All quiet so far after the equities pop 0 (0)

After the opening hour in European trading, equities caught a bit of a pop higher. Since then, it has been relatively quiet with stocks just holding slightly higher while major currencies are doing a whole lot of nothing on the session. Dollar pairs are still sitting within 0.1% change of one another, just slugging along since earlier here.

That said, just be mindful that the greenback still has the potential to jump higher in trading this week: Dollar has the recipe for the next leg higher

Elsewhere, bonds are also showing little appetite so far today. 2-year Treasury yields are near unchanged at 4.890% while 10-year Treasury yields are down slightly by 1.5 bps to 4.153% currently. With little on the economic calendar today, the risk mood will be act as a key driver on trading sentiment alongside the dollar technicals above.

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

Go to Forexlive

Gold Technical Analysis – Reversal signs are emerging 0 (0)

Last
week, the US CPI came
basically in line with expectations, but the good news is that the Core M/M
reading once again printed at 0.2% or 0.16% unrounded. The not so good news is
that the US Initial Claims spiked
higher coming at 248K vs. 230K expected, but Continuing Claims remained strong.
We have already seen Claims spiking higher in the past months, but the overall
picture remains positive for now. The long-term inflation expectations in the University of Michigan report
ticked lower, so on the data side the week was positive. Overall, we should
have seen Gold rally with such data as the market priced out further rate hikes
expectations and some Fed members even started to talk about rate cuts in early
2024.

Gold Technical Analysis –
Daily Timeframe

On the daily chart, we can see that the selloff
from the 1984 resistance extended
past the key 1934 support and the sellers are now eyeing the 1893 low. A break
below the low would open the door for a big fall into the 1805 swing low.

Gold Technical Analysis – 4
hour Timeframe

On the 4 hour chart, we can see that the price is diverging with the
MACD which is
generally a sign of weakening momentum often followed by pullbacks or
reversals. The buyers can either wait for the price to reach the 1893 low to
step in with a tight risk and target the 1984 resistance or wait for a break
above the trendline to
confirm the reversal and ride the bullish wave.

Gold Technical Analysis – 1
hour Timeframe

On the 1 hour chart, we can see that we
have what looks like a falling wedge, which
is generally a reversal pattern. The price will need to break above the
trendline and the 1921 swing high to confirm the reversal though and give the
buyers more conviction for further upside. The sellers, on the other hand, are
likely to pile in at the trendline to target the 1893 low and ultimately a
break lower.

Upcoming Events

This week is a
bit empty on the data front, but we will have two key economic releases,
nonetheless. Tomorrow, we will see the latest US Retail Sales report and we can
expect gold to rally in case we see a miss and fall in case we see a beat. On
Thursday, we will have the US Jobless Claims data release. This is likely to be
the main report of the week as the market remains sensitive to the labour
market data. If we see a miss, Gold is likely to rally as the market will price
out even more the chances of further hikes, but if we see a beat, we should see
the precious metal falling further.

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

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Dollar trades little changed on the day now 0 (0)

We were poised for a bit more of a risk-off mood to start European morning trade but a sudden recovery in stocks is changing that picture now on the session. As seen here, there was a sharp rebound in equities with US futures turning around as tech shares jump up. The gains now are more measured with S&P 500 futures up 0.2% and Nasdaq futures up 0.4% but that is much better than the dour mood from Asia trading at least. That in turn has seen the aussie and kiwi recover with dollar pairs now keeping little changed on the day:

AUD/USD was down around 0.6460 levels in the handover from Asia to Europe but is now trading just under 0.6500 and NZD/USD has even pared losses from 0.5955 to near 0.5990 on the day.

Besides that, dollar pairs remain more tentative but the bulls are still in a position to make use of this recipe for the next leg higher.

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

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Weekly Market Outlook (14-18 August) 0 (0)

UPCOMING EVENTS:

  • Tuesday:
    PBoC MLF, Australia Wage Price Index, China Industrial Production, UK Jobs
    Report, German ZEW, US Retail Sales, Canada CPI, NAHB Housing Market Index.
  • Wednesday:
    RBNZ Policy Decision, UK CPI, FOMC Meeting Minutes.
  • Thursday:
    Australia Jobs Report, US Jobless Claims.
  • Friday:
    Japan CPI, UK Retail Sales.

Tuesday

The PBoC is expected to keep the MLF rate
unchanged. Chinese authorities recently promised more policy support though
and that included RRR cuts, OMO, and rate cuts from the PBoC. The Chinese
economic data has been ugly, and the country recently slipped into deflation,
so it’s common sense to expect more support. The other side of the coin is that
more stimuli would pressure the yuan further and we’ve seen how they
dislike this as they’ve been constantly intervening to stem the depreciation.

Wages data is something the central
banks are watching closely lately as they look for
signs of wage-price spiral. The Australian Wage Price Index for Q2 Y/Y is
expected at 3.8% vs. 3.7% prior, while the Q/Q reading is seen at 1.0% vs. 0.8%
prior.

The UK Unemployment Rate is expected to
remain steady at 4.0%. The focus should be on the wages data (barring
a big jump in the unemployment rate) with the Average Earnings ex-Bonus
expected at 7.4% vs. 7.3% prior and Average Earnings + Bonus seen at 7.3% vs.
6.9% prior.

The US Retail Sales M/M are expected to
rise 0.4% vs. 0.2% prior, while the Y/Y reading is seen at 1.5% vs. 1.49%
prior. The Control Group is seen as a better gauge of consumer spending so
this is the number that will likely matter the most. There’s no consensus
at the moment but the prior release saw a 0.6% increase.

The Canadian CPI Y/Y is expected to ease
to 2.7% vs. 2.8% prior. The BoC is more focused on the underlying inflation
data but given the recent weakness in retail sales and the uptrend in the
unemployment rate (although wage
growth jumped
), the central bank is likely to respond with a hike only
if the data beats. The Common CPI Y/Y is expected at 4.7% vs. 5.1% prior; the
Trimmed Mean CPI Y/Y is seen at 3.4% vs. 3.7% prior and the Median CPI Y/Y is
expected at 3.7% vs. 3.9% prior. As a reminder, the BoC target range is 1-3%.

Wednesday

The RBNZ is expected to keep the OCR
unchanged as the central bank paused its tightening cycle to see how things
evolve. The data has been mixed so far but inflation and wage growth eased
further with the unemployment rate also ticking higher. Overall, it should
be enough for them to keep rates steady at this meeting as well.

The UK CPI Y/Y is expected at 6.8% vs.
7.9% prior, while the M/M reading is seen at -0.5% vs. 0.1% prior. The Core CPI
Y/Y is expected at 6.8% vs. 6.9% prior, while the M/M figure is seen at 0.3%
vs. 0.2% prior. As a reminder, the BoE is expected to hike again by 25 bps at
the September meeting.

Thursday

The Australian Jobs Report is expected to
show 21.5K jobs added vs. 32.6K prior with the Unemployment and Participation
Rates remaining steady at 3.5% and 66.8% respectively.

The US Jobless Claims remain a key
labour market data and a big market mover.
Initial Claims are expected at 240K vs. 248K prior, while Continuing Claims are
seen at 1700K vs. 1684K prior.

Friday

The Japanese CPI Y/Y is expected to ease
to 2.5% vs. 3.3% prior with the Core CPI Y/Y also seen cooling to 3.1% vs. 3.3%
prior. There’s no forecast for the Core-core reading at the moment, but the
prior figure showed a 4.2% increase. As a reminder, the Tokyo
CPI
, which is seen as a leading indicator for nationwide inflation, beat
expectations across the board with the Core-core reading rising to 4.0% vs.
3.7% expected and 3.8% prior.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Go to Forexlive

Newsquawk week ahead: US and UK retail sales along with the RBNZ announcement 0 (0)

  • MON: N/A
  • TUE: PBoC MLF, RBA Minutes,
    Japanese Prelim. GDP (Q2), Australian Wage Price Index (Q2), Chinese
    Industrial Output and Retail Sales (Jul), Japanese Industrial Output
    (Jul), UK Jobs Report (Jun/Jul), German ZEW Survey (Aug), US Retail Sales
    (Jul), Canadian CPI (Jul)
  • WED: RBNZ Announcement, FOMC
    Minutes, UK Inflation (Jul), EZ GDP and Employment 2nd (Q2)
  • THU: Norges Bank
    Announcement, Australian Jobs Report (Jul), EZ Trade Balance (Jun), US
    Philly Fed (Aug)
  • FRI: Japanese CPI (Jul), UK
    Retail Sales (Jul), EZ Final CPI (Jul)

NOTE: Previews are
listed in day order

PBoC MLF (Tue): PBoC is likely
to keep its 1-year MLF rate unchanged at 2.65% next week despite continued weak
data releases from China and the numerous support pledges by the central bank
and other agencies. Chinese authorities have recently been out in force vowing
several measures to support the economy including the PBoC which stated that
RRR cuts, open market operations, MLF and all structural policy tools need to
be flexibly used to maintain reasonably ample liquidity in the banking system,
while it will guide banks to effectively adjust mortgage interest rates and
support banks to reasonably control the cost of liabilities. It also announced
guidelines to support the development of private firms and said it will
implement differentiated housing credit policies in a „precise manner“
and will support the stable and healthy development of the real estate market.
However, these have mostly been targeted measures and the PBoC has reiterated
it is to implement prudent monetary policy, while it is not expected to lower
rates for short-term funding or the medium lending facility so soon after
having just cut them in June for the first time in 10 months. The bank will
also likely want to refrain from cuts to avoid unwanted pressure on its
currency although future action such as a RRR cut is expected during H2 given
the continued weak economic releases from China which recently slipped into
deflation and showed a wider-than-expected contraction in the nation’s exports
and imports.

RBA Minutes (Tue): RBA will
release the minutes from the August 1st meeting next week where it kept rates
unchanged at 4.10% vs mixed views heading into the meeting as a majority of
economists had called for a 25bps hike but money markets were heavily pricing
the likelihood of a pause. Nonetheless, the central bank’s language provided
little new as it reiterated that some further tightening of monetary policy may
be required and that the Board remains resolute in its determination to return
inflation to target and will do what is necessary to achieve that. Furthermore,
it reaffirmed the Board’s priority is to return inflation to the target within
a reasonable timeframe and it sees inflation will be back at the 2%-3% target
range in late 2025, while it noted higher interest rates are working to
establish a more sustainable balance between supply and demand in the economy
and will continue to do so but reiterated that a significant source of
uncertainty continues to be the outlook for household consumption.

Japanese Prelim GDP
(Tue): Japanese Prelim GDP is forecast to print at 0.8% Q/Q (vs
0.7% in Q1), with the Y/Y metric expected at 3.1% (prev. 2.7%). GDP CapEx is
seen retreating to 0.4% in Q2 from 1.4% in Q1. Private consumption is expected
to have fallen to 0.1% from 0.5% in the quarter, but External Demand is forecast
to have expanded by 0.9% (Vs -0.3% in Q1). Analysts’ views at ING differ from
the market and see a slightly slower Q/Q growth rate of 0.6%, citing a modest
improvement in net exports alongside a solid recovery in service activity. The
desk highlights that “we should expect exports to record a contraction in July,
particularly due to base effects.”

Chinese Activity Data
(Tue): Chinese July Retail Sales are forecast at 4.8% Y/Y
(prev. 3.1%), whilst Industrial Production is expected at 4.5% Y/Y (prev.
4.4%), and Fixed Asset Investments are expected to remain at 3.8% Y/Y. The data
will be closely eyed for any further signs of dampened domestic and foreign
demand following the string of disappointing data from the world’s
second-largest economy. To recap, China consumer prices fell at a rate of -0.3%
Y/Y in July (exp. -0.4%, prev. 0.0%), slipping into deflation for the first
time since February 2021. The data underscored weak domestic demand with the
expected post-COVID rebound in consumer spending failing to materialise. Add to
that, the Caixin PMIs released earlier in the month suggested the manufacturing
sector is yet to gain traction. ING suggests “Data from China Railway show that
there was a 14.2% increase in operating passenger trains compared to the same period
in 2019. Flight numbers, on the other hand, experienced a slower recovery. They
are currently running at about 48% relative to the same period in 2019, but
this is still a 12% increase on a yearly and monthly basis. The rise in
movement could provide a boost to consumption and strengthen retail sales.
However, the effect is unlikely to spill over into industrial production, and
we should continue to see weak growth here.” Several analysts have suggested
that the data further fuels calls for more government support measures,
particularly given the weaker trade data earlier this week, and further
tensions within the property sector. Some have touted possible rate and RRR
cuts later this year.

UK Jobs Report
(Tue): Expectations are for the unemployment rate to hold steady
at 4%, whilst no consensus has currently been provided for the other metrics.
The prior release saw the unemployment rate unexpectedly jump to 4.0% from 3.8%
in the three—month period to May, whilst the HMRC payrolls change saw a contraction
of 9k and wage growth advanced once again with headline earnings growth of 6.9%
(prev. 6.5%) 3M/YY in May. For the upcoming release, Pantheon Macroeconomics is
of the view that the data will likely show that growth in employment continued
to slow in June, but wage growth has remained too strong for the MPC to end its
rate-hiking cycle just yet. More specifically, the consultancy notes that it
believes “the headline unemployment rate rose to 4.0% in June, from 3.9% in
March, but was unchanged from May”. On wages, it assumes “May’s estimate of
wages will be revised up by 0.17%, ensuring that the headline rate of wage
growth in June picks up to 7.5%, most likely above the consensus”. From a
policy perspective, attention will be on the wages component and potential
follow-through to inflation, which could see calls for further action in
September heighten, albeit will be unlikely to be fully priced until the
release of inflation metrics the following day.

US Retail Sales (Tue): Retail sales
are expected to rise +0.4% M/M in July (prev. +0.2%). Bank of America’s
consumer checkpoint data for the month suggests that consumer spending had a
summer bounce in July, with lower- and middle-income households looking
particularly resilient. „July consumer spending returned to positive Y/Y
territory, and Bank of America’s internal card spending per household rose
+0.1% Y/Y in July, compared to a -0.2% Y/Y in June, helped by July 4th holiday
spending, promotions from online retailers and ‚movie mania'“ the bank said.
However, it noted that different income groups are exhibiting different
behaviours; lower- and middle-income households remain resilient, but
higher-income households still appear to be under some pressure from slower
wage growth and incrementally weaker labour markets, BofA said, „but this
is probably manageable and BofA Global Research now sees a soft landing with no
US recession.“ Meanwhile, BofA said that deposit buffers provided ballast
to consumer spending and analysis around hypothetical forward-looking scenarios
suggest that they will continue to do so for some time.

Canadian CPI (Tue): The rate of
consumer price growth is expected to ease to 2.7% Y/Y in July (prev. 2.8% Y/Y
in June). The June data showed inflation eased to 2.8% Y/Y, and analysts noted
that when excluding mortgage interest costs, the data was consistent with the
BoC’s 2.0% target. That said, the BoC’s core measures of inflation remain
elevated (the three measures averaged 4.2% in June), though analysts think that
weakness in retail sales over May and June suggests demand is easing, and give
hope that core inflation will fall through the rest of 2023. Recent data also
showed that the loosening is continuing in the labour market; Capital Economics
noted that the decline in employment and rise in unemployment suggests that the
unexpected jump in wage growth last month was unlikely to be sustained;
„with the Bank of Canada implying that the data need to surprise to the
upside to warrant another interest rate hike, the softer labour market data support
our view that the Bank is unlikely to follow through with current market
pricing by raising rates further,“ it said.

RBNZ Announcement
(Wed): The RBNZ is likely to keep rates unchanged at next
week’s meeting with money markets pricing a 99% probability that the Official
Cash Rate will be maintained at the current level of 5.50%. As a reminder, the
RBNZ left the OCR unchanged at the prior meeting to snap a streak of 12
consecutive rate hikes which was widely expected given that the central bank
had previously signalled that the hiking cycle was over, while the Committee
agreed that the OCR will need to remain at a restrictive level for the
foreseeable future and noted the level of interest rates is constraining
spending and inflation pressure as anticipated and required. Furthermore, the
RBNZ acknowledged inflation remains too high but is expected to decline within
the target range by H2 2024. The rhetoric from the central bank has been very
light since that meeting which only took place over 4 weeks ago, therefore,
there hasn’t been much to deviate from the current view of no more rate hikes
and that the OCR will need to remain at a restrictive level for the foreseeable
future. In addition, the data releases have been mixed and support the case for
a pause with CPI firmer-than-expected for Q2 at 1.1% vs. Exp. 1.0% (Prev. 1.2%)
and YY at 6.0% vs. Exp. 5.9% (Prev. 6.7%) but has slowed from the prior and
labour cost index was also softer than estimated, while jobs growth topped
forecasts at 1.0% vs. Exp. 0.5% (Prev. 0.8%) but the Unemployment Rate also
rose to 3.6% vs. Exp. 3.5% (Prev. 3.4%).

FOMC Minutes (Wed): With the Fed
in a data-dependent policy-setting mode, the FOMC meeting minutes from the July
meeting are not expected to contain many surprises. However, traders will be
looking for any commentary on how the Fed assesses growth dynamics; given that
inflation is slowly inching back down towards target, many expect the Fed to
pivot policy and eventually begin cutting rates to support the economy. Money
markets currently price in the terminal rate between 5.25-5.50%, though the
Fed’s June projections have pencilled in a further hike; markets are also
expecting rate cuts to start in Q1 2024. Meanwhile, at the July meeting, the
Fed raised interest rates by +25bps to 5.25-5.50%, in line with expectations.
The statement was similar to June’s, mentioning the possibility of further rate
increases. It acknowledged that the economy is growing at a
„moderate“ pace instead of a „modest“ one, and emphasized
that job gains are strong, and the unemployment rate is low. Regarding
inflation, the Fed remains cautious and watchful, not overreacting to a single
data point. At his press conference, Chair Powell said future interest rate
decisions will depend on data and the effects of tightening are not fully felt
yet. He mentioned that inflation still has a way to go cool to 2%, but noted
improvements in the labour market. However, he highlighted that consumer
spending growth has slowed compared to earlier this year. In the Q&A,
Powell did not give a clear signal about future rate decisions, again framing
it around incoming data, adding that the Fed might raise rates in September if
the data supports it. And while he suggested a slower pace of rate increases,
lifting them at consecutive meetings was still possible. Powell mentioned that
stronger economic growth could lead to higher inflation, requiring a policy
response. He discussed the possibility of rate cuts in the future if inflation
comes down convincingly. He wants to see inflation decrease sustainably, and
wages may play a role in bringing it down.

UK Inflation (Wed): Expectations
are for Y/Y CPI to fall to 6.7% from 7.9% with the core Y/Y rate seen ticking
lower to 6.8% from 6.9%. The prior release saw headline Y/Y CPI in June
pullback to 7.9% from 8.7% (matching the forecast of the Bank’s May MPR), with
the metric pulled lower by petrol and diesel prices. There was also good news
on an underlying basis with core inflation falling to 6.9% and services
inflation declined to 7.2% from 7.4%. For the upcoming release, Investec says
it is “relatively confident” that we will sign another large step lower in
inflation due to falling energy prices amid the resetting of the OFGEM price
cap; this alone should drag headline inflation lower by 0.7% on the month. That
said, Investec cautions that the core metric likely “remained sticky” as
potential downside from clothing and footwear prices was offset by pricing in
other sectors such as restaurants and the wider services industry. Beyond next
week’s release the desk is of the view that “there is limited scope for extra
disinflation from services in the near term, so look to goods price inflation
to account for the bulk of the easing momentum”. From a policy perspective, the
BoE is expected to hike rates once again in September with a 25bps increase
priced at 68%; a sticky inflation report could see this move closer to 100%.

Norges Bank
Announcement (Thu): Expected to stick with the implied guidance from
the June MPR and hike by 25bp to 4.00%. A move that is justified by the Norges
Bank’s preferred inflation measure remaining elevated but printing roughly
in-line with their forecast for July. Additionally, the NOK has seen marked
appreciation since June, though is now off best, which should serve to push
down inflation impulses in the months ahead. Nonetheless, markets continue to
ascribe around a 20% chance to a 50bp hike. Note, the decision will be
published as usual at 09:00BST but the accompanying press conference takes
place as part of an event in Arendal which features questions from both the
public and press. As a reminder, this is an interim meeting and as such we do
not receive formal inflation or repo path forecasts, which in June implied
around an 80% chance of another 25bp hike in September, assuming that magnitude
is delivered in August.

Australian Jobs Report
(Thu): The Labour Force report is expected to show 21.5k jobs
added in July (prev. 32.6k), with the Unemployment and Participation rates seen
steady at 3.5% and 66.8% respectively. “We suspect there is scope for another
robust read in July”, say analysts at Westpac, citing no shift in the tone of
labour demand data, alongside work-hour restrictions being reinstated for
international students, although there is uncertainty on how this will be
presented in the data. To err on the side of caution, the desk forecasts a 25k
rise in employment but warns of upside risks, whilst expecting the
participation rate and unemployment rate to be in line with market forecasts.

Japanese
CPI (Fri): National Core CPI is expected to have cooled to 3.1% in
July from 3.3% in June, with no forecasts at the time of writing for the
headline CPI Y/Y and M/M at the time of writing. June’s metrics saw an uptick
in the Core Y/Y to 3.3% from 3.2%, albeit matching expectations. Since then,
the BoJ conducted a back-door tweak to YCC for flexibility, whilst upping its
near-term inflation forecasts – with the Fiscal 2023 median forecast raised to
2.5% from 1.8%, above the central bank’s target. Governor Ueda suggested there
is still a distance to achieve the 2% inflation target, but the drastic changes
to the FY23 price outlook suggest the outlook in April was possibly
underestimated. That being said, the forecasts saw a downgrade to the Fiscal
2024 median forecast, which was cut to 1.9% from 2.0%. Late July, markets also
saw the release of the Tokyo July CPI which is seen as a proxy for the mainland
metrics – Tokyo CPI topped expectations across the board with an alarming 4.0%
printed for the “super core” figure (vs exp. 3.7%, prev. 3.8%).

UK Retail Sales (Fri): A consensus
is yet to be provided for the release, however, in terms of recent retail
indicators, BRC retail sales rose 1.8% Y/Y in July with the accompanying
release noting “The slowing pace of retail price inflation fed through into
slower sales this July. Spend was further depressed by the damp weather, which
did no favours to sales of clothing, and other seasonal goods.” BRC adds
“online retail was particularly hard hit as the long-term trend back to
in-store spending continued, leading to the lowest online penetration rate
since the pandemic began”. The Barclaycard Consumer spending report revealed
“retail spending grew 2.9% in July 2023, compared to year-on-year growth of
6.0% seen in June 2023. The wet July weather had an impact on a few categories,
with spend growth in Sports & Outdoors reducing by -1.5% in July 2023”.

This article originally appeared on Newsquawk

This article was written by Adam Button at www.forexlive.com.

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Forexlive Americas FX news wrap: PPI rattles the bond market 0 (0)

Markets:

  • Gold flat at $1912
  • US 10-year yields up 8.8 bps to 4.17%
  • WTI crude oil up 35-cents to $83.17
  • S&P 500 flat
  • GBP leads, NZD lags

The final changes on the day and the headlines don’t capture what was a lively August Friday. The PPI numbers hit and were slightly stronger than expected. Normally that wouldn’t cause much of a ripple but bonds spilled lower, pushing yields 5-6 bps higher and that reverberated into risk aversion and US dollar buying.

Commodity currencies sank, and EUR/USD fell with all pairs moving 20-30 pips in short order. Even with the risk aversion, USD/JPY continued to climb and touched 145.00 but couldn’t break through the June high of 145.07. Still the close finish puts that number squarely in the sights of the market for next week.

Cable outperformed today but it underperformed yesterday and that might just be a wash. The main thrust was in the US dollar but the loonie hung right with it as oil prices rebounded from European selling to finish higher and natural gas was slightly stronger as well. Gasoline and diesel prices are increasingly the tail that is wagging the dog and also rattling broader inflation expectations.

Treasury yields finished near the highs of the day and not far from last week’s highs as steepeners continued on hopes for a soft landing.

This article was written by Adam Button at www.forexlive.com.

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US judge revokes Sam Bankman-Fried’s bail 0 (0)

A US judge appears to be on the brink of revoking Sam Bankman-Fried’s bail. He’s charged with one of the largest fraud’s in history as he embezzled billions running the exchange FTX.

The judge said he there was probable cause to believe that the FTX founder attempted to tamper with witnesses at least twice, according to a Reuters report.

One of those witnesses is former CFO and love interest Caroline Ellison, who is slated to testify against him. He leaked her diary to the New York Times.

„Defendant requested access to Google Drive, he said for discovery. Then he used it to give Ms. Ellison’s documents to the New York Times,“ the prosecuting attorney Sassoon said.

His lawyer said he will appeal the bail revocation and asked that detention be delayed pending that appeal but his request was denied.

I don’t imagine he will be out of prison for a long time. His trial is set for October.

So long and thanks for all the scams.

This article was written by Adam Button at www.forexlive.com.

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Retail sales the highlight: What’s on the US economic calendar next week? 0 (0)

The market has been laser-focused on inflation for the past year but as prices cool and inflation nears target, the focus will shift to economic strength and for clearer signs of a recession.

One of the best economic indicators for the health of the US economy is retail sales and it will be the focus of next week’s US trading. After a bare calendar on Monday, we get retail sales on Tuesday followed by a series of housing and manufacturing indicators then on Friday the calendar is bare again.

That certainly sets up some summer-type trading but the one highlight is a big one.

Here’s a handy table from CIBC:

This article was written by Adam Button at www.forexlive.com.

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MUFG trade of the week: Sell EUR/USD 0 (0)

MUFG Research adds a new short EUR/USD position to its trade of the week portfolio targeting a move towards 1.0770, with a stop at 1.1160.

„We have instigated a short EUR/USD trade idea to reflect the potential bias favouring yield and hence the dollar over the short-term,“ MUFG notes.
„So far in August, EUR/USD has struggled to sustain levels over 1.1000 and yesterday after the CPI print in the US was another example.

The resilience of US yields in the face of another positive CPI data print points to ongoing US dollar support over the short-term,“ MUFG adds.

For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here.

This article was written by Adam Button at www.forexlive.com.

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The Convergence of Bitcoin Wallets & FX Trading: A Gateway to Expanded Financial Horizons 0 (0)

In recent years, the global financial
landscape has witnessed an unprecedented convergence of traditional forex
trading and the burgeoning world of cryptocurrencies, with Bitcoin taking the
lead.

As a result, the role of a Bitcoin
wallet has become increasingly essential in facilitating seamless and secure
trading experiences for investors and traders alike. In this article, we
explore the vital link between Bitcoin wallets and forex trading, emphasizing
the transformative potential they hold and the advantages they offer.

The
Rise of Bitcoin Wallets

Bitcoin, the pioneering digital
currency, has emerged as a decentralized and highly sought-after asset. Its
decentralized nature, transparency, and the promise of borderless transactions
have revolutionized the financial industry, capturing the attention of traders
and investors globally. To harness the full potential of Bitcoin, users require
a secure and user-friendly storage solution – the Bitcoin wallet.

A digital vault known as a wallet
allows users to securely store send and receive Bitcoin. These wallets come in
types such, as desktop, mobile, web-based and hardware wallets. Each type
offers features and varying levels of security. Users acknowledge the
importance of these wallets as instruments for conducting Bitcoin transactions
while granting users access to up, to date market insights and analysis.

Enhanced
Trading Efficiency

Bitamp is a top-notch platform that
caters, to Bitcoin storage. The platform has taken a step forward by
incorporating secure Bitcoin wallet functionalities allowing. Now traders have
the opportunity to include Bitcoin alongside pairs, which opens up new
possibilities and helps them manage risks in today’s dynamic market conditions.

Furthermore, this safe integration
enables traders to execute trades swiftly and conveniently manage their
holdings directly through the platform. By eliminating the need, for complex
login procedures, and simplifying portfolio management this seamless
integration makes the trading process much smoother.

Security
and Trust

In
the fast-evolving digital landscape, security remains a paramount concern for
traders and investors. Bitamp prioritizes the safety of its users by partnering
with top-tier Bitcoin wallet providers renowned for their robust security
protocols. These wallets employ encryption techniques and multi-factor
authentication to protect user funds from potential threats and hacking
attempts.

Diversification
and Risk Management

The increasing popularity of Bitcoin,
as a means to store value and protect against uncertainties has resulted in its
integration into investment strategies. Traders in the foreign exchange market
who aim to diversify their portfolios now have the option to include Bitcoin as
part of their risk management approach. Cryptocurrencies being decentralized
often operate independently from market trends offering traders a layer of
diversification for optimizing their risk-adjusted returns.

The
Future of Forex Trading with Bitcoin Wallets

As the worlds of forex trading and
cryptocurrency converge, the significance of Bitcoin wallets will only continue
to grow. All leading forex news and analysis platform, recognizes the
transformative potential of this convergence, enabling traders to access the
best of both worlds. With an integrated Bitcoin wallet solution, such platforms
facilitate secure, efficient, and diversified trading experiences, fostering
financial growth and expanding horizons for traders globally.

Final
Words

The
integration of Bitcoin wallets within the foreign exchange platform marks a
pivotal moment in the evolution of forex trading. Embracing cryptocurrencies
empowers traders with new opportunities, while Bitcoin wallets provide the crucial
gateway to seamless and secure transactions.

As we move forward, the union of
forex and Bitcoin presents a promising path for traders to explore. Bitamp
Bitcoin wallet stands at the forefront of this transformative journey. This
paves the way for a future where financial markets are more interconnected than
ever, enabling traders to embrace the potential of both traditional and digital
assets.

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

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