FX Handover: Gold Bucks Its Parabolic Trend, Bitcoin Cracks 12k
- The US dollar remains supported after comments from Powell and Bullard were perceived as less dovish than feared. The weak lead from Wall Street also weighed on Asian equity markets early on.
- NZD is the strongest major after RBNZ held rates and provided only a slightly dovish statement. Still, it paves the way for an August cut with key employment and inflation data arriving just ahead of their next meeting.
- Slight improvement to risk appetite saw gold fall -1.3%, currently its most bearish session in 3 months. USD/CNH nudged its way up to a 5-day high. JPY is the weakest major.
- China has suspended Canadian meat imports from select companies with immediate effect.
- A Senior administration official says Washington will not accept any conditions around the US use of tariffs in trade talks.
- Bitcoin racks $12k to reach its highest level since January 2018.
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