BIDEN’S POLITICAL FUNERAL AS TRADING THEME
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It appears that joe has somewhere between 1 and 5 minutes of political life left with over 60% unabashedly calling for him to ride off into the sunset.
Possible politically themed repricing of “trump trade” could be who joe’s replacement candidate would be, currently things appear favouring harris as candidate for president.
GBPUSD HOUR CHART – 1.30 REMAINS TH KEY FOCUS
Failure to hold above 1.30 has cooled the move but would need to break 1.2937-66 AND THE TRENDLINE to suggest a top is in for now.
To state the obvious, 1.30 will set the tone going forward.
Note the 4 hour trendline is a major one although the daily trendline is far out of range
Catastrophically stupid – in hindsight
Former Goldman, Blackstone analyst gets 28-month prison sentence for insider trading
NEW YORK (Reuters) – A former Goldman Sachs and Blackstone analyst was sentenced to 28 months in prison on Wednesday for insider trading, after admitting that his conduct was “catastrophically stupid.”
USDJPY 1 HOUR CHART – WAS IT THE BOJ AGAIN?
USDJPY break of 155.70 support paused shy of the next key level at 155.11, leading to a bounce back above the breakdown level.
As this chart shows, there is potentially some upward momentum trying to build but only if 156.80 is firmly taken out.
The question is whether this was another BOJ attack which has turned longer-term chart technicals against the USD.
One word about intervention- the longer it goes on the more traders adjust strategies to take advantage of it (i.e. like buying the deep dip today).
In any case, a failure to take out 155 would be significant and setup a 155-158 range.
July ECB meeting preview: On hold until at least September
Having delivered the widely anticipated 25 basis point cut in key interest rates in June, the ECB is expected to leave policy unchanged at what will be its last meeting before the summer recess. Since the last gathering, inflation developments have been mixed and the euro has been volatile in the face of
diminished easing speculation in the U.S. and the fallout from surprisingly sharp swings to the right and then left in the recent snap French National Assembly elections. Accordingly, Thursday’s announcement is seen holding the key deposit rate at 3.75 percent, the refi rate at 4.25 percent and the rate on the marginal lending facility at 4.50 percent. The bank is also likely to repeat June’s limited forward guidance which stated that it “will keep policy rates sufficiently restrictive for as long as necessary” to achieve the inflation target…
Econoday
XAU/USD: Gold Soars to Record Above $2,480 on Rate Cut Hopes
· Gold prices blast to new record.
· Bullion hits all-time high of $2,480.
Gold XAUUSD is on a tear. The precious metal hit an all-time record of $2,480 per ounce during the Asian session Wednesday as traders were feeling confident to pile their long bets. Optimism over the Federal Reserve’s interest rate cuts is back after a slew of favorable economic data and the man himself striking an upbeat tone on inflation — Jay Powell said Monday that the Fed is happy with the inflation’s downward trajectory.
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