It was mostly the euro and pound which were pressured lower against the dollar earlier. But we are seeing both currencies turn back to near flat levels on the day now with EUR/USD back up to 1.0800 and GBP/USD up to just above the 1.2600 mark. Here’s a snapshot of things and you can see how the ranges remain fairly tight and dollar pairs are basically flat currently:

After having been wrong-footed yesterday, it seems like European traders are happy to wait on North America traders to make their move especially as stocks have the risk and tendency to reverse later in the day.

Going back to the dollar, EUR/USD has key resistance at around 1.0800 with the 200-day moving average at 1.0802 one to watch today as highlighted here. Besides that, GBP/USD is keeping below its 100-day moving average and that key level is seen at 1.2638. Stay below that and sellers will be in control.

This article was written by Justin Low at www.forexlive.com.

As such, the calm and steadier mood we’re seeing today belies the nervousness and fragile sentiment that is prevailing currently. Here’s a snapshot so far on the day:

• Eurostoxx +0.6%
• Germany DAX +0.5%
• France CAC 40 +0.7%
• UK FTSE +0.4%
• S&P 500 futures +0.2%
• Nasdaq futures +0.1%
• Dow futures +0.3%

After being burned by the Nvidia hopium yesterday, tech stocks are the ones that are less enthused so far today. And after the ugly reversal, the S&P 500 has pretty much erased gains for the week although the Nasdaq is still up a little over 1%. The Dow is the laggard as it is now down over 1% on the week coming into today.

In any case, just be wary that the pessimism can quickly accelerate in US trading as we have seen time and time again in the past two weeks. So far, broader markets are also calmer on the day as such. But if we are to lean to being more risk averse again, the dollar is likely to shine before the weekend comes along.

This article was written by Justin Low at www.forexlive.com.

US:

• The Fed hiked by 25 bps as
  expected and kept everything unchanged.
• Fed Chair Powell reaffirmed their data dependency
  and kept all the options on the table.
• The US economic data keeps on surprising to the
  upside, but inflation expectations and CPI readings continue to show
  disinflation with the last two Core CPI M/M figures
  coming in at 0.16%.
• The US PMIs missed
  expectations across the board and brought down Treasury yields weakening the US
  Dollar, but the US Jobless Claims came out
  better than expected once again and supported the USD.
• At the moment, the market doesn’t expect another
  hike from the Fed, but the next NFP and CPI data will be crucial to confirm or
  change this view.

New Zealand:

• The RBNZ kept its official cash rate unchanged while
  stating that it will remain at the restrictive level for the foreseeable future
  to ensure that inflation comes down back to target.
• The recent New Zealand inflation and employment data surprised to the upside but
  the PMIs are in contraction with the Services PMI last week plunging into
  contraction.
• The wage growth has also missed
  expectations and it’s something that the central banks are watching closely for
  second round effects.
• The New Zealand Retail Sales beat expectations although remain
  deeply negative.
• The RBNZ is expected to keep the
  cash rate steady at the next meeting.

NZDUSD Technical Analysis –
Daily Timeframe

On the daily chart, we can see that after breaking
the May low and falling into the 0.59 handle, NZDUSD rallied back to retest the
broken support now turned resistance before
restarting the downtrend. The sellers are firmly in control and the breakout
opened the door for a fall into the 0.5514 level.

NZDUSD Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that the price has
been diverging with the
MACD for a
while. This is generally a sign of weakening momentum often followed by
pullbacks or reversals. In this case, we got the pullback into the trendline where we
had also the confluence with the
38.2% Fibonacci retracement level.
This is where the sellers piled in with a defined risk above the level to
target new lows. The buyers will need the price to break above the trendline to
switch the bias from bearish to bullish and start targeting new higher highs.

NZDUSD Technical Analysis –
1 hour Timeframe

On the 1 hour chart, we can see that the
price is bouncing from the previous low. A good resistance for the sellers
might be the one around the 0.5925 level where the price has reacted to
multiple times and where we can also find the red 21 moving average for
confluence. More conservative sellers may want to wait for the price to break
below the recent low to pile in and target new lows.

Upcoming Events

Today the only major
event is Fed Chair Powell’s speech at the Jackson Hole Symposium. The
expectations though are for him to take a “wait and see” approach as we have
more key economic data ahead before the next FOMC meeting.

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

Man, oh man! As someone who’s watched the NBA for decades, I’ve had my fair share of debates. The typical ‚Kobe or Mike?‘ or ‚LeBron or Mike?‘ – and every single time, I’ve said, „MJ all the way!“. And now, just to add a little more icing on the cake, Mike is now officially the richest baller to ever grace the courts. Talk about being the GOAT in basketball and in business! 💰🏀

And if we’re talking about the greatest sport person ever alive, we gotts show some of his moves as we talk about how much dough he made…

From barely having two nickels to rub together in his childhood to touching a staggering net worth of $3.5 billion, MJ’s story is the epitome of the American dream. Ain’t just about the dunks; it’s about those dollar signs, baby! Thanks, Bloomberg Billionaires Index, for the heads up!

Here’s a quick snapshot of the journey:

• Rough Childhood: Growing up wasn’t all glitz and glam. MJ faced financial hardships but never let it define him.
• Player’s Paycheck: He raked in over $94 million during his NBA career alone. And, oh boy, every cent was earned with those mesmerizing moves on the court!
• The Endorsement Era: MJ’s name was GOLD. Collaborations with giants like Nike, Coca-Cola, and McDonald’s? Hundreds of millions right there!
• Charlotte Hornets: Not just a player, MJ’s the boss too! His major stake in the Charlotte Hornets? Well, that’s a billion-dollar ball game.
• Businessman Mike: Restaurant chains, golf courses… you name it, MJ’s got a piece of it. Million-dollar ventures that keep on giving.

And if you’re thinking this is where the story ends, think again. MJ’s still pretty young in the grand scheme of things. With his knack for business and those clever investments, there’s no cap to his wealth. The sky’s the limit!

You know, it’s not just about the money. It’s about resilience, vision, and the will to be the best. Mike’s life is a testament to the saying, “Where there’s a will, there’s a way.” If MJ’s story doesn’t light a fire in you, I don’t know what will. To the kid from Wilmington who became a global icon: You’re an inspiration, Mike! 🐐🏆💰

BTW, here are the richest athletes in the world…

This article was written by Itai Levitan at www.forexlive.com.