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Crypto attracts buyer interest, but reversal needs proof

Crypto attracts buyer interest, but reversal needs proof

Market pictureCrypto market capitalisation rose 1.4% over the last 24 hours to $1.138 trillion. After quiet trading on Monday, most gains came on Tuesday morning. The timing of the move is due to news on the US debt ceiling, where there is no deal yet, but Biden notes...

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AUDUSD Technical Analysis

AUDUSD Technical Analysis

On the daily chart below for AUDUSD, we can see that the price has recently sold off from the top of the range and it’s now approaching the support at 0.6563. AUDUSD has been trading within this range since the Silicon Valley Bank collapse in March, so it hasn’t done...

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Gold erases Friday bounce amid higher dollar, yields

Gold erases Friday bounce amid higher dollar, yields

The dollar is gaining further ground now in European morning trade and among the bigger losers today is gold. The yellow metal is down 0.7% to just under $1,956 currently as it erases the advance from Friday. Gold is now threatening a steeper fall towards its 100-day...

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Higher yields continue to underpin the dollar for now

Higher yields continue to underpin the dollar for now

That is keeping the dollar in a decent spot today and we are seeing gains extend that bit more in European morning trade. EUR/USD is now down 0.3% to 1.0775 while GBP/USD is down 0.5% to 1.2380 with the greenback also gaining ground against the commodity...

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BOE’s Bailey: Inflation has turned the corner

BOE’s Bailey: Inflation has turned the corner

Central Banks Remarks by BOE governor, Andrew Bailey <!--> --> Justin Low Tuesday, 23/05/2023 | 09:21 GMT-0 23/05/2023 | 09:21 GMT-0 <!--> --> Services inflation is tracking more or less as we thought in FebruaryWill adjust bank rate as necessary to...

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USDCAD Technical Analysis – Choppy Trading

USDCAD Technical Analysis – Choppy Trading

On the daily chart below for USDCAD, we can see that after bouncing again near the 1.33 handle and rallying back to the 1.3553 resistance, the price action became a bit choppy between the 1.34 handle and the 1.3553 resistance. The market is waiting for further...

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A Carry Trade Fight – CHFJPY

The Carry Trade strategy is widely known and used, especially among institutional investors. It consists of borrowing in a currency with low interest rates to invest in products denominated in currencies with higher yields. For example, a global investment firm could...

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UK May flash services PMI 55.1 vs 55.5 expected

UK May flash services PMI 55.1 vs 55.5 expected

Prior 55.9Manufacturing PMI 46.9 vs 48.0 expectedPrior 47.8Composite PMI 53.9 vs 54.6 expectedPrior 54.9Similar to the Eurozone economy, there is a contrast in the UK economy as well with manufacturing conditions keeping on the softer side while services activity is...

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GBPUSD Technical Analysis – Crossing Into Downside

GBPUSD Technical Analysis – Crossing Into Downside

On the daily chart below for GBPUSD, we can see that after a long struggle at the 1.2444 resistance, price broke out and rallied to the 1.27 handle. As we got another hot US NFP report though, the price started to top out and eventually reversed as more good US data...

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Eurozone May flash services PMI 55.9 vs 55.6 expected

Eurozone May flash services PMI 55.9 vs 55.6 expected

Prior 56.2Manufacturing PMI 44.6 vs 46.0 expectedPrior 45.8Composite PMI 53.3 vs 53.5 expectedPrior 54.1The contrast between the services and manufacturing readings were already outlined earlier by the French and German reports. Despite the divergence in fortunes, the...

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Germany May flash manufacturing PMI 42.9 vs 45.0 expected

Germany May flash manufacturing PMI 42.9 vs 45.0 expected

Prior 44.5Services PMI 57.8 vs 55.3 expectedPrior 56.0Composite PMI 54.3 vs 53.5 expectedPrior 54.2Once again, it's another heavily contrasting report in Germany as manufacturing conditions deteriorate further but that is offset by stronger activity in the services...

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Dollar keeps steadier to start European morning trade

Dollar keeps steadier to start European morning trade

As stocks are losing a bit of ground to start the session, the dollar is finding a decent footing now. Looking to the antipodeans, AUD/USD is down 0.3% to 0.6635 with NZD/USD down 0.2% to 0.6270 on the day as the narrow ranges from earlier start to stretch...

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France May flash services PMI 52.8 vs 54.0 expected

France May flash services PMI 52.8 vs 54.0 expected

Prior 54.6Manufacturing PMI 46.1 vs 46.0 expectedPrior 45.6Composite PMI 51.4 vs 52.0 expectedPrior 52.4The readings are slightly softer than estimated but still points to growth in the French economy in May, albeit at a slower pace. The headline reading is a...

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