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Editors’ Picks
EUR/USD drifts higher above 1.1650 as US CPI data support Fed rate cut bets
The EUR/USD pair gains momentum to around 1.1685 during the Asian trading hours on Wednesday. The US Dollar weakens against the Euro amid rising bets of a Federal Reserve rate cut in September. The speeches from Fed officials will be in the spotlight later on Wednesday, with Austan Goolsbee and Raphael Bostic set to speak.
Bitcoin and Ripple stabilize, Ethereum nears all-time high
Bitcoin and Ripple stabilize below their key resistance levels; a firm close above indicates a rally ahead. In the meantime, Ethereum bulls take control of the momentum, surpassing $4,500 mark and targeting its record highs at $4,868.
GBP/USD steadies around 1.3500 amid rising odds of Fed rate cuts
GBP/USD remains steady after registering 0.5% gains in the previous session, trading around 1.3500 during the Asian hours on Wednesday. The pair further appreciates as the US Dollar struggles, driven by the latest United States inflation data, which strengthened expectations for a US Federal Reserve rate cut in September.
Gold extends its struggle near $3,350 amid global risk rally
Gold holds the previous bounce led by US CPI data early Wednesday. The US Dollar hangs near two-week lows amid heightened Fed rate cut expectations and risk rally on global stocks. Gold appears vulnerable as the 4H chart portrays a bearish outlook.
Bank of England cuts rates in dramatic meeting
The Bank of England has cut rates by a further 25 basis points to 4% but the statement hints that officials think the easing cycle is nearing its end. Policymakers are visibly worried about a more persistent bout of inflation as the headline number is way higher than target.
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