of
  June
  28,
  India’s
  foreign
  currency
  reserves
  were
  at
  $652
  billion.
• Fed
  Chair
  Jerome
  Powell
  said
  in
  testimony
  Tuesday
  to
  Congress
  that
  the
  case
  for
  interest
  rate
  cuts
  is
  becoming
  stronger
  as
  the
  most
  recent
  inflation
  data
  showed
  some
  modest
  further
  progress. 
• Powell
  added
  that
  “more
  good
  data”
  could
  open
  the
  door
  to
  interest
  rate
  cuts.
  He
  noted
  that
  holding
  interest
  rates
  too
  high
  for
  too
  long
  could
  jeopardize
  economic
  growth. 
• Powell’s
  remarks
  have
  helped
  push
  up
  the
  chance
  of
  a
  September
  rate
  cut
  by
  the
  Fed
  to
  above
  75%,
  up
  from
  71%
  before
  the
  US
  employment
  data
  last
  Friday,
  according
  to
  the
  CME’s
  FedWatch
  tool.

Technical
analysis:
USD/INR
remains
in
consolidative
mode
in
the
near
term

The
Indian
Rupee
trades
softer
on
the
day.
The
bullish
bias
of
the

USD/INR
pair
continues
as
the
pair
holds
above
the
key
100-day
Exponential
Moving
Average
(EMA)
on
the
daily
chart. 

In
the
shorter
term,
further
consolidation
looks
favorable
as
the
pair
has
remained
stuck
within
a
familiar
trading
range
since
March
21.
Additionally,
the
14-day
Relative
Strength
Index
(RSI)
showed
neutral
momentum,
hovering
around
the
50-midline.

Sustained
upside
momentum
could
lift
USD/INR
to
83.65,
the
upper
boundary
of
the
trading
range.
A
break
above
this
level
could
attract
some
buying
interest
to
the
all-time
high
of
83.75
en
route
to
the
84.00
psychological
barrier. 

On
the
flip
side,
the
100-day
EMA
at
83.36
acts
as
an
initial
support
level
for
the
pair.
Extended
losses
will
expose
the
83.00
round
mark,
followed
by
82.82,
a
low
of
January
12.

Australian Dollar remains tepid after soft China’s CPI inflation

401461   July 10, 2024 10:14   FXStreet   Market News  

• 
  The
  Australian
  Dollar
  depreciates
  as
  the
  US
  Dollar
  gains
  ground
  after
  Fed
  Chair
  Powell’s
  testimony
  before
  the
  US
  Congress
  on
  Tuesday.
• 
  China’s
  CPI
  declined
  by
  0.2%
  in
  June,
  compared
  to
  a
  0.1%
  decline
  in
  May.
• 
  Fed
  Chair
  Powell
  emphasized
  that
  a
  rate
  cut
  is
  not
  appropriate
  until
  the
  Fed
  gains
  confidence
  that
  inflation
  is
  moving
  toward
  2%.

The
Australian
Dollar
(AUD)
losses
its
recent
gains
on
Wednesday.
The
drop
in
the

AUD/USD
pair
is
due
to
the
strengthening
of
the
US
Dollar
(USD)
following

Federal
Reserve
(Fed)
Chairman
Jerome
Powell’s
testimony
before
the
US
Congress
on
Tuesday.
Despite
acknowledging
improving
inflation
figures,
the
Fed
remains
firmly
cautious.

China’s
Consumer
Price
Index
(CPI)
rose
at
an
annual
rate
of
0.2%
in
June,
down
from
a
0.3%
rise
in
May.
The
market
had
forecasted
a
0.4%
increase
for
the
period.
On
a
monthly
basis,
Chinese
CPI
inflation
declined
by
0.2%
in
June,
compared
to
a
0.1%
decline
in
May,
which
came
in
below
the
expected
decline
of
0.1%.

Traders
are
anticipating
the
second
semi-annual
testimony
by
Fed
Chair
Jerome
Powell,
as
well
as
speeches
by
the
Fed’s
Michelle
Bowman
and
Austan
Goolsbee.
Additionally,
attention
will
be
on
the
US
Consumer
Price
Index
(CPI)
data,
set
to
be
released
on
Thursday.

Market
forecasts
generally
predict
that
the
annualized
US
core
CPI
for
the
year
ending
in
June
will
remain
steady
at
3.4%,
while
headline
CPI
inflation
is
expected
to
increase
to
0.1%
month-over-month
in
June,
compared
to
the
previous
flat
reading
of
0.0%.

Daily
Digest
Market
Movers:
Australian
Dollar
declines
due
to
hawkish
remarks
from
Fed’s
Powell

• Fed
  Chair
  Jerome
  Powell
  answered
  questions
  before
  the
  Senate
  Banking
  Committee
  on
  the
  first
  day
  of
  his
  Congressional
  testimony
  on
  Tuesday.
  Powell
  stated,
  “More
  good
  data
  would
  strengthen
  our
  confidence
  in
  inflation.”
  He
  emphasized
  that
  a
  “policy
  rate
  cut
  is
  not
  appropriate
  until
  the
  Fed
  gains
  greater
  confidence
  that
  inflation
  is
  headed
  sustainably
  toward
  2%.”
  He
  also
  noted
  that
  “first-quarter
  data
  did
  not
  support
  the
  greater
  confidence
  in
  the
  inflation
  path
  that
  the
  Fed
  needs
  to
  cut
  rates.”
• Australia’s
  10-year
  government
  bond
  yield
  hold
  steady
  at
  around
  4.4%
  as
  investors
  digest
  mixed
  domestic
  data.
  Consumer
  sentiment
  fell
  in
  July
  following
  a
  rise
  in
  June,
  reflecting
  household
  concerns
  over
  persistent
  inflation
  and
  the
  potential
  for
  further
  interest
  rate
  increases
  by
  the
  Reserve
  Bank
  of
  Australia
  (RBA).
  Meanwhile,
  business
  confidence
  rose
  to
  its
  highest
  level
  since
  January
  2023.
• Australia’s
  Westpac
  Consumer
  Confidence
  dropped
  by
  1.1%
  in
  July,
  reversing
  the
  1.7%
  increase
  seen
  in
  June.
  This
  marks
  the
  fifth
  decline
  in
  2024,
  driven
  by
  ongoing
  worries
  about
  high
  inflation,
  elevated
  interest
  rates,
  and
  a
  sluggish
  economy.
• US
  Nonfarm
  Payrolls
  (NFP)
  increased
  by
  206,000
  in
  June,
  following
  a
  rise
  of
  218,000
  in
  May.
  This
  figure
  surpassed
  the
  market
  expectation
  of
  190,000.
• The
  US
  Unemployment
  Rate
  edged
  up
  to
  4.1%
  in
  June
  from
  4.0%
  in
  May.
  Meanwhile,
  Average
  Hourly
  Earnings
  decreased
  to
  3.9%
  year-over-year
  in
  June
  from
  the
  previous
  reading
  of
  4.1%,
  aligning
  with
  market
  expectations.

Technical
Analysis:
Australian
Dollar
hovers
around
0.6750

The
Australian
Dollar
trades
around
0.6740
on
Wednesday.
The
analysis
of
the
daily
chart
shows
that
the
AUD/USD
pair
consolidates
within
an
ascending
channel,
indicating
a
bullish
bias.
Additionally,
the
14-day
Relative
Strength
Index
(RSI)
remains
above
the
50
level,
confirming
the
bullish
momentum.

The
AUD/USD
pair
may
test
the
upper
boundary
of
the
ascending
channel
at
approximately
0.6775.
If
it
breaks
through
this
level,
the
pair
could
aim
for
the
psychological
level
of
0.6800.

On
the
downside,
the
AUD/USD
pair
may
find
support
around
the
lower
boundary
of
the
ascending
channel
at
0.6670,
with
additional
support
near
the
50-day
Exponential
Moving
Average
(EMA)
at
0.6642.
A
break
below
this
level
could
push
the
pair
toward
throwback
support
around
0.6590.

AUD/USD:
Daily
Chart

China June 2024 CPI +0.2% y/y (expected +0.4%) and PPI -0.8% y/y (expected -0.8%)

401460   July 10, 2024 09:39   Forexlive Latest News   Market News  

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Educate
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exchange
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Finance
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CY
Limited

China Producer Price Index (YoY) in line with expectations (-0.8%) in June

401459   July 10, 2024 09:39   FXStreet   Market News  

China Consumer Price Index (YoY) below expectations (0.4%) in June: Actual (0.2%)

401458   July 10, 2024 09:39   FXStreet   Market News  

Gold price edges higher ahead of Fed Chair Powell’s second testimony

401457   July 10, 2024 09:14   FXStreet   Market News  

• 
  The
  Gold
  price
  holds
  positive
  ground
  in
  Wednesday’s
  early
  Asian
  session. 
• 
  Rising
  Fed
  rate
  cut
  bets
  continue
  to
  lift
  the
  yellow
  metal. 
• 
  The
  PBoC
  refrained
  from
  buying
  gold
  for
  a
  consecutive 
  month,
  limits
  XAU/USD
  upside. 

The
Gold
price
(XAU/USD)
trades
with
mild
gains
on
Wednesday
during
the
early
Asian
session.
The
growing
speculation
that
the
US
Federal
Reserve
(Fed)
is
likely
to
start
cutting
rates
as
early
as
September
continues
to
support
the
non-yielding
metal.
Furthermore,
political
uncertainties
within
Europe
and
globally
might
boost
Gold
price,
a
traditional
safe-haven
asset.

On
the
other
hand,
the
pause
of
China’s
central
bank
Gold
purchases
for
a
second
consecutive
month
might
prompt
traders
to
reduce
bullish
bets
in
the
yellow
metal
as
China
is
the
world’s
largest
gold
consumer.
Investors
will
keep
an
eye
on
the
second
semi-annual
testimony
by

Federal
Reserve
(Fed)
Chair
Jerome
Powell
on
Wednesday,
along
with
speeches
by
the
Fed’s
Michelle
Bowman
and
Austan
Goolsbee.
On
Thursday,
the
US
Consumer
Price
Index
(CPI)
inflation
data
will
be
closely
monitored.
This
data
might
offer
more
clarity
on
the
US
interest
rate
path.

Daily
Digest
Market
Movers:
Gold
price
gains
ground
amid
rising
Fed
rate
cut
bets

• China
  held
  its
  gold
  reserves
  steady
  for
  the
  second
  month
  in
  a
  row
  in
  June,
  after
  an
  18-month
  period
  of
  purchases.
  Official
  data
  from
  China’s
  central
  bank
  shows
  its
  gold
  reserves
  holdings
  at
  2,264
  tonnes.
• Federal
  Reserve
  (Fed)
  Chair
  Jerome
  Powell
  said
  in
  testimony
  Tuesday
  to
  Congress
  that
  the
  most
  recent
  inflation
  data
  showed
  some
  modest
  further
  progress
  and
  “more
  good
  data”
  could
  open
  the
  door
  to
  interest
  rate
  cuts. 
• Powell
  emphasized
  that
  the
  central
  bank
  will
  continue
  to
  make
  decisions
  on
  monetary
  policy
  meeting
  by
  meeting,
  adding
  that
  holding
  interest
  rates
  too
  high
  for
  too
  long
  could
  jeopardize
  economic
  growth. 
• Powell
  further
  stated
  that
  inflation
  readings
  over
  the
  first
  three
  months
  of
  this
  year
  did
  not
  boost
  Fed
  officials’
  confidence
  that
  inflation
  was
  coming
  under
  control.
• Financial
  markets
  are
  now
  pricing
  in
  74%
  odds
  of
  a
  Fed
  rate
  cut
  in
  September,
  up
  from
  71%
  last
  Friday,
  according
  to
  data
  from
  the
  CME
  FedWatch
  tool. 

Technical
Analysis:
Gold
price
holds
bullish
in
the
longer
term

The
gold
price
trades
on
a
stronger
note
on
the
day
following
the
break
above
the
descending
channel.
The
precious
metal
maintains
its
uptrend
above
the
key
100-day
Exponential
Moving
Average
(EMA)
on
the
daily
timeframe.
The
upward
momentum
is
also
supported
by
the
14-day
Relative
Strength
Index
(RSI),
which
stands
in
the
bullish
zone
around
55.0. 

The
crucial
resistance
level
for
yellow
metal
will
emerge
at
the
$2,400
psychological
level.
The
next
hurdle
is
seen
at
$2,432,
a
high
of
April
12.
Sustained
trading
above
this
level
could
set

XAU/USD
for
a
potential
retest
of
the
all-time
high
of
$2,450.

On
the
other
hand,
sustained
trading
below
$2,340,
the
former
resistance
level,
could
draw
in
enough
bearish
demand
to
head
$2,318,
a
low
of
July
1.
The
next
contention
level
to
watch
is
$2,274,
the
100-day
EMA. 

Ethereum ETFs poised to defy market underpricing

401454   July 10, 2024 09:14   FXStreet   Market News  

• 
  Ethereum
  investors
  are
  underpricing
  the
  impact
  of
  spot
  ETH
  ETF
  launch,
  says
  K33
  Research.
• 
  Grayscale’s
  moves
  to
  reduce
  potential
  outflows
  for
  ETHE
  upon
  its
  ETF
  conversion.
• 
  Ethereum
  could
  face
  sell-off
  if
  key
  indicator
  declines
  further.

Ethereum
(ETH)
is
up
2%
on
Tuesday
following
predictions
from
K33
Research
that
investors
are
underpricing
the
upcoming
ETH
ETF
launch.
Meanwhile,
Grayscale
is
making
moves
to
reduce
potential
outflows
from
its
Grayscale
Ethereum
Trust
through
its
Ethereum
Mini
Trust.

Daily
digest
market
movers:
Underpriced
ETH
ETF,
Grayscale’s
Mini
Trust
move

Ethereum
has
been
the
most
popular
crypto
among
traders
in
the
past
24
hours
after
issuers
submitted
their
amended
spot
ETH
ETF
S-1
registration
statements
with
the
Securities
&
Exchange
Commission
(SEC)
on
Monday.
According
to
Santiment’s
data,
recent discussions
surrounding
ETH
appear
to
be
bullish
despite
wider
bearish
sentiments
across
altcoins.
Many
analysts
expect
the
ETFs
to
begin
trading
within/after
two
weeks.

The
SEC
approved
issuers’
spot
ETH
ETF
19b-4
filings
in
May
but
also
needs
to
greenlight
their
S-1
drafts
before
the
products
can
go
live
on
exchanges.

While
the
current
ETH
price
suggests
that
most
traders
aren’t
overly
bullish
on
the
ETH
ETF
launch,
K33
Research
analysts
suggest
in
a
recent
report
that
the
market
is
underpricing
the
impact
of
these
products.

“We
believe
the
market
underappreciates
the
ETH
ETF
effect
and
forecast
that
US
ETH
ETFs
will
absorb
1%
of
the
circulating
ETH
supply.
We
expect
the
ETH
ETF
effect
to
lead
to
ETH
outperformance
in
H2
2024,”
said
K33
Research
analysts.

Percentage
of
circulating
ETH
supply
held
in
investment
vehicles

Meanwhile,
Grayscale
has
announced
a
“record
date”
of
July
18
for
the
initial
creation
and
distribution
of
shares
of
its
Ethereum
Mini
Trust
to
holders
of
the
Grayscale
Ethereum
Trust
(ETHE)
ahead
of
its
conversion
when
spot
ETH
ETFs
launch.
According
to
the
announcement,
Grayscale
will
contribute
10%
of
ETHE
(about
$500M-$600M)
to
the
Mini
Trust.

Considering
Grayscale’s
Ethereum
Mini
Trust
filings
have
yet
to
be
approved
by
the
SEC,
the
move
could
help
reduce
outflows
for
ETHE
after
its
conversion
to
an
ETF. “It
looks
like
it
effectively
locks
up
10%
of
ETHE
NAV
(net
asset
value)
until
the
Mini-trust
is
approved
for
trading…reducing
potential
for
outflows,”
said
Scott
Johnsson,
general
partner
at
Van
Buren
Capital.

ETH
technical
analysis:
Ethereum
STHs
could
determine
ETH’s
next
move

Ethereum
is
trading
around
$3,050
on
Tuesday,
up
about
2%
on
the
day.
ETH’s
price
sustaining
above
$3,000
has
seen
its
short
liquidations
reach
$18.30
million
and
long
liquidations
at
just
under
$12
million
in
the
past
24
hours,
according
to
Coinglass
data.

The
liquidation
data
aligns
ETH’s
Taker
Buy
Sell
Ratio,
which
measures
the
number
of
buy
orders
versus
sell
orders.
The
ratio
is
at
1.004,
indicating
the
bearish
pressure
has
cooled.

Additionally,
ETH’s
180-day
Market
value
to
realized
value
ratio,
which
measures
the
profitability
of
all
coins
purchased
in
the
last
180
days,
is
hovering
around
-5
%,
meaning
most
short-term
holders
(STHs)
are
at
a
5%
loss.
This
is
its
lowest
level
since
October.
A
further
drop
could
cause
panic
among
most
STHs,
who
may
sell
off
their
tokens
to
cut
losses.

On
the
flip
side,
the
low
MVRV
indicates
a
potential
buying
opportunity
ahead
of
the
launch
of
spot
ETH
ETFs,
which
may
propel
ETH
to
new
highs.
If
the
ETFs
prove
successful,
ETH
faces
resistance
at
$3,547,
while
the
$2,852
level
remains
a
key
support
level
if
bearish
sentiment
persists.

ETH/USDT
4-hour
chart

ETH
could
rise
to
$3,104
in
the
short
term
to
sweep
a
$3.78
million
liquidation
wall.

House set to vote over President Biden’s veto of SAB 121 overturn

401453   July 10, 2024 08:39   FXStreet   Market News  

• 
  The
  House
  is
  set
  to
  vote
  on
  a
  resolution
  to
  overturn
  President
  Biden’s
  veto
  of
  the
  SAB
  121
  repeal
  on
  Wednesday.
• 
  President
  Biden
  vetoed
  the
  overturn
  in
  May,
  following
  bipartisan
  support
  to
  revoke
  SAB
  121.
• 
  To
  reverse
  the
  President’s
  veto,
  two-thirds
  of
  the
  House
  would
  need
  to
  vote
  in
  support
  of
  the
  overturn.

The
House
of
Representatives
will
vote
on
Wednesday
on
whether
or
not
to
repeal
President
Biden’s
decision
to
veto
the
overturn
of
SAB
121.

SAB
121
resolution
back
on
House
court

The
House
of
Representatives
is
scheduled
to
vote
on
the
possible
overturn
of
President
Biden’s
veto
of
Congress’s
repeal
of
controversial
SAB121
on
Wednesday.

Staff
Accounting
Bulletin
121
(SAB
121),
introduced
by
the
Securities
&
Exchange
Commission
(SEC)
in
2022,
requires
crypto
companies
to
record
their
customer
holdings
as
liabilities
on
their
balance
sheets.
The
bulletin
drew
massive
criticism
across
the
crypto
industry
and
the
political
sector,
leading
to
its
repeal
by
Congress
in
May.

Regardless,
President
Joe
Biden
vetoed
the
bipartisan
overturn,
arguing
that
removing
SAB
121
would
undermine
the
SEC’s
ability
to
regulate
the
crypto
industry
properly.
He
also
claimed
that
his
administration
“will
not
support
measures
that
jeopardize
the
well-being
of
consumers
and
investors,”
SAB
121’s
repeal
in
this
case.

The
House
would
need
a
two-thirds
majority
vote
to
support
the
motion
to
overturn
the
President’s
veto.
However,
certain
political
voices
suggest
that
this
may
be
a
difficult
bridge
to
cross,
especially
with
the
need
to
get
votes
from
Democratic
members.

Senator
Bill
Hagerty
posted
on
X:

“The
last
vote
was
pre-determined
given
Biden’s
veto
threat
–
this
time
it
is
live.
Pro-innovation
Republicans
have
made
our
stance
clear
—
will
Democrats
have
the
courage
to
join
us?”

Additionally,
Alexander
Grieve,
head
of
government
affairs
at
Paradigm,
previously
made
a
similar
comment
on
tomorrow’s
vote:

“Let’s
see
if
the
House
can
rally
a
2/3
vote
to
overturn
the
veto
(steep
hill
to
climb
but
not
impossible
given
how
bipartisan
the
FIT
vote
was),”
Grieve
said
on
Friday,
referencing
the
bipartisan
support
towards
the
FIT-21
bill.

BONK, BRETT and MOG rally over 10%, SHIB posts slight gains

401451   July 10, 2024 08:39   FXStreet   Market News  

• 
  BONK
  continues
  its
  impressive
  run
  with
  another
  10%
  growth
  in
  the
  past
  few
  hours.
• 
  BRETT
  and
  MOG
  broke
  out
  of
  the
  market
  stagnancy
  with
  a
  10%
  rally.
• 
  Non-exchange
  SHIB
  whales
  have
  been
  accumulating
  the
  meme
  coin
  in
  the
  past
  month.

BONK,
BRETT,
and
MOG
were
outliers
among
top
meme
coins
on
Tuesday
after
rallying
more
than
10%
in
the
past
24
hours.
Their
move
has
seen
them
flip
other
tokens
to
climb
the
standings
among
top
cryptocurrencies.

The
meme
coins
leading
the
market
recovery

BONK
flipped
dogwifhat
(WIF)
to
become
the
largest
Solana
meme
coin
after
rising
by
another
10%
on
Tuesday.
BONK
has
risen
nearly
30%
in
the
past
two
days
to
increase its
weekly
performance
to
a
3%
gain.
While
many
predicted
that
BONK
would
continue
a
downtrend
after
a
correction
from
its
rally
in
early
June,
the
Solana
meme
coin
has
proven
otherwise,
breaking
out
of
the
wider
market
lull
by
a
mile.

According
to
Santiment’s
data,
BONK’s
social
volume
and
dominance
have
also
increased
following
its
price,
indicating
increased
interest
in
the
meme
coin.
As
previously
mentioned,
BONK’s
recent
growth
can
partly
be
attributed
to
its
live
events
and
partnerships
with
Heliopay
and
Binance.

BONK
Social
Volume
&
Dominance

BONK’s
open
interest
(OI)
has
risen
more
than
13%
in
the
past
24
hours.
Its
rising
OI
and
growing
price
could
cause
BONK
to
see
more
growth
in
the
coming
days.

Base
meme
coin
BRETT
is
another
outlier
in
the
meme
sector
after
it
broke
out
of
the
wider
market’s
bearish

outlook
with
a
10%
rally.

Ethereum-based
Mog
Coin
also
grew
rapidly
on
Tuesday
after
soaring
more
than
12%.
This
move
has
seen
it
flip
BOME
to
become
the
eighth-largest
meme
coin
by
market
capitalization.

Other
meme
tokens
like
SHIB
and
FLOKI
saw
gains
shy
of
2%.
According
to
Santiment,
non-exchange
whales
continue
to
accumulate
SHIB
while
exchange
whales’
holdings
are
depleting.

Notably,
150
of
the
largest
SHIB
non-exchange
whales
have
increased
their
holdings
by
6.57
trillion
SHIB
in
the
past
month.
Conversely,
150
large
exchange
whales
have
reduced
their
holdings
by
5.53
trillion
SHIB.
SHIB
has
risen
about
22%
since
the
market
drawdown
on
July
5.

Meanwhile,
footballer
Lionel
Messi’s
Instagram
account
was
suspected
to
have
been
compromised
after
a
post
promoting
the
WATER
meme
coin,
a
project
several
crypto
analysts
have
flagged
as
a
potential
rug
pull.

Japan PPI (June 2024) +0.2% m/m (expected +0.4) and +2.9% y/y (expected +2.9%)

401450   July 10, 2024 08:14   Forexlive Latest News   Market News  

Still
solid
rises
for
inflation
at
the
wholesale
level.

USD/JPY
is
little
changed
around
161.36

—

The
Producer
Price
Index
(PPI)
in
Japan
is
also
known
as
the
Corporate
Goods
Price
Index
(CGPI)

• its
  a
  measure
  of
  the
  average
  change
  over
  time
  in
  the
  selling
  prices
  received
  by
  domestic
  producers
  for
  their
  output
• is
  calculated
  by
  the
  Bank
  of
  Japan

Unlike
the
Consumer
Price
Index
(CPI),
which
measures
the
price
change
that
consumers
see
for
a
basket
of
goods
and
services,
the
CGPI
focuses
on
the
change
in
the
prices
of
goods
sold
by
companies.

The
PPI
reflects
some
of
cost
pressures
faced
by
producers

• its
  based
  on
  a
  basket
  of
  goods
  that
  represents
  the
  range
  of
  products
  produced
  within
  the
  Japanese
  economy,
  including
  items
  such
  as:
  • raw
    materials
    like
    metals
    and
    chemicals
  • semi-finished
    goods
  • and
    finished
    products
  • different
    weights
    are
    assigned
    to
    each
    category
    within
    the
    index
    based
    on
    its
    contribution
    to
    the
    overall
    economy.
• it
  does
  not
  account
  for
  the
  quality
  improvements
  in
  goods
  and
  services
  over
  time,
  which
  might
  lead
  to
  overestimation
  of
  inflation
  • additionally,
    it
    reflects
    only
    the
    prices
    of
    domestically
    produced
    goods,
    leaving
    out
    the
    impact
    of
    imported
    goods

The
PPI
can
be
used
as
a
guide
to
inflationary
pressures
in
the
economy:

• If
  producers
  are
  facing
  higher
  costs,
  they
  may
  pass
  these
  on
  to
  consumers,
  leading
  to
  higher
  consumer
  prices.

Japan Producer Price Index (YoY) meets expectations (2.9%) in June

401449   July 10, 2024 08:14   FXStreet   Market News  

Japan Producer Price Index (MoM) registered at 0.2%, below expectations (0.4%) in June

401448   July 10, 2024 08:14   FXStreet   Market News