The Mexican Peso edges higher in most pairs on an upbeat market mood. Investors are relieved the Fed did not suddenly change course and threatened to raise interest rates at its May meeting. Mexico S&P Global Manufacturing PMI data … [Continue reading]
AUD/JPY edges lower amid alleged intervention by Japanese authorities
AUD/JPY depreciated as JPY continued to gain ground amid possible market intervention by Japanese authorities. Japan's vice finance minister for international affairs, Masato Kanda, declined to comment on whether Japan had intervened in the market. … [Continue reading]
Iran may be funding terrorist operations through revenue from Bitcoin mining, says US lawmakers
Bitcoin mining in Iran produced a possible $1 billion in revenue in 2021. Iran has used crypto to evade sanctions and fund terrorist groups, claims Senators Warren and King. Senators Warren and King want the Biden administration to outline steps … [Continue reading]
Canadian Dollar gains ground as market recovery steepens on Thursday
Markets recovering from Wednesday’s Fed showing. Canada data prints low-tier on Thursday, but BoC’s Macklem makes second appearance. US NFP Friday looms ahead, economic calendar moderate until then. The Canadian Dollar (CAD) is recovering ground … [Continue reading]
Oil unable to hold gains with Hamas signaling it is open for a ceasefire deal
Oil took it on the chin with a 5.5% in just three trading days. WTI Oil's recovery to $80 gets cut short by positive news from Hamas. The US Dollar Index holds ground above 105.50 and trades flat ahead of weekly Jobless Claims. Oil … [Continue reading]
Silver Price Forecast: XAG/USD retreats from $26.80 amid uncertainty ahead of US NFP
Silver price drops from $26.80 as US Dollar, bond yields rebound ahead of US Employment data. The US Employment data will influence speculation for Fed rate cuts in June. The Fed is still confident of rate cuts this year despite progress in … [Continue reading]
USD/INR weakens following Indian PMI data
Indian Rupee remains strong on Thursday amid a softer USD. Indian HSBC Manufacturing dropped to 58.8 in April vs. 59.5 expected. The Fed Chair Powell pushed back against the possibility of rate hikes, exerting selling pressure on the … [Continue reading]
Jack Dorsey’s Block is under investigation by US Prosecutors for crypto lapses, says NBC
Block is under federal investigation for failure to follow compliance practices. Information against the crypto company was leaked by whistle-blowers who are former employees. Block executives say the company did not knowingly break compliance laws. … [Continue reading]
Ethereum attempts recovery from dip amid unchanged interest rates and accusations leveled at SEC Chair
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from … [Continue reading]
Gold Price Forecast: XAU/USD battles to extend gains beyond $2,300
XAU/USD Current price: $2,304.57 Market players anticipate a hawkish Federal Reserve's announcement. United States data showed the labor market remained tight in April. XAU/USD recovered the $2,300 mark, but the risk remains skewed to the downside. … [Continue reading]