Market news
Crypto, stocks, forex and macro, aggregated for traders.
Spacex (SPCX) Holds Firm Amid $60B Forced Buying on Nasdaq
SpaceX (SPCX) shares trade steadily in early Nasdaq sessions as an engineered float restricts selling, with $60 billion in forced buying underpinning price stability.
Bitcoin 15% Below True Average Market Price of $77,200
Bitcoin is trading 15% below its true average market price of $77,200, according to Glassnode on-chain metrics. Short-term holders are still underwater, with the MVRV ratio at 0.9, and realized cap has declined 1.45% over 90 days, indicating a continued bearish trend.
Bank of England Holds Rate at 3.75% as Expected, Deutsche Bank Says
The Bank of England kept its key rate at 3.75% as widely expected, according to Deutsche Bank's Sanjay Raja, who notes a more divided Monetary Policy Committee but a stronger consensus for a prolonged pause.
US Semiconductor ETFs See Record $4.7B Weekly Inflows
Semiconductor ETFs SMH and SOXX attracted $4.7 billion in inflows last week, the largest combined weekly inflow on record, beating the prior record by ~62%. The SOX index is up 90% year-to-date.
Joseph Lubin: Biggest Crypto Bull Market Ahead, Fueled by AI and Wall Street
Ethereum co-founder Joseph Lubin predicts the largest crypto bull market is still to come, driven by artificial intelligence and institutional adoption from Wall Street. He shared the view in a recent interview.
BofA Bull & Bear Indicator Hits 8.8, Stays in Sell Zone
Bank of America's Bull & Bear indicator rose to 8.8, remaining deep in "sell" territory for global equities, signaling extreme investor euphoria.
US Teens Face Tough Summer Job Market as Hiring Slows
Many American teenagers are struggling to find summer jobs this year, as hiring in retail, restaurants, and recreation has slowed, according to a report.
Euro Set for Weakness as Other Central Banks Leave ECB Alone
The Euro faces headwinds as the ECB's hawkish stance is not supported by BoE, SNB, Norges Bank, and Riksbank. BNY, Rabobank, and Societe Generale highlight different risks for the single currency.
US Dollar Extends Rally Above 100.00 After Hawkish Fed Update
The US Dollar Index (DXY) climbed back above 100.00 following the Federal Reserve’s hawkish policy update under new Chair Kevin. The rally raises the question of whether further gains are sustainable.
Trump: Oil Flowing, Stocks Roaring, Jobs at Records, Prices Dropping
Former President Trump touted strong economic conditions including record jobs and dropping prices, while asserting that oil is flowing and Iran will never get nuclear weapons.
USD/JPY Hits 160.95, Near Multi-Year High on Fed Hawkish Stance
USD/JPY traded around 160.85 on Thursday, reaching 160.95, its highest level since July, driven by the Federal Reserve’s hawkish bias and persistent intervention risk from Japan.
RaboResearch: BoE Holds Rate at 3.75% with 7-2 Split, Inflation May Peak Lower
The Bank of England kept its Bank Rate at 3.75% in a 7-2 vote, with two members favoring a 25bp hike. RaboResearch notes that falling energy prices could push inflation below earlier projections.
Wall Street Opens Higher: Dow Jones Up 0.79%, Nasdaq Rises 1.56%
Major U.S. stock indices opened higher on the day, with the Dow Jones Industrial Average rising 0.79%, the Nasdaq climbing 1.56%, and the S&P 500 gaining 1.20%.
Chinese Superconducting Quantum Computer Integrates Post-Quantum Cryptography
The 72-qubit Origin Wukong computer has integrated a post-quantum encryption framework, completing over 1 million tasks securely. The solution protects against both classical and quantum attacks.
Pound Faces Tough Task as BoE Navigates Fed Hawkish Surprise
The US dollar surged after the Fed's hawkish surprise, with nine FOMC members forecasting rate hikes in 2026. This complicates the BoE's policy path for the Pound.
Bank of England Holds Rate at 3.75%, Two Dissenters Vote for Hike
The Bank of England kept its key rate unchanged at 3.75% as widely anticipated. Two policymakers, including Greene, voted for a hike as an insurance against lingering inflation risks.
UK Unemployment Data Remains Persistent Thorn for Pound Since August 2024
UK unemployment has risen or held steady in most months since August 2024, with only two declines, keeping pressure on the British pound.
USD/CAD Range-Bound Bias Outlined by National Bank of Canada
National Bank of Canada discusses USD/CAD, noting recent moves and expectations for the pair. The report highlights key support and resistance levels and outlines scenarios for a potential breakout.
Norwegian Krone: August Hike Prospects Rise – Nomura
Nomura economists note that Norges Bank kept its policy rate at 4.25% in June but delivered hawkish guidance and a higher rate path, increasing the prospects of an August hike.
ECB's Lane: Further Rate Hikes Justified Even Under Milder Outlook
ECB Chief Economist Philip Lane stated that additional rate increases remain warranted to contain inflationary pressures, even if the economic outlook softens.
ECB's Lane Says Open to Looking Through Shocks, Sees Neutral Rate Upper End at 2.5%
ECB Chief Economist Philip Lane stated the central bank is open to looking through temporary shocks, and revised the upper end of the neutral rate estimate to 2.5% from 2.25%.
US Initial Jobless Claims Fall to 226K
The US Department of Labor reported that initial jobless claims dropped to 226,000 for the week ending June..., indicating a slight tightening in the labor market.
Hawkish FOMC Meeting Sees Rate Hike Projections; Dollar Unmoved
The FOMC delivered its most hawkish policy signal of the year, with inflation forecasts raised to 3.6% and nine officials projecting at least one rate hike before year-end. The dollar, however, showed little immediate reaction.
Canadian Dollar Dips as Fed Hawkish Outlook, Weaker Oil Pressure
The Canadian Dollar weakened against the US Dollar on Thursday, with USD/CAD rising to 1.4130 as the Federal Reserve's hawkish stance and lower oil prices weighed on the loonie.