The miss in the US CPI report
last week triggered a heave US Dollar selling across the board. The market
started to price out the more hawkish expectations and now sees the July hike
as the last one for this cycle. Moreover, the resilient labour market and the
rising consumer sentiment point to
a soft-landing scenario where inflation comes down to target without affecting
too much economic growth. In fact, even the US Retail Sales recently
beat expectations on the Control Group, which is a better gauge of consumer
spending.

The ECB has already committed to a rate hike in
July, so even if the data disappoints going forward, it’s more likely to affect
the September decision rather than the July one. In fact, the ECB members keep
repeating that the September hike is more uncertain, and it will depend on the
incoming data.

EURUSD Technical Analysis –
Daily Timeframe

On the daily chart, we can see that EURUSD had a
massive rally since bottoming out on the red 21 moving average near the
1.08 handle. After breaking out of the upper bound of the rising wedge pattern
though, the bullish momentum started to wane and the price is now pulling back
into the blue 8 moving average and the top trendline of the
pattern.

EURUSD Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that the price has
broken below the blue upward trendline that defined the rally since the
breakout of the descending triangle. This led to a pullback into the top
trendline of the wedge pattern and we can see that we have also the 23.6% Fibonacci retracement level
for confluence. We
should see the buyers stepping in here with a defined risk below the trendline
to target new higher highs. On the other hand, if the price breaks below the
trendline, it might mean that the upside breakout was just a fakeout and could
lead to a massive downside into the 1.08 handle with the sellers piling in
aggressively.

EURUSD Technical Analysis –
1 hour Timeframe

On the 1 hour chart, we can see more
closely the current consolidation just above the top trendline and we can also
notice that the price has already bounced on the 23.6% Fibonacci retracement
level. If the uptrend has already restarted, we should see the price breaking
above the most recent higher low at 1.1240 and see the buyers piling even more
to target the 1.15 handle.

Upcoming Events

Today the main event
will be the US Jobless Claims report. The market is still trading on the
soft-landing hopes, so a small miss to the expectations is unlikely to cause
big movements and it may even be an opportunity to buy the dip. We should focus
more on big deviations from the expected numbers. In fact, a beat should give
the USD some support and a miss may weaken it even more as the market would
bring forward rate cuts expectations.

This article was written by FL Contributors at www.forexlive.com.

Conflux Network, the first regulatory-compliant public blockchain
in China, has today announced a new collaboration with World Mobile, the only
global mobile network built on the blockchain.

The
partnership comes on the heels of the successful launch of the Conflux BSIM
card earlier this year and will see the two companies work together initially
in four areas:

1)
Public Bridging

World Mobile Token (WMT) will bridge from Cardano
blockchain into the Conflux blockchain ecosystem and will be the first bridge
outside the Cardano ecosystem for the mobile network’s native token.

2) Tech Integration

World Mobile and Conflux will collaborate on the technical
integration of the Conflux network into World Mobile’s sidechain, AyA, bringing
EarthNode capabilities and financial settlement to the Conflux network.

3) Asian and African Market Expansion

Conflux and World Mobile enjoy a strong presence in the
Asian and African markets, respectively. The two businesses will work together
to leverage these strengths to increase connectivity, drive user acquisition
and further market penetration in key markets. Conflux’s CFX now ranks top 3 in
most popular crypto currencies in Nigeria. This is especially relevant as
Nigeria holds nearly 68% of crypto interest in Africa. World Mobile has
recently concluded successful field tests of its hybrid dynamic network in
Nigeria, following a successful commercial launch in Zanzibar earlier this
year.

4) Blockchain-based SIM card development

World Mobile and Conflux will collaborate on how the mobile
network can best utilize Conflux’s blockchain-based SIM card to increase access
to digital connectivity across the world.

YuanJie Zhang, Co-Founder of Conflux, said of the
partnership: “Conflux Network takes its mission to push the frontier of Web3
adoption at a low cost, with fast speed and decentralized security very
seriously. One important strategy is to promote collaboration with
telecommunication service providers all over the world. World Mobile is the
next significant partner Conflux brings on board after China Telecom.

Together, affordable and applicable blockchain technology
is bridged beyond Asia to the rest of the world.”Zachary Vann, Head of Token,
World Mobile Token added: “We are excited to work with Conflux to build a more
connected and inclusive future. This partnership will accelerate our market
expansion in Asia and to provide connectivity globally. The Conflux network has
a unique, regulatory-compliant blockchain, and the world’s first
blockchain-based sim cards bring many opportunities to our mobile network and
our AyA chain. This is our most significant partnership to expand our network
and sharing economy into the Asian markets and beyond.”

About Conflux

Conflux Network (https://confluxnetwork.org/) is a
permissionless Layer 1 blockchain connecting decentralized economies across
borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux
provides a fast, secure, and scalable blockchain environment with zero
congestion, low fees, and improved network security.

As the only regulatory-compliant public blockchain in
China, Conflux provides a unique advantage for projects building and expanding
into Asia. Conflux has collaborated with global brands and government entities
in the region on blockchain and metaverse initiatives, including the city of
Shanghai, McDonald’s China, and Oreo.

About World Mobile

World Mobile was founded with a far-reaching goal: to
connect everyone, everywhere while advocating for economic freedom and dignity.
Unlike traditional mobile networks, World Mobile is based on blockchain and
incentivizes people to be part of a sharing economy that taps into the trillion
dollar global telecom market. Individuals and business owners around the world
can operate nodes on its network and bring their community online while earning
revenue.

This article was written by FL Contributors at www.forexlive.com.