Home Bitcoin News BitCoin Forex Forex Today: All eyes on Powell, trade talks resume, Bitcoin tops $13,000 – FXStreet

Forex Today: All eyes on Powell, trade talks resume, Bitcoin tops $13,000 – FXStreet

3 min read
  • Fed Chair Jerome Powell testifies on Capitol Hill and hints about the next moves.
  • Trade talks between the US and China have resumed.
  • Bitcoin has continued advancing, topping $13,00.

Here is everything you need to know on Wednesday, July 10th:
– Tension is mounting towards Fed Chair Jerome Powell’s testimony today at 14:00 GMT. Markets will want to know if the Fed will cut rates later this month and if such a move is the beginning of a loosening cycle. The recent upbeat Non-Farm Payrolls report has cooled expectations for a significant accommodation of monetary policy.
– The FOMC Meeting Minutes are due at 18:00 GMT and will shed more light on the Fed’s thinking. 
– The Bank of Canada is set to leave its Overnight Rate unchanged at 1.75%. The BOC will also present new growth and inflation forecasts. Recent economic data has been favorable and the bank may stand out by refraining from cutting interest rates this year.
– Trade: White House economic adviser Larry Kudlow has said that initial high-level talks with China have been “constructive” without providing any details.
– Chinese Producer Price Index came out at 0%, below expectations and at the lowest since 2016.
– The euro has been under some pressure after European Central Bank member Benoit Coeure said that renewing QE is on the cards.
– UK politics: Candidates Boris Johnson and Jeremy Hunt have clashed in a televised debate. Johnson insisted on leaving by the October 31st deadline but refused to say he will resign if it does not happen. 
– UK monthly GDP and manufacturing production for May may move the pound. Recovery is projected after the economy contracted in April.
Bitcoin has extended its recovery, topping $13,000. Goldman Sachs will reportedly “go further than ever before” in its cryptocurrency ventures. 

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