Russell Shor

Early Thursday, the cryptocurrency market displayed mixed reactions following the Federal Reserve's announcement, which diminished hopes for interest-rate cuts. Bitcoin notably dropped after the FOMC released its rate statement and during Fed Chair Powell’s press conference. Prior to this, Bitcoin had briefly climbed above $69,000, spurred by unexpectedly mild U.S. consumer inflation data, but these gains were subsequently erased.

The European Union announced higher tariffs on Chinese electric vehicle imports due to significant unfair subsidies, posing a threat to European EV manufacturers.

With it being just over 1.5 years since OpenAI introduced ChatGPT, Apple has unveiled its comprehensive AI strategy, Apple Intelligence. This technology will only be available on iPhone 15 Pro and Pro Max models, which make up about 5% of the current iPhone user base due to hardware requirements. This move aims to drive sales of the high-end models by offering unique AI capabilities, as detailed in Apple's presentation at…

The US Federal Reserve is anticipated to maintain interest rates within the 5.25-5.5% range this Wednesday, suggesting that September may mark the earliest consideration for a rate cut. Market attention will be directed towards the updated dot plot, providing insights into individual members' perspectives on interest rate trajectories. In March, the Fed indicated a predominant view of three rate reductions for the year, with an additional three cuts expected in…

Tomorrow the ECB is likely to deliver a 25-bps cut – the first major advanced economy central bank to begin its cutting cycle. The cut is expected, with markets having priced in the cut from 4% to 3.75% for a few weeks now. However, forward guidance will be key here, with market participants focusing on any clues provided regarding future policy direction.

The digital currency market experienced a surge, with Bitcoin reaching a one-week high above $70,000. This uptick coincided with renewed interest in GameStop shares, fueled by the Reddit account behind the meme-stock mania of 2021. A cryptocurrency linked to GameStop on the Solana blockchain also saw a significant rise, despite having no official connection to the company.

Inflation in April rose as expected, with markets anxious about potential interest rate cuts, according to a key measure released Friday closely watched by the Federal Reserve. The core personal consumption expenditures (PCE) price index, excluding food and energy, increased 0.2% monthly and 2.8% annually, matching estimates. Including food and energy, PCE inflation was 2.7% annually and 0.3% monthly, also in line with forecasts. Fed officials prefer the PCE over…

Japan’s Ministry of Finance confirmed Friday its first currency intervention since 2022, after the yen plunged to a 34-year low in April. Between April 26 and May 29, Japan spent 9.7885 trillion yen ($62.25 billion) on intervention, coinciding with a sharp yen rebound. The yen hit 160.03 against the U.S. dollar on April 29, prompting speculation of intervention, and strengthened over 2% shortly after. Analysts estimated the initial intervention at…

Silver has performed better than gold over the last three weeks. The relative strength (RS) chart comparing silver to gold has positive tendencies to it. The RS’s green 5-week EMA is trading above its orange 10-week EMA, in bullish formation. Moreover, its RSI is above 50, suggesting an underlying bullish momentum regarding the outperformance. If the RSI remains above 50, silver will continue to perform better than the yellow metal.

The PCE is the Federal reserve’s preferred measure of inflation, and the April number is due for release on Friday. It will influence market participants’ views on the central bank’s monetary policy path.

Excitement surrounding the approval of Ether ETFs has contributed to the recent surge in the crypto market. Ether is up close to 20% for the week over the week, currently trading around $3,670.