Author: FX

Bitcoin pushed higher today, reaching a session high of $64,349 as risk sentiment improved across broader markets. The week’s low was established on Wednesday at $60,679, comfortably above last week’s low of $59,104. While the overall trading range has been relatively modest, the price action has helped improve the near-term technical picture.The recent consolidation allowed the 200-hour moving average to catch up to the 100-hour moving average. On Thursday, Bitcoin broke above both moving averages near $62,500 and has remained above them since. The 100-hour moving average has now crossed above the 200-hour moving average, with the 100-hour MA currently…

Trump spent years railing against the $1.7 cash settlement the US paid out to Iran in 2016 and now there is this:Reuters reports that the UAE will unlock “at least” $10 billion in frozen Iranian funds and that he first $3 billion is already delivered. Two separate sources say the dagreement is for $20 billion in exchange for a halt on all attacks on the UAE.It’s likely money that was previously-earmarked Iranian money that was locked up in the UAE banking system but the report said it couldn’t confirm that.Iran also approached at least two other Gulf Arab countries to…

Gold (XAU/USD) price consolidates above the $4,200 figure on Friday as market participants are optimistic about a potential US-Iran deal, set to be signed next week, according to newswires. Meanwhile, households in the US are becoming more optimistic about the economy. The XAU/USD pair trades at $4,216, up 0.11%.XAU/USD steadies as deal chatter offsets firmer yieldsInvestors’ mood turned optimistic amid news that the Middle East conflict could end if Washington and Tehran proceed with the signing of the Islamabad Memorandum of Understanding (MOU). There is growing speculation about a signing at the G7 meeting in Geneva, Switzerland, but the Iranian…

Gold isn’t getting much attention today as the SpaceX IPO steals all the bandwidth and we wait on some clarity on Iran but I think it’s a clear peace trade.The main catalyst will ultimately be reserves managers as they add to holdings in a messy world with a US President willing to enter a badly-thought out war and alienate allies in the process. Turkey was forced to sell $120 billion in gold early in the conflict to defend its currency, as it’s a huge oil importer.Since that moment, gold has struggled on fears that a spike to $150 oil would…

Brown Brothers Harriman’s Elias Haddad highlights strong South Korean asset performance, with South Korean Won (KRW) outperforming and the KOSPI up sharply on AI-led semiconductor strength. The Bank of Korea’s (BoK) Governor Shin Hyun Song delivered hawkish guidance, emphasizing the need to prioritize price stability. BBH notes that a 25 bps hike to 2.75% at the July 16 meeting is increasingly likely.Won benefits from hawkish policy stance”KRW outperformed most currencies overnight and the KOSPI jumped as much as 8.5% before settling 4.6% higher. Year-to-date, the KOSPI is the world’s best performing equity market, up a whopping 92%, driven by the…

USD/CAD trades on the front foot on Friday as lower Oil prices weigh on the commodity-linked Canadian Dollar (CAD) amid cautious optimism that the United States (US) and Iran could reach an agreement that would reopen the Strait of Hormuz.At the time of writing, the pair trades around 1.3979 after touching 1.4024 on Thursday, its highest level since November 2025. Meanwhile, West Texas Intermediate (WTI) Crude Oil trades near $83.50 per barrel, near two-month lows.The Canadian Dollar has remained under steady pressure since early May as geopolitical tensions keep safe-haven flows directed toward the US Dollar (USD). In addition, the…

Scotiabank strategists Shaun Osborne and Eric Theoret report USD/JPY is steady but elevated, with recent gains already surpassing prior intervention-trigger levels. A 25 bps Bank of Japan (BoJ) hike on Tuesday is widely anticipated, and markets price nearly one more increase by December. They flag concerns over communication as Governor Ueda will not attend, and see limited resistance up to 162 with support in the 156–158 band.Limited resistance seen toward 162″The yen’s ongoing weakness is a worry for market participants, government officials, and central bank policymakers, sparking concerns of intervention in the former as the latter consider the implications for…

Iranian foreign minister Seyed Abbas Araghchi earlier wrote:The Islamabad Memorandum of Understanding has never been closer. Pending its finalization, the media should refrain from entering speculation about its content. In line with our responsible and transparent approach, all details will be shared with the public in due course.Trump was earlier ticked off about a leak of the terms of the deal that he said was fake. He seems to be happy that Araghchi walked it back.Axios also reports that Trump said that Iran secretly apologized regarding the dissemination of false news about the agreement and that he still thinks a…

The USDCAD has been on its own moon mission since early May, rallying from 1.3549 to a new 2026 high of 1.4023 reached yesterday. While there have been periodic pullbacks along the way, the broader uptrend has remained firmly intact. A key reason is that the pair has spent most of the rally above its 200-hour moving average, with only brief dips below the 100-hour moving average. The 200-hour MA has consistently acted as a reliable trend guide, helping to define and sustain the bullish bias.After reaching the 1.4023 high yesterday, the pair corrected lower and tested a confluence of…

Scotiabank strategists Shaun Osborne and Eric Theoret note that the British Pound (GBP) is consolidating recent gains around 1.3400, with domestic risk elevated ahead of next week’s CPI, labour data and the Bank of England decision. Markets expect a hold but price about 35 bps of tightening by year-end. Technically, GBP/USD is recovering, supported in the low 1.33s and capped near the 50-day moving average around 1.3469.BoE guidance and politics keep risks elevated”The pound is also quietly consolidating Thursday’s sentimentdriven gains and trading within a relatively tight range around 1.3400, entering Friday’s NA session flat to the USD with a…