When Kevin Warsh takes over the Federal Reserve, the shift will go well beyond personalities. The new Fed chair will likely redefine how policy is delivered and communicated and, crucially, how markets are expected to respond.
Bitcoin price held steady above the important resistance level at $80,000 as the recent momentum continued. The BTC/USD pair was trading at 80,500 on Tuesday, its highest point since January 31st. It has risen substantially from the lowest level this year.
Gold is currently facing significant downward pressure as it flirts with one-month lows near the $4,500/oz mark. The precious metal is caught between rising US Treasury yields and a strengthening US Dollar, which are diminishing the appeal of non-yielding assets.
Gold is seeing a dead cat bounce from over one-month lows of $4,501 early Tuesday, but sellers are likely to jump back in amid sustained haven demand for the US Dollar (USD) and renewed tensions around the Strait of Hormuz.
The Aussie Dollar seems to have embarked on a consolidative phase, lifting AUD/USD to the vicinity of its yearly peaks well north of 0.7100 the figure. For now, the pair’s constructive tone should remain unchanged, reinforced by elevated domestic inflation and the RBA’s cautious bias
The UAE’s decision to leave OPEC is more than a policy shift. It is a signal that one of the cartel’s most ambitious producers no longer sees quotas as compatible with its long-term strategy, and this could have important implications for Oil.