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Zcash Price Forecast: On-chain weakness, mounting selling pressure point to further losses
Zcash (ZEC) trades around $460 on Wednesday, stabilizing after a 20% decline over the last 10 days. The privacy coin is losing its retail demand, and network usage is declining, with Open Interest falling 6% in 24 hours and shielded ZEC count down to 4.15 million tokens.
Wed, Jul 29
EUR/GBP Price Forecast: Eases from 0.8575 resistance with the bullish bias intact
The Euro (EUR) is nursing moderate losses against the British Pound (GBP) on Wednesday, as bulls failed to find acceptance above the 0.8575 resistance area on Tuesday.
Wed, Jul 29
Federal Reserve: Extended pause guidance – UOB
UOB Global Economics & Markets Research notes that the Federal Reserve is widely expected to keep the Federal Funds Target Rate at 3.50%-3.75% at the July FOMC meeting.
Wed, Jul 29
Canadian Dollar: BoC minutes watched for inflation tone – TD Securities
TD Securities strategists expect the Bank of Canada’s (BoC) Summary of Deliberations to shed light on the July decision, focusing on how policymakers view inflation amid recent energy price moves and Consumer Price Index (CPI) forecast revisions.
Wed, Jul 29
Bitcoin Price Forecast: BTC steadies above key support as Fed rate decision looms
Bitcoin (BTC) edges slightly higher, trading around $64,400 at the time of writing on Wednesday, after finding support near a key technical level in the previous day.
Wed, Jul 29
Euro: Seen back toward 1.15 against US Dollar – ING
ING’s Francesco Pesole notes that EUR/USD may have bottomed last week if markets maintain a constructive view on further geopolitical de-escalation. He argues a sustained move above 1.15 still requires dovish Federal Reserve (Fed) repricing and stabilised risk sentiment.
Wed, Jul 29
Swiss Franc: Policy gap favours further losses against Euro – MUFG
MUFG’s Lee Hardman reports that the Swiss Franc (CHF) continues to weaken versus the Euro, with EUR/CHF reaching new highs as widening yield differentials favour the Euro.
Wed, Jul 29
Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $57.92 per troy ounce, up 1.36% from the $57.14 it cost on Tuesday.
Wed, Jul 29
GBP/USD Price Forecast: Near-term bias remains bearish ahead of Fed-BoE policy
The British Pound (GBP) is marginally higher at around 1.3300 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair edges up as the US Dollar ticks lower ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
Wed, Jul 29
Dow Jones futures gain ahead of Fed policy decision
Dow Jones futures gain 0.11% to trade around 53,000 during European trading hours on Wednesday. Meanwhile, S&P 500 futures rise 0.16% to trade near 7,480, though Nasdaq 100 futures decline 0.17%, trading near 27,870, respectively.
Wed, Jul 29
Australian Dollar: Softer inflation supports RBA pause – Commerzbank
Commerzbank’s Volkmar Baur notes that weaker-than-expected Australian inflation has sharply reduced market-implied odds of an August RBA rate hike and pushed the AUD lower.
Wed, Jul 29
ECB’s Patsalides: If higher oil prices persist, inflation risks rise
The remarks from European Central Bank (ECB) policymaker and Governor of the Central Bank of Cyprus, Christodoulos Patsalides, released during the European trading session on Wednesday signal a warning of further acceleration in inflationary pressures if oil prices remain higher.
Wed, Jul 29
Federal Reserve: Surprise risk keeps global rates elevated – ING
ING’s Michiel Tukker expects the Federal Reserve (Fed) to keep rates on hold, even as markets price a 30% chance of a hike. He notes that any decision will move United States (US) rates and influence global curves.
Wed, Jul 29
Swiss Franc remains depressed despite brightening ZEW Economic Expectations
The US Dollar (USD) holds gains near 13-month highs against the Swiss Franc (CHF), with the USD/CHF pair trading a few pips shy of 0.8200, set for a 1.3% monthly rally.
Wed, Jul 29
Equities: Record allocation sustains Dollar exposure – BNY
Geoff Yu at BNY reports that global equity allocations have reached a record share of portfolios, with United States (US) markets dominating both equity and fixed-income holdings.
Wed, Jul 29
Australian Dollar: Softer inflation tempers rate hike odds – MUFG
MUFG’s Lee Hardman notes that the Australian Dollar, a beneficiary of AI-related demand, has weakened after another softer-than-expected Australian Consumer Price Index (CPI) release.
Wed, Jul 29
Canadian Dollar gains as oil prices rebound
USD/CAD extends its losses for the second consecutive day, trading around 1.4090 during the European hours on Wednesday.
Wed, Jul 29
US Dollar: Long positioning faces FOMC risk – DBS
DBS Bank’s Philip Wee notes that Dollar bulls have built substantial long USD positions ahead of the FOMC, encouraged by Brent’s sharp rebound and expectations of a surprise rate hike by Chairman Kevin Warsh.
Wed, Jul 29
Silver Price Forecasts: XAG/USD returns above $58.00 as US Dollar weakens
Silver (XAG/USD) shows a moderate bullish tone on Wednesday, following a two-day reversal, with price action returning to levels above the $58.00 line at the early European trading session.
Wed, Jul 29
US Dollar Index Price Forecast: Likely remain subdued as Fed’s policy decision awaited
The US Dollar (USD) trades marginally lower in the European trade on Wednesday, reflecting caution ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
Wed, Jul 29
