Well, just around two weeks after the Supreme Court shot down the student loan forgiveness prorgramme here, we are seeing a somewhat similar relief measure being announced by the Biden administration. It would automatically forgive $39 billion in student debt for roughly 804,000 borrowers.

However, this debt relief continues to be part of a fix to the education loan system’s repayment plans. And under those terms, borrowers will get any remaining debt cancelled by the government after they have made payments for 20 or 25 years – depending on their borrowing amount, loan type etc.

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

Chancer, a revolutionary blockchain-based
predictive markets app that’s taking the crypto and betting world by storm, has
raised a whopping $750,000 in just 4 short weeks during its exciting presale.
Stage 1 is now set to imminently sell out, with under 23% of tokens left before
the price increases by 10%.

The rise is driven by the unique premise of the platform,
which offers completely decentralized betting, allowing users to ‘become the
house’ and create their own odds. As well as the presence of the two founders,
Adam and Paul Kelbie, who are fast becoming favorites in the blockchain
community.

Adam Kelbie, CEO of Chancer, said “I am delighted with the
engagement we’re seeing in the ever-growing Chancer community, as well as the
raise – but not completely surprised to be honest! This idea has been years in
the making, and this is the year we deliver something huge. We’re not only
seeing increased investor interest by the day, but a number of potential
partner collaborations.”

Users interested in purchasing Chancer tokens can do so
through the official website (https://chancer.com).

Chancer: Driving the decentralized betting revolution

Chancer is the world’s first decentralized and fully
democratized blockchain betting platform.

It puts the power firmly back into the hands of bettors,
who are usually victims of unfavorable odds set by a house or bookmaker. These
odds are stacked against bettors from the get-go. Additionally, these bookies
often allow people to only bet on sports or mainstream events.

That’s where Chancer is different. As a decentralized
platform, users place bets among themselves, allowing for a fully peer-to-peer
betting experience. Users can wager small bets among friends or participate in
viral bets regarding global events such as the World Cup Final, the Oscars, or
even the US presidential elections. Powered by Google’s WebRTC, users can take
up these bets and communicate with others in real-time whilst live streaming
events as they unfold.

All bets are made and paid out in CHANCER tokens, which
gives the coin real utility as it is the lifeblood of the entire platform. As
more and more users flock to Chancer, the greater the opportunity to disrupt
the betting industry, which was worth more than $63 billion in 2022 and is set
to skyrocket to over $150 billion by 2030, CHANCER’s price could also benefit
from increased adoption and a spreading global reach.

Chancer is also CertiK audited, which only goes to
reinforce the faith in the project, given that the team has been fully KYC’d
and given the stamp of authenticity many will expect from a development roadmap
with such substantial scope.

Unveiling the Remarkable Success of Chancer’s Raise

With real use cases and a platform that works in favor of
those using it, it’s easy to see why Chancer has managed to raise $750,000 in
such a short period of time. Chancer has an extensive roadmap, detailing its
plans from its presale right until it plans on becoming a DAO. Given this
exciting trajectory and initial low price, it’s no wonder people are investing
now to get in on the ground floor with Chancer.

Not only that, but as of the 12th of July the developers
added USDT and ETH purchase options, opening up the presale to millions more
potential investors.

Additionally, there are several perks for CHANCER token
holders. Users can stake their tokens and potentially earn passive income in
the form of tokens, and even receive discounted fees on bets. All of this, as
well as the fact that users can set their own odds, makes it an innovative
concept for betting and crypto enthusiasts.

To further whet appetites and draw in an even bigger crowd,
Chancer is currently holding a massive $100,000 giveaway in tokens. Ten lucky
winners will be in with a chance to win a chunk of this money, which is
Chancer’s way of giving back to the community. It doesn’t matter how many coins
a user has — so long as he has some CHANCER in his wallet, he’s in it to win
it.

Upcoming Developments and Expectations for Chancer

Chancer is still in its presale, presenting a potentially
interesting prospect to those exploring new projects in 2023.

Chancer’s current fundraising objective stands at $15
million. Considering the swift achievement of the initial $750,000, the company
anticipates a smooth journey toward reaching its target. Following this,
Chancer will launch on several exchanges, which will be announced during the
course of the presale.

Chancer presents a radical, completely unprecedented
betting platform that empowers bettors and lets people decide on their own
odds. With this in mind, Chancer has a real opportunity to overthrow some of
the traditional and archaic betting houses in the market. Don’t miss out on
this token opportunity, still currently at the low entry price of $0.01.

About Chancer

Chancer is set to develop the world’s first decentralized
social predictive markets platform. This will allow Chancer token holders to
create, and participate in their very own predictive markets based on their
interests, expertise and social opportunities.

The project intends to disrupt the global gambling and
betting market by ‘removing the house’ and taking a slice of the market share
as it garners attention by challenging the traditional bookmaking and betting
business model.

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

However, this doesn’t change the fact that the technical predicament for the dollar remains extremely poor at the moment. There are major technical pushes all across the board and it may be just a matter of time before the selling resumes. And that means AUD/USD is looking more poised right now to take out the June highs.

For now, that particular resistance region near 0.6900 is helping to limit the upside move this week. The pair is down 0.2% to 0.6873 but unless there is a cause for turnaround in the dollar momentum, the balance of risks are still favouring a move higher at this point.

Above the June highs, there is further resistance from its 100-week moving average at 0.6956 before potentially revisiting key resistance and offers at the 0.7000 mark next.

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

Dollar technicals:

• EUR/USD extends gains as the dollar resigns to its next leg lower
• USD/JPY drop looks set to continue, key downside levels come into focus
• GBP/USD looks to solidify breakout move on the week
• USD/CHF falls through the floor, what’s next?
• AUD/USD eyes June high next on dollar breakdown
• NZD/USD takes aim at April and May highs on latest jump higher

Headlines:

• ECB accounts: Members generally concurred interest rates had reached restrictive territory
• ECB’s Visco: We are not very far from the peak in interest rates
• Japan top currency diplomat Kanda says closely watching FX market moves
• UK May monthly GDP -0.1% vs -0.3% m/m expected
• Eurozone May industrial production +0.2% vs +0.3% m/m expected
• France June final CPI +4.5% vs +4.5% y/y prelim

Markets:

• AUD leads, JPY lags on the day
• European equities higher; S&P 500 futures up 0.3%
• US 10-year yields down 3.7 bps to 3.824%
• Gold up 0.1% to $1,959.73
• WTI crude up 0.2% to $75.86
• Bitcoin up 0.7% to $30,558

We are getting a continuation of the dollar slide from yesterday, as the greenback is seen falling apart across multiple charts following the softer US CPI data yesterday.

Traders were already testing waters in the run up and the inflation numbers gave reason to stick with the selling conviction this week, which is continuing now.

EUR/USD is up another 0.4% to 1.1170 while GBP/USD is up 0.6% to test waters above the 1.3000 handle, seen at 1.3060 at the moment.

USD/CHF has also broken down to its lowest levels since January 2015, falling another 0.5% to 0.8630, while the antipodeans are pushing forward with strong gains amid the better risk mood as well. AUD/USD is up 1% to 0.6860 on the day, keeping in the hunt of its June high near 0.6900 next.

Treasury yields continue to fall further and that is helping with general equities sentiment, which is also bolstered by tech stocks after Elon Musk unveiled a new AI company to rival OpenAI’s ChatGPT.

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

• Members considered that there were both upside and downside risks to the inflation outlook
• It was argued that market participants would be surprised by the upward revision of inflation
• This could trigger a repricing of the forward curve
• Members broadly concurred that inflation was still projected to remain too high for too long
• It was argued that policymakers should not put too much emphasis on the behaviour of core inflation, as its mandate related to headline inflation
• Maintaining a gradual tightening path would allow the ECB to monitor and assess the impact of past monetary policy decisions and ensure that financial conditions were adjusting in a way that was consistent with inflation moving back to the 2% medium-term target
• Members generally agreed that the data-dependent approach to monetary policymaking
• Policymakers should stress that fiscal policy needed to be tightened in order to dampen demand and support the disinflation process
• Full accounts

There isn’t anything that we don’t already know from the ECB but it just reaffirms that policymakers are sticking to what was discussed so as to not give anything away for September just yet. We’ll see after July if and how that will change.

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

Yesterday, the US CPI report missed expectations across the board
and led to a big selloff in the US Dollar. The market pricing for a 25 bps hike
at the July meeting hasn’t change though as the labour market tightness and no
hints of a skip or pause from the Fed speakers probably contributed to such
expectation.

On the other hand, the BoJ
maintains its dovish stance keeping rates at -0.10 and the YCC at the usual
settings. Core inflation in Japan keeps on rising and there are only slightly
tentative signs of a possible exit from the current policy. The BoJ board
members keep on sounding dovish and dismissing any change at the upcoming
meeting. Nevertheless, the market still sees the risk of a surprising change to
the YCC policy.

USDJPY Technical Analysis –
Daily Timeframe

On the daily chart, we can see
that the price is now reacting to a strong support level at
137.95 where we can also find the 61.8% Fibonacci retracement level.
The huge selloff since the miss in the NFP report is a bit overstretched though
as we can see from the price distance from the blue 8 moving average.
Generally, we can see some consolidation or a pullback into the moving average
before the next move.

USDJPY Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that the price is
already bouncing from the support zone and if we do get a pullback, the price
should rise into the black downward trendline where it
crosses with the broken blue trendline and the red 21 moving average.

USDJPY Technical Analysis –
1 hour Timeframe

On the 1 hour chart, we can see the
resistance zone highlighted by the blue box. That’s where the sellers should
step in with a defined risk above the black trendline and target a break below
the support zone and new lows towards the 130.00 handle. The buyers, on the
other hand, will want to see the price breaking above the resistance zone and
the black trendline to pile in and start positioning for new highs towards the
142.00 handle.

Upcoming Events

Today the market is
likely to focus on the US Jobless Claims as the labour market remains tight and
it may keep inflation high or even lead to another inflationary wave in the
future. The market should react only to a big miss or a big beat. If the data
beats expectations, we should see a pullback in USDJPY. On the other hand, if
the data misses, we should see another wave of selling. Tomorrow, we wrap up
the week with the University of Michigan Consumer Sentiment report.

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

The US CPI report
yesterday missed expectations across the board with unrounded figures being
even lower. This has led to a big rally in the EURUSD pair as the USD got
offered across the board. Curiously, the market is still fully pricing a 25 bps
hike at the next FOMC meeting, probably because of labour market tightness and
the Fed speakers not hinting to a skip or pause after the CPI release.

The ECB has already committed to a rate hike in
July, while there is a stronger debate on what will happen in September. In
fact, the ECB members keep repeating that the September hike will depend on the
data.

EURUSD Technical Analysis –
Daily Timeframe

On the daily chart, we can see that EURUSD has
rallied strongly since the bounce from the red 21 moving average. The
price is now at the top trendline of the
big rising wedge pattern.
We can also see that there’s a big divergence with the
MACD which is
generally a sign of weakening momentum often followed by pullbacks or
reversals. The price is also overstretched as we can see by the distance from
the blue 8 moving average. Generally, we can see some consolidation or a
pullback into the moving average before the next move.

EURUSD Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that we had the
ascending triangle pattern near the 1.0850 level and the breakout to the upside
led to a strong rally into the 1.1150 level. Here is where the sellers are
likely to step in with a defined risk above the top trendline and target the
bottom trendline somewhere near the 1.0750 level. The buyers, on the other
hand, will need to break above the top trendline with conviction to keep
bidding to new highs.

EURUSD Technical Analysis –
1 hour Timeframe

On the 1 hour chart, we can see that the
price is breaking above the top trendline of the wedge pattern, but after such
a strong run to the upside there’s a high risk of a fakeout, especially if the
data in the next days goes against the trend. If we get a pullback, the buyers
are likely to lean on the blue trendline to try another breakout. The sellers,
on the other hand, should extend the selloff if the price breaks below the
trendline.

Upcoming Events

Today the market will
focus on the US Jobless Claims to see if the labour market remains healthy or
there are signs of cracking. At this point it looks like only very strong data
or very weak numbers can give the USD support. Tomorrow, we conclude the week
with the University of Michigan Consumer Sentiment report.

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

• The government strategy deployed is ‚completely inadequate‘
• There is too much focus on short-term economics rather than long-term risks
• Beijing has taken advantage of that, targeting the UK and its interest ‚prolifically and aggressively‘
• China has successfully penetrated every sector of the UK economy

We’ll see if that will evolve into any policy changes in how the UK will deal with China on trade, geopolitics, and general business investments. But considering the fragility of the UK economy at the moment, I doubt we will see any major changes any time soon.

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

Headlines:

• EUR/USD eyes April and May highs in latest push above 1.1000
• GBP/USD stays on the hunt of the 1.3000 mark
• USD/CHF on the verge of a steeper drop
• AUD/USD gets checked back ahead of US CPI data
• BOE: Global economic outlook is highly uncertain, risk environment is challenging
• BOE’s Bailey: UK economy, financial system have been resilient so far
• Spain June final CPI +1.9% vs +1.9% y/y prelim
• US MBA mortgage applications w.e. 7 July +0.9% vs -4.4% prior
• Fed speakers due today include Barkin, Kashkari, Bostic, Mester. Fed Beige book also.

Markets:

• JPY leads, GBP lags on the day
• European equities higher; S&P 500 futures up 0.3%
• US 10-year yields down 3.8 bps to 3.944%
• Gold up 0.2% to $1,935.18
• WTI crude up 0.3% to $75.04
• Bitcoin up 0.5% to $30,726

It was a quieter session in Europe today as all the focus in markets is on the US CPI data to come later at 1230 GMT.

The dollar was softer initially but recovered some ground to keep more mixed, albeit marginally lower, on the day. EUR/USD stuck above the 1.1000 mark around 1.1020-30 levels while USD/JPY did fall below 140.00 to a low of 139.31 before keeping around 139.40-50 levels at the moment.

Meanwhile, cable got checked back on a move higher with the high earlier touching 1.2969 before retreating to 1.2915 currently. And AUD/USD also saw a similar move in a push to 0.6741 before falling back to 0.6690, near flat levels on the day.

In other markets, bond yields continue to be dragged lower while equities are keeping some optimism for a better (lower) set of inflation numbers later today.

Overall, the dollar is looking to be on the brink of a next leg lower and we’ll see if the US CPI data will deliver on that.

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

Lat Friday, the NFP missed expectations for the first time after
14 consecutive beats and caused a general USD weakness across the board. The
other details in the report were good though, with the unemployment rate
falling back to 3.6% and the average hourly earnings ticking higher, which is
not what the Fed would want to see. In fact, the market’s expectations for a 25
bps rate hike at the July meeting remained unchanged.

Conversely, the SNB raised
interest rates by 25 bps as expected at the last meeting and communicated that
additional rate hikes cannot be ruled out. The Swiss CPI data though showed the inflation
rate returning back within the SNB target band and should translate into a
pause for the SNB at the next meeting, all else being equal.

USDCHF Technical Analysis –
Daily Timeframe

On the daily chart, we can see that USDCHF sold off
very hard after the miss in the US NFP report. We can notice that the bias was
anyway bearish as the moving averages were
crossed to the downside and the sellers leant on the red 21 moving average to
position for lower prices. The price has now reached the key 0.8760 level,
which is the 2020 pandemic low. We can also see that the price has been diverging with the
MACD for a
long time now, we might see a bottom here and a strong bounce into the 0.90
handle.

USDCHF Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that the breakout
lower of the range supported by the miss in the NFP led to strong bearish
momentum as the sellers started to pile in aggressively. If we get a pullback
here, the sellers should lean on the downward trendline to
position for more downside and the break below the 0.8760 low. The buyers, on
the other hand, should start stepping in here with a defined risk below the
level and target the 0.90 handle. More conservative buyers may want to wait for
the price to break above the trendline before piling in.

USDCHF Technical Analysis –
1 hour Timeframe

On the 1 hour chart, we can see that the
price has been diverging with the MACD falling right into the 0.8760 low. This
is generally a sign of weakening momentum often followed by pullbacks or
reversals. This should reinforce the buyers’ chances of getting a strong bounce
here. The sellers will wait at the trendline and the 38.2% Fibonacci
retracement level to position for more shorts.

Upcoming Events

Today
the market focus will be on the US CPI report. A beat to the expected numbers,
especially on the core side, should support the USD and lead to a rally in
USDCHF as the markets are likely to expect a more hawkish Fed. On the other
hand, a miss to forecasts across the board should lead to more USD weakness
going forward as the market would see less chances of higher rates and may even
bring forward rate cuts odds. We conclude the week with the US Jobless Claims
on Thursday and the University of Michigan Consumer Sentiment report on Friday.

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