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Forex Markets are going bonkers since Powell's dovish speech at the Jackson Hole conference. The US Dollar is getting sold off aggressively as the Market interpreted dovish signs for a cut in the September, even in a relatively nuanced speech – Markets didn't need much! The Canadian Dollar is the worst performer (still up against the USD) while the JPY, Euro and Australian Dollar are all up above 1% as we speak. Discover currency charts and levels by performing order, from best to worst. Read More: Dow Jones new all-time highs! Market reactions to FED Chair Powell's Jackson Hole speechAll FX Majors 4H Charts with the immediate key levels in playSome relief for the Yen – USDJPY USDJPY 4H Chart, August 22, 2025, Source: TradingView The Yen is the biggest winner from the speech. Usually, the Japanese currency appreciates from converging interest rates. One of the reasons why the yen had been performing so badly in the past period was because of the pushback in rate cut expectations. The pair was rangebound but is now aggressively heading to the 146.00 Key support Levels to watch for USDJPY: 150.00 Main ResistancePivot at High of May Range from 147.50 to 148 (acting as immediate resistance) and convergence with the 4H MA 50 and 200146.00 Main SupportAUDUSD – A sharp rebound from the prior week selloff AUDUSD 4H Chart, August 22, 2025, Source: TradingView AUDUSD has formed a significant Double bottom and is now moving above its 50-period MA, going towards the 200 MA (0.6512) – Bulls are pushing the pair from the immediate support zone, levels just below: Levels to watch for AUDUSD: 0.6580 to 0.66 Main Resistance0.6550 Pivot Zone (acting as mid-term resistance)0.6512 4H MA 200 (immediate resistance0.6480 to 0.65 Immediate SupportThe Euro, always loving US Dollar weakness EURUSD 4H Chart, August 22, 2025, Source: TradingView Things have changed significantly since our most recent report on EUR/USD, with buyers bringing the pair above August highs. Levels to watch for EURUSD: Main resistance 1.18 at 2025 highs (1.1830)1.1750 Intermediate Resistance/Pivot1.1640 4H MA 200 acting as immediate support1.16 Current main SupportThe Swissie regains some strength – USDCHF USDCHF 4H Chart, August 22, 2025, Source: TradingView The Swiss franc had been one of the worst performing currencies since the July rebound in the Greenback, but things are changing today! Levels to watch for USDCHF: 0.8050 Main Resistance0.80 Immediate Pivot0.79 Main Support2025 Lows 0.78730The Pound is back on track – GBPUSD GBPUSD 4H Chart, August 22, 2025, Source: TradingView GBPUSD has just invalidated a head and shoulders pattern mentioned in a previous analysis of the pair – now evolving in an upwards channel, it also looks like an inverted Head and shoulders (showing further bullish potential) could be in play. Levels to watch for GBPUSD: Top of channel around 1.37 to 1.37301.36 Main Resistance1.34 current Daily pivot (acted as Support)1.32 Main SupportUSDCAD right back towards the July range USDCAD 4H Chart, August 22, 2025, Source: TradingView USDCAD was moving stubbornly higher but has reversed course in a flash since our Wednesday NA Markets analysis – The North-American currency pair is moving below its 50 period MA and is almost back below the 1.38 handle. Levels to watch for USDCAD: Immediate resistance at Aug Highs 1.387501.38 Major Pivot (immediate Support)1.3740 Support Safe Trades as the weekend approaches! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Reports from CryptoQuant suggest that large holders are moving aggressively while smaller players are bailing out. Over the past week, wallets linked to key Bitcoin participants grabbed more than 16,000 BTC during a price decline. At the same time, retail investors have been selling into weakness, taking losses and widening the gap between whales and small traders. Analysts see this as a possible clue that the market could be forming a local bottom. Seasonal Pressure And Fed Expectations The timing of these moves adds more complexity. September is rarely kind to markets. Data over the last 35 years shows the S&P 500 slipping an average of 1% during this month, and Bitcoin has often mirrored that seasonal drag. Now, throw in a Federal Reserve meeting on September 15-16, where traders assign an 80% chance to a 0.25% rate cut, and you have a cocktail of uncertainty. For some, a cut signals potential relief for risk assets. For others, the historic pattern overshadows any short-term optimism. Either way, volatility seems unavoidable. BlackRock Transfer Triggers Fear Of Selling Amid this macro backdrop, a single transaction set off alarms. BlackRock shifted over 10,584 BTC—valued close to $1.20 billion—to Coinbase in one day. That kind of move rarely goes unnoticed. Transfers to exchanges often imply a readiness to sell, and the market responded immediately. Bitcoin slid to a little over $112,000, a level that previously acted as the launchpad for the rally that pushed prices to the all-time high of $124,000 this August. Traders are now watching that number like hawks, questioning if it can act as a safety net once more. Technical signals, however, don’t tell a unified story. The relative strength index sits at 32.90, scraping the oversold zone, which can sometimes hint at an exhausted sell-off. But the MACD is still weak, with its line staying under the signal mark, suggesting negative momentum. This split in indicators keeps traders guessing whether the next big move will be up or down. Crypto Market At A Crossroads If $112,000 holds, a rebound is on the table. Break it, and the downside could accelerate, especially if institutions start unloading more Bitcoin. Add whale accumulation, seasonal weakness, and a looming Fed decision, and the short-term outlook looks less like a straight line and more like a curve with surprises waiting around the bend. For now, the battle is clear. It’s between confidence and fear, and the outcome may depend on what happens before this month closes. Featured image from Unsplash, chart from TradingView

Gold prices advanced on Friday, buoyed by rising optimism of a September rate cut following comments by Federal Reserve Chair Jerome Powell at this year’s Jackson Hole symposium. Spot gold rose 1% to $3,372.60 per ounce by 12:30 p.m. ET, the highest in nearly two weeks. US gold futures also gained 1%, trading at $3,416.90 an ounce in New York. Click on chart for live prices. In his highly anticipated speech Friday morning, Powell acknowledged that the US economy is facing a “challenging situation”, with inflation risks now tilted to the upside and employment risks to the downside. This shift in the balance of risks, he remarked, may warrant adjusting the Fed’s policy stance. While the Fed Chair stopped short of committing to a rate cut next month, the market interpreted his comments as more dovish than expected. Traders now see a 90% chance of a 25 basis-point rate cut in September, up from 75% before the speech, CME’s FedWatch tool showed. “Powell surprised a worried market, opening the express lanes to a September rate cut, which has boosted every single asset, including gold,” Tai Wong, an independent metals trader, told Reuters. A Fed rate cut would bode well for gold, as it yields no interest and therefore has more appeal in a low-rate environment. Meanwhile, the US dollar went down 0.7%, further supporting bullion’s rising status as an alternative reserve asset. “It will be important to see if gold can break and hold above $3,400 in the coming days,” Wong added. “With those US rate cut bets now intensifying after the speech, gold could be poised for another fresh record high,” said Ewa Manthey, a commodity strategist at ING Groep. The speech by the Fed chair is “the one catalyst that’s been missing to reignite that rally we’ve seen earlier this year.” To date, gold has risen by nearly 29% on expectations of lower borrowing costs, along with geopolitical tensions and central bank buying. While the precious metal has been range-bound over the past few months, market watchers, including UBS Group and Citi, are anticipating more upside and recently raised their price forecasts. (With files from Bloomberg and Reuters)

The Market is going wild from Powell's speech, interpreted as largely dovish! In case you missed it, you can access the text and a review of his live speech at the Jackson Hole Economic Symposium on this page: Access Jerome Powell's full speech at the Jackson Hole Symposium Jerome Powell just concluded his nuch-anticipated speech at the Jackson Hole economic conference and the reactions are strong. Holding a very nuanced approach, as we're used to from Powell, Markets still interpreted some of his wording as a slightly dovish opening. These lines on employment are a good example: "Overall, while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are rising. And if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment." The more balanced approach is a shift from his July FOMC speech where he only held a few mentions of downside risks to employment. An amazing recap of Powell's speech and the changes to his wording can be found here if you look for more details. Let's dive right in a few key charts pointing to the strong reactions following the speech. Market reactions – US Dollar selling hard allowing everything else to jump higherDollar Index 4H Chart – The US Dollar gets slammed US Dollar 4H Chart, August 22, 2025 – Source: TradingView Crypto Market goes to the moon Crypto Market overview, August 22, 2025 – Source: Finviz BTC recovers fast – Bitcoin 1H Chart Bitcoin 1H Chart, August 22, 2025 – Source: TradingView You can access our latest Bitcoin analysis right here. Ethereum goes to retest its recent highs up 11%! – ETH 4H Chart Ethereum 4H Chart, August 22, 2025 – Source: TradingView Gold sees some relief – Currently up 1% Gold 4H Chart, August 22, 2025 – Source: TradingView The Dow Jones rallies to new All-time Highs Dow Jones 4H Chart, August 22, 2025 – Source: TradingView FX pairs go wild from the US Dollar selloff Forex Market overview, August 22, 2025 – Source: Finviz Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

As Australian gold producers set annual guidance for the 2026 financial year, a clear trend has emerged across the sector. While miners outside the gold sector are expecting to see flat to lower unit costs for the 12 months to June 30, 2026 (FY26), gold miners are almost universally forecasting a rise in costs. Shares in sector leader Northern Star Resources (ASX: NST) were heavily sold off last month after the company said it expected all-in sustaining costs (AISC) for FY26 to rise to A$2,300-2,700 an ounce ($1,477-1,862/oz) from A$2,163/oz in FY25. “Unfortunately, we’re not seeing costs plateau, and that pressure still remains and you’re seeing that across the sector,” Northern Star managing director Stuart Tonkin told reporters. “We haven’t really seen the relief that was expected when nickel and lithium projects were paused or wound down. If anything, gold has picked up that and then some and so that’s just added to the pressure.” Labor pains Tonkin said the main sticking point was labor, where the company was seeing a 3-4% increase for FY26. “With the service providers, we’re seeing more than that because they have stale contracts that might have been formed a few years ago, and there’s been that build-up,” he said. Evolution Mining (ASX: EVN) guided AISC costs of A$1,720-1,880/oz for FY26, up from A$1,572/oz in FY25. The guidance factored in 4% inflation, equating to A$105-125/oz. According to the company, around 50% of its cost base is labor. Western Australia producer Ramelius Resources (ASX: RMS) reported AISC of A$1,551/oz for FY25. While the company is yet to report FY26 guidance, managing director Mark Zeptner said costs were set to rise. “I think there’s a little bit more cost coming into the business,” he said on the sidelines of the Diggers & Dealers Mining Forum in Kalgoorlie this month. “On wages, we’re looking at between 4% and 5% increases, where we were probably talking more 3% 12 months ago. “I think it’s probably really a gold-based boom and iron ore is ticking up as well. Everyone in the gold space seems to be either expanding their projects or restarting projects and we’re the same, so I think there’s potentially a bit of stress coming into the labor market.” Zeptner suspected it may add around A$100/oz to Ramelius’ AISC, allowing the company to retain its position as a low-cost producer. “I don’t think it’s anywhere near as bad as it was when inflation was double digits, but it has ticked up a bit,” he said. Higher-cost production Westgold Resources (ASX, TSX: WGX) this month set cost guidance A$2,600-2,900/oz, higher than FY25. The company hauls its ore as far as 180 kilometres from the Fortnum mine to the Meekatharra plant in WA. Managing director Wayne Bramwell said the company was seeing the largest cost increase in haulage, rather than labor. “Haulage is a big chunk of our business, and if you’re hauling more tonnes, you pay more dollars,” he said. “As the gold price is high, there’s always the risk – and we’ve done in the past – you lower your head grades to chase more gold, but you’re processing more tonnes, so your unit cost goes up, so that’s a fool’s errand in some sense. “That’s why we’re trying to get away from a mentality of chasing volume and try to chase grade. It’s about margin, not about the headline of how many ounces you produce.” Regis Resources (ASX: RRL) has tipped AISC to rise from A$2,531/oz in FY25 to A$2,610-2,990/oz in FY26. CEO Jim Beyer said the company was experiencing the same cost pressures as its peers, but that Regis’ costs were also higher due to the company’s plan to take advantage of the higher gold price. “I need to be clear: our strategy of bringing in higher-cost, lower-margin ounces is still making money at the moment, not at the expense of our long-term ‘good’ ounces,” he said. “We are not delaying good ounces and bringing in ordinary ones. We’re doing both what we originally planned with what we call our core ounces, and we’re adding marginal ones while it makes sense.” Retention strategies Northern Star’s largest operation is KCGM in Kalgoorlie, which is also one of Australia’s largest gold mines. The workforce is largely residential, but a A$1.5 billion plant expansion currently underway has forced the company to invest A$30-35 million in an accommodation camp and increase its reliance on a fly-in, fly-out (FIFO) workforce. Tonkin said that given the expansion construction jobs were temporary, it didn’t motivate people to move to Kalgoorlie. “FIFO is expensive for us as accommodation, so those are the things that all fit back into this cost structure uplift,” he said. Meanwhile, Evolution’s Mungari operation, outside Kalgoorlie, experienced extremely high turnover rates of as high as 38% only two years ago. Evolution managing director Lawrie Conway said the company had managed to reduce that turnover rate to 15% via its incentive-based remuneration scheme. “There is that demand picking up again, particularly with gold, but I think we’ve got the right remuneration structure in place for our workforce to not see that as a bigger impact,” he said. “Anyone in the organization, from an entry level, maintenance, through to myself, has an at-risk component, and what we did a couple of years ago, when we saw inflation really rising, we actually increased the percentage of our quarterly bonus for the operator level, and we increased that rather than lifting their salaries. “And you know what we saw through the last 12 months with our performance? It was probably the equivalent of them getting a 4% pay rise in what they got in their bonus, but it’s not fixed in and that’s why we think the balance between the fixed and the variable structure works really well.”

Bitcoin is trading at a pivotal level after losing momentum from the $120,000 zone and slipping into deeper volatility. The price is now testing the $112,000 support level, a key zone for bulls to defend in order to avoid further bearish pressure. While the broader trend remains constructive in the long term, the short-term outlook has tilted toward weakness, with momentum indicators showing a leaning toward the downside. Analysts highlight this moment as a potential inflection point for the market. A strong defense of current levels could reset sentiment and allow Bitcoin to consolidate before another breakout attempt. However, failure to hold above $112K may trigger a sharper correction, opening the path toward deeper support levels. Adding to the cautious tone, CryptoQuant’s head of research, Julio Moreno, shared new data showing that the CryptoQuant Bull Score Index has shifted into a neutral signal. This shift highlights that while selling pressure hasn’t fully taken over, the market is no longer in clear bullish territory. The coming days will be decisive in determining Bitcoin’s short-term trajectory. Bitcoin Indicator Signals Caution According to CryptoQuant’s head of research, Julio Moreno, Bitcoin’s Bull Score Index has shifted from a “Bullish Cooldown” phase to a “Neutral” phase. The index, which tracks overall market strength using a combination of trading flows, investor behavior, and derivatives data, declined from 70 to 50. This move signals that bullish momentum has weakened, leaving Bitcoin in a more balanced state between buyers and sellers. Moreno noted that “for risk management purposes, further softening in the index indicates price could go lower.” This means that while the neutral zone doesn’t yet imply a confirmed downtrend, any additional deterioration could increase the probability of deeper corrections. Traders are therefore closely watching upcoming sessions, as price action around the $112K–$115K support zone will be critical in shaping short-term direction. The broader context remains constructive. Bitcoin has been in a steady uptrend since 2023, a cycle that has already delivered massive gains and propelled the asset to new all-time highs above $124K earlier this month. Many analysts argue that the market is now in the final phase of this bull run, where volatility typically rises and investor sentiment becomes divided between expectations of continuation and warnings of exhaustion. As the month comes to an end, global macroeconomic factors—including interest rate policies, institutional inflows, and liquidity conditions—will play a decisive role. If Bitcoin holds its support and fundamentals remain strong, this neutral phase may simply represent a healthy pause before the next upward move. Conversely, if weakness persists, the market could be signaling the start of a deeper consolidation phase. Price Action: Testing critical Support Level Bitcoin is currently trading around $112,837, after a sharp decline from its all-time high near $123,217. The daily chart shows that BTC has slipped below the 50-day SMA ($116,158) and is now testing the 100-day SMA ($111,224) as support. This level has become a crucial line of defense for bulls. The rejection from the $123K region highlights strong resistance overhead, which has led to several failed breakout attempts. The structure suggests that BTC has entered a consolidation phase, with the $111K–$116K zone serving as the immediate range. A decisive breakdown below $111K could open the way toward the 200-day SMA ($100,597), a level many analysts see as the final support for this cycle’s uptrend. Momentum indicators also align with weakening bullish pressure, as recent candles show lower highs and lower lows. However, holding above the 100-day moving average would strengthen the bull case, potentially setting up a rebound toward $118K and eventually retesting $123K. Featured image from Dall-E, chart from TradingView

Germany’s GDP fell 0.3% q/q in Q2 2025 (0.2 pp below the flash); y/y: –0.2% unadjusted, +0.2% calendar-adjusted. Previous quarters: +0.3% (Q1 2025), +0.2% (Q4 2024). Destatis’ annual revision altered earlier quarters by –0.7 to +0.6 pp.Demand & supply: consumption edged up (total +0.3% q/q; households +0.1%, government +0.8%), but investment –1.4% and negative net exports (exports –0.1%, imports +1.6%) dragged growth. By sector: construction –3.7%, manufacturing –0.3%, IT & business services +0.5%.Labour, incomes & peers: employment ~46m (stable), productivity/hour +0.3% y/y, wages +4.8%. Consumption rose faster than income (+3.7% vs +2.5%), cutting the saving rate to 9.7%. Germany –0.3% q/q vs EU +0.2% (y/y, cal-adj: Germany +0.2% vs EU +1.5%). Final Destatis data show that in Q2 2025 the German economy contracted by 0.3% q/q (seasonally and calendar adjusted). That’s 0.2 pp worse than the flash estimate and a clear reversal after gains at the turn of the year (+0.3% in Q1 2025 and +0.2% in Q4 2024). Year over year, the picture is mixed: –0.2% y/y in constant prices without calendar adjustment and +0.2% y/y with it. Germany GDP, source: Destatis Demand: consumption holds up, investment disappoints, net exports drag On the demand side, the only bright spot was consumption. Total consumption rose 0.3% q/q, of which household spending increased just 0.1% (below expectations) and government consumption rose 0.8%. That wasn’t enough to offset pronounced weakness in gross fixed capital formation: investment fell 1.4% q/q, including machinery and equipment –1.9% and construction –2.1%. Foreign trade also weighed on growth: exports slipped 0.1% (goods –0.6%, services +1.4%), while imports rose 1.6%, implying a negative net export contribution to GDP. In y/y terms, private demand looks better: consumption +1.5% (households +1.2%, mainly on food; services grew weakly), while government consumption rose 2.1%. Against that backdrop, investment declined 1.9% y/y (machinery –3.9%, construction –2.9%). External trade was weak: exports –2.4% y/y (goods –3.6%, services +1.8%) alongside imports +3.3% y/y (goods +4.7%, services +0.3%). Supply side: construction and manufacturing down, tech services up On the supply side, gross value added fell 0.2% q/q. The steepest drop was in construction (–3.7%), partly unwinding a strong Q1. Manufacturing –0.3%, with declines in most branches; the automotive and transport segment was a notable exception. Trade–transport–accommodation–food services recorded –0.6%, while public services, education and health were slightly positive (+0.1%). Modern sectors stood out: IT and communications and business services +0.5%. Compared with a year earlier, total GVA was down 0.7%, with industry –2.2%, construction –6.9% and services stagnating (0.0%). Labour market and productivity: stable employment, mixed efficiency Employment held around 46 million people (virtually unchanged y/y). Hours worked fell 0.5% y/y, which, together with slight GDP growth, translated into labour productivity per hour up 0.3% y/y, but productivity per person down 0.2% y/y. In other words: firms worked fewer hours, were a bit more efficient per hour, but saw no improvement per job. Germany unemployment change, source: tradingeconomics.com Incomes, wages and savings: consumption outpaces income At current prices GDP rose 2.7% y/y, and gross national income 3.1%. Wages were up 4.8% (average gross wages +4.3%, net +3.6%), while property and entrepreneurial income fell 3.5%. Notably, consumption grew faster than income (+3.7% vs +2.5%), lowering the saving rate to 9.7% from 10.8% a year earlier. This signals that households are sustaining spending partly by drawing down buffers. Versus peers: Germany at the back of the European pack Quarter on quarter, Germany –0.3% lags clearly behind the EU overall (+0.2%). Among large economies: Spain +0.7%, France +0.3%, Italy –0.1%; outside Europe, the US +0.7%. On an annual (calendar-adjusted) basis Germany +0.2% y/y versus EU +1.5% y/y—the divergence persists. Revisions: adjustments up and down reaching back to 2008 Destatis conducted its annual revision of the time series from 2021, with quarterly changes ranging from –0.7 to +0.6 pp. Smaller tweaks reached back to data from 2008, including improved coverage of multinational groups’ activity. Technically, this enhances historical comparability, though the current cyclical picture—after the Q2 downgrade—is weaker. Markets reaction: DAX and EURUSD DAX index and 10-year yield german bonds, daily interval, source:TradingView The DAX index remains in a medium-term upward trend. However, for the past few months it has been moving within a consolidation range between 23500 and 24600 points. A key condition for the continuation of the rally is a breakout above the upper boundary of this range, which could pave the way for further gains. The yield on 10-year German government bonds currently stands at 2.73%, reflecting stability in the debt market. In the currency market, the EURUSD is trading at 1.1713, testing the upper boundary of the corrective pullback. The weakening of the dollar is linked to Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, which was interpreted as supportive of upcoming interest rate cuts in the United States. A sustained breakout above 1.1720 could signal a new upward impulse in the main currency pair. EURUSD, daily interval, source: TradingView Takeaways: a technical setback and narrowing sources of growth The economy entered H2 2025 with weak momentum: investment and exports remain headwinds, while consumption—though positive—is only marginally better than stagnation. On the supply side, construction and much of manufacturing are a drag, whereas IT and business services are rare islands of growth. A stable labour market limits the downturn, but the falling saving rate suggests the consumption boost may have limited durability. Q2 brings a technical setback and confirms that a durable recovery will require unlocking investment and improving export competitiveness—otherwise Germany will continue to lag the EU average. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

A new study from the Colorado School of Mines has found that the United States could meet much of its demand for critical minerals by recovering materials currently discarded in mining waste. Published this week in Science, the analysis shows that nearly all critical minerals used in clean energy technologies, electronics, and defense applications are already present in ore processed at US mines. However, the majority of these materials end up in tailings and other waste streams rather than being refined for use. The analysis highlights cobalt and germanium as prime examples. Recovering less than 10% of the cobalt already mined and processed but lost to waste streams would be sufficient to supply the entire US battery market. For germanium, reclaiming under 1% from existing zinc and molybdenum operations would eliminate the need for imports altogether. The study examined 70 elements across U.S. mining operations. Aside from platinum and palladium, the researchers found that all could theoretically be sourced domestically with improved recovery methods. Elizabeth Holley, associate professor of mining engineering at Colorado School of Mines and lead author of the study, described mine tailings as a significant untapped resource. “We’re already mining these materials,” she said. “The question is whether we capture them or throw them away.” The team combined production data from federally permitted US mines with ore concentration data from the US Geological Survey and other international sources to estimate the amount of critical minerals lost in waste streams. The findings highlight both a strategic opportunity and a challenge. While recovering minerals from tailings could reduce US dependence on foreign sources and lower the environmental footprint of mining, the researchers note that current market conditions often make byproduct recovery uneconomic. They suggest that additional research, development, and policy incentives will be needed to make large-scale recovery viable. The study comes as the Trump administration is seeking to secure supplies of critical minerals needed for the energy transition, amid concerns about China’s dominant position in mineral production and processing.

Recent drill results by First Nordic Metals (TSXV: FNM), in which Agnico Eagle Mines (TSX, NYSE: AEM) holds a stake, have identified new gold-bearing structures at its Aida target in Sweden’s north near a producing mill. Highlight hole 2025-AID-038 cut 21.5 metres grading 1.94 grams gold per tonne from 317 metres depth in the Central zone, First Nordic reported on Thursday. That intercept included 7 metres at 1.3 grams gold in the eastern contact of the main Aida shear and 6.7 metres grading 1.45 grams gold in the newly-identified Pharao zone. Aida, inside the company’s Paubäcken project, is about 630 km north of Stockholm. “We are encouraged by this first batch of results, with notable grade-width combinations seen in many of the gold intercepts,” First Nordic CEO Taj Singh said in a release. “The identification of multiple parallel mineralized zones adjacent to the Central zone (original discovery) is particularly compelling; not only does it build on cumulative strike length, but any future development could potentially be shared across the zones.” First Nordic shares gained 4% to C$0.39 apiece on Friday morning in Toronto, for a market capitalization of C$121 million. Aida on Gold Line The company’s Aida target, a structural trend more than 4 km long, sits in the regional Gold Line corridor and is 40 km south of the company’s resource-stage Barsele project that it holds in a joint venture with Agnico. The gold major last year invested C$8.2 million to help advance First Nordic’s Oijärvi gold project that Agnico used to own, in neighbouring Finland. Agnico holds a 13% interest in Nordic. It’s also 4 km northeast of the Svartliden mill, processing gold from Botnia Gold’s (STO: BOTX) Fäbodtjärn mine, the country’s newest. Another noteworthy hole at Aida, 2025-AID-027, cut 17.5 metres at 1.17 grams gold from 335 metres depth in the freshly identified Pharao zone, a blind-to-surface structure with no identifying features on the ground. The zone is 40 metres wide and has been traced to 250 metres in drilling, First Nordic said. New Northern zone A third impressive result was in 2025-AID-030 that returned 4.6 metres grading 5.45 grams gold from 296 metres depth inside the newly identified Northern Mafic zone, parallel to the main Aida corridor. This year’s drill program, aimed at expanding known mineralization inside the Aida corridor comprised 10,304 metres across 39 holes. Gold-bearing structures were intercepted in 12 of 14 holes, including visible gold in five holes. Results are pending for most of the remaining holes.

Electra Battery Materials (NASDAQ, TSXV: ELBM) says it is conducting a “comprehensive financial restructuring” to shore up its balance sheet as it looks to advance the commissioning of what would be the first cobalt sulfate refinery in North America. On Thursday, the battery metals developer announced plans to convert approximately $40 million of its outstanding debt into equity, with its lenders receiving shares priced at $0.60 each. This exchange would result in a 60% reduction in Electra’s total debt to $27 million. Its remaining notes will take the form of a new three-year loan. The company will also launch a $30 million equity financing, offering units priced at $0.75 each. The units each contain one common share and one share purchase warrant, with the latter exercisable for three years at $1.25 a share. Existing lenders have committed to $10 million of the financing. Electra’s shares closed at $0.95 apiece on the NASDAQ at Thursday’s close, giving the Toronto-based company a capitalization of $17 million. The stock opened Friday’s session one cent higher at $0.96. Together, the debt conversion and equity financing are designed to strengthen Electra’s capital structure and provide the funding required to advance the commissioning of its cobalt refinery project, the company stated in a press release. “Today marks a turning point for Electra,” Electra’s CEO Trent Mell said in a press release. “By equitizing a majority of our debt and securing bridge financing, we are taking decisive action to create a sustainable capital structure and advance the steps required to complete the cobalt refinery.” Stalled refinery project The $250 million refinery in Temiskaming Shores, Ontario, has been on hold since its construction was halted in August 2023 due to cost overruns and supply chain disruptions. At the time, approximately $60 million was still required to complete the project. Electra has been focused on raising this capital to finish building the facility, from which it expects to produce about 6,500 tonnes of battery-grade cobalt per year, enough to support the manufacturing of a million electric vehicles. To date, it has received federal government support from both sides of the border, including a $20 million award last year from the US Department of Defense and a recent funding on a similar scale (C$20 million) from the Canadian government. “With shareholder approval, lender participation, and government support, we will soon be in a position to complete construction of North America’s first cobalt sulfate refinery,” Mell stated, acknowledging that the note restructuring is “undeniably dilutive and difficult” for shareholders, but it is “both timely and necessary” for the company. “By significantly reducing our debt and securing new capital, we are strengthening our financial foundation and aligning our funding with a clear, executable path to production,” Electra CFO Marty Rendall added. The financing package will also include $2 million in short-term loans to fund working capital. In return, the lenders will have the right to appoint a director to Electra’s board, which will be expanded to seven members post transaction.

XRP has been under pressure in recent days, trading just below the $3 mark after a series of pullbacks that echoed the wider cooling seen across the crypto market. However, according to a technical analysis shared by crypto analyst Nehal, the asset may be approaching a key accumulation zone. According to his outlook, this could set the stage for an explosive rally that carries XRP to at least $5 before the end of 2025. XRP Dips Below $3; Here’s When To Buy After hitting highs above $3.35 earlier in August, XRP has since faced steady selling pressure alongside the rest of the crypto market. This in turn, has seen the cryptocurrency dipping below $2.90 and into the $2.80 zone. Unless there’s a wider bulllish momentum, this decline may continue into the coming trading session, but technical analysis of the 6-hour candlestick timeframe chart shows that a major rebound could be very close. In his post on the social media platform X, Nehal described $2.7 as one of the clearest support levels on XRP’s chart, noting that it carries the lowest probability of being broken to the downside. According to the analyst, the number of buyers waiting at this price range makes it increasingly difficult for the asset to fall further. He personally set his buy orders between $2.76 and $2.8, and this zone is the ideal entry point for traders looking to accumulate before the next big rally. The analyst advised that XRP is unlikely to go much lower, making current levels “way too juicy” for sidelined investors to ignore. Breakout Targets On The Path To $5 Nehal’s chart shows a bullish rebound scenario where XRP rises from the $2.75 zone and begins reclaiming multiple resistance levels. The first resistance level is at $3.04, which was initially a support level that prevented any breakdown below the $3 price level throughout last week. From here, the next price target is $3.23, followed by an order block level of $3.42 in July. The final step in Nehal’s projected rebound is the $3.61 resistance level, which sits just below the all-time high of $3.65 reached in July. Breaking through this level would not only mark a full recovery from the recent pullback but also place XRP on course for price discovery in new territories. Each of these milestones serves as a stepping stone to a wider breakout, which he expects to carry XRP to at least $5 before the end of 2025. At the time of writing, XRP is trading at $2.86 and is steadily approaching the $2.75 buy/rebound level. However, a rebound does not necessarily require a perfect retest of this level. Instead, the XRP price may rebound anywhere between $2.76 and $2.8.

Kodiak Copper’s (TSXV: KDK) first, near-surface drill results of the year from its MPD project confirming near-surface copper-gold across 950 metres in the South zone A highlight result was 111.3 metres grading 0.39% copper, 0.1 gram gold per tonne and 1.63 grams silver, the company reported on Thursday. That result, from 1.5 metres depth in hole RC-AXE-25-010, included 59.4 metres of 0.51% copper, 0.13 gram gold and 2.24 grams silver from surface. Hole RC-AXE-25-006 cut 147.8 metres grading 0.26% copper, 0.06 gram gold and 0.99 gram silver from 4.6 metres. MPD is located roughly between Merritt and Princeton, about 3.5 hours east of Vancouver. “We are very encouraged by the consistency of mineralized intercepts over a substantial strike length at the South Zone,” CEO Claudia Tornquist said in a video accompanying the news release. The highlights came from the 2,746-metre, 22 reverse-circulation-hole program that confirmed near-surface copper-gold across 950 metres in the South zone at MPD. Every hole ended in mineralization. The company expects more results in the third quarter from the West and Adit zones. Kodiak’s shares listed in Toronto traded flat by midday Thursday at C$0.62 apiece, after rising by two-thirds in the past eight months. It has a market capitalization of C$53.2 million. Open at depth The results suggest South’s from-surface intercepts could provide starter-pit optionality when folded into the fourth-quarter resource update, according to Kodiak’s vice-president for exploration Dave Skelton. “Importantly, the [South] zone is still wide open in multiple directions and to depth – and every hole finished in mineralization,” Skelton said in the video. Kodiak is steered by founder and chairman Chris Taylor – the geologist behind Great Bear’s discovery in Ontario – who set up the company. Great Bear later sold for about C$1.8 billion ($1.4 billion). Tornquist is a seasoned mining executive who previously served as a general manager at Rio Tinto (ASX, LSE: RIO) before taking the CEO role at Kodiak in April 2020. Growing system At Kodiak’s MPD, the South, Adit, and Mid zones form a 2.3-km copper-in-soil anomaly. Kodiak interprets this as one large system. It sets the stage for a complete resource update expected in the fourth quarter. This update will include South, West and Adit zones, expanding on June’s initial estimates for Gate, Ketchan, Man and Dillard. These deposits underpin 56.4 million tonnes indicated at 0.31% copper, 0.14 gram gold and 1.18 grams silver per tonne. That accounts for 385 million lb. of contained copper, 250,000 oz. gold and 2.14 million oz. silver.. Kodiak estimates MPD’s inferred resources at 240.7 million tonnes grading 0.24% copper, 0.12 gram gold and 0.91 gram silver. This would represent 1.3 million lb. copper, 960,000 oz. gold and 7.05 million oz. silver. Mining province The project sits in the southern Quesnel terrane – BC’s workhorse porphyry copper-gold belt – with year-round access and infrastructure between Merritt and Princeton. Several mid-tier operators are moving significant volumes of copper in southern BC. Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) approved a C$2.4 billion ($1.76 billion) project last month. It’s expected to extend the life of Canada’s largest copper mine by two decades. Teck has greenlit the Highland Valley Copper mine’s life extension project. This will keep the mine running until 2046. The target is to produce about 132,000 tonnes of copper each year during this time. Hudbay Minerals (TSX, NYSE: HBM) expects its Copper Mountain mine near Princeton to produce 28,000 to 41,000 tonnes of copper this year. This effort supports the Copper Mountain/New Ingerbelle plan, aiming to extend the mine’s life into the 2040s. Earlier this month, the company secured a $600 million deal with Mitsubishi. This agreement gives the Japanese conglomerate a 30% stake in the Copper World project in southern Arizona. Meanwhile, New Gold (TSX, NYSE: NGD) achieved a key milestone in the C-Zone development at its New Afton mine near Kamloops. Developing the zone underpins a longer mine life as production transitions underground.

Jerome Powell is giving a much-anticipated speech at the key Jackson Hole Symposium, known to generate volatility for FX, Equity and all-types of Markets. He is speaking live right here. You can access the text right here. A market-reaction overlook will shortly be available on MarketPulse, stay connected! Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Donald Trump’s new pro-crypto political action committee has received a very large Bitcoin donation that could help shape the future of digital assets in America. Billionaire twins Cameron and Tyler Winklevoss, who are best known as the founders of the Gemini crypto exchange, announced on Wednesday that they donated $21 million in Bitcoin to the group called the Digital Freedom Fund. Winklevoss Twins Back Trump With $21M Bitcoin Donation Cameron and Tyler Winklevoss said they made the donation because they believe Trump has already taken real steps to bring digital assets into the mainstream, and they want to help him keep that momentum. Tyler Winklevoss explained that the president has been able to move quickly on his agenda because of the support he receives from the Republican-controlled Congress, and he added that it is important to protect that support when voters head into the midterm elections in 2026. The Digital Freedom Fund movement aims to preserve what it terms “America’s Golden Age”. For the twins, this means giving Trump the tools to finish his push for stronger crypto reforms. Although the PAC’s website has not yet updated its records to show the $21 million donation, the announcement is already being seen as one of the biggest signs yet that major crypto leaders are ready to get directly involved in politics to shape the rules that will govern the industry. PAC’s Agenda: Pro-Crypto Laws And CBDC Ban The Digital Freedom Fund has outlined a comprehensive plan that focuses on supporting senators and House members who will pass laws that make it easier for crypto companies and users to grow without excessive restrictions. The PAC has also promised to fight for a “Skinny Market Structure Bill” that would limit regulators’ power over crypto markets while protecting the rights of developers, publishers, and users to build and transact freely. As part of this plan, the PAC wants to put forward a “crypto bill of rights” that would clearly state that Americans should always have the freedom to own Bitcoin and other digital currencies, to keep them safe in their wallets, and to use them in everyday transactions without the fear of being punished, which has been a primary concern in past cases such as those involving the Tornado Cash developers and the Silk Road founder Ross Ulbricht. Although the House of Representatives passed a bill in July to block the Federal Reserve from moving forward with a CBDC, the bill is still waiting in the Senate, and the PAC says it will keep fighting until a full ban is in place. With Trump’s leadership and the new funding from the Winklevoss twins, the Digital Freedom Fund is preparing to utilize its resources to shape the 2026 midterm elections and maintain the U.S. on a pro-crypto path.

This week has been rough for risk assets, particularly tech. The Nasdaq has entered a correction phase, and the one for Cryptocurrencies is even steeper. Markets have been awaiting further news from Jerome Powell concerning any type of rate cuts, as seen in the signs of hesitancy in Equities and Crypto. He is about to speak in a few minutes at the Jackson Hole Symposium. You can access the speech right here. Digital assets have always been volatile, a given due to their youth compared to other asset classes: After stellar July and August trading, which took Bitcoin to a retest of its all-time highs and, more surprisingly, Ethereum from $2,500 on July 1st to $4,790 in less than a month and a half of trading, the strong upmoves are getting met with sharp reversals. Bitcoin has been downtrending since attaining a new record High of $124,200 on August 14th. Let’s examine a multi-timeframe analysis of the biggest crypto to spot what's next. Bitcoin Daily Chart Bitcoin Daily Chart, August 22, 2025 – Source: TradingView Bitcoin is regaining its previous all-time high region for the second time in the month around $112,000 – A key support zone! Retesting previous record highs is a healthy process in upward trending products, as it was seen in Equities for example in April with the Trump tariffs fear-flows. On the other hand, bulls will want to make sure they do not breach the $110,000 to $112,000 support zone to avoid a more bearish longer-term outlook. Before breaching the $110,000 handle, we mentioned the $100,000 landmark being the key for the general crypto market health barometer – Keep these levels in check. Let's take a closer look. Bitcoin 4H Chart Bitcoin 4H Chart, August 22, 2025 – Source: TradingView Looking closer shows a mixed picture for the current price action – The Daily RSI momentum starts to enter the bearish territory, while the 4H RSI starts to rebound and even shows a bullish divergence. On the other hand, 4H period Moving averages are starting to see a bearish cross (50 MA crossing the 200 from above) – Conflicting signs! A weekly close below the $110,000 handle would give more probability for a bearish continuation. Holding between $110,000 to $112,000 points to further consolidation, while staying above $112,000 would show the most bullish case of a longer run break-retest to the upper side, signalling further bullish continuation. A descending wedge in also forming on the 4H Chart– A typically bullish sign, however everything will depend on sentiment post-Powell's speech. Levels to watch for BTC trading: Support Levels: $110,000 to $112,000 previous ATH support zone$106,000 Minor support$100,000 Main support at psychological levelResistance Levels: $115,000 to $117,000 Pivot ZoneMajor Resistance $122,000 to $124,500Current all-time high $124,596 Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

According to Anthony Pompliano, Bitcoin is still the clear leader in the crypto market and it’s not likely to give up that spot soon. He made the point during an appearance on CNBC’s Squawk Box, where he pushed back against the old “blockchain, not Bitcoin” line that was popular in the 2016-2017 cycle. He said Bitcoin has proven itself, and he framed the debate as one about what people want to own, not just what the technology can do. Bitcoin Maintains Market Lead Pompliano argued that the idea blockchain alone would outshine Bitcoin has been tested and found wanting. Based on reports from his CNBC interview, he stressed that while blockchain has useful cases, Bitcoin holds a unique position as an asset that many want to own outright. He called the split in investor goals a key reason markets feel more volatile, and he pointed to the years after 2016-2017 as evidence that Bitcoin kept growing in influence. Investors Are Choosing Different Paths Some people want yield; others want the asset itself. Pompliano noted both groups exist and that this split matters. He said some big holders are now converting coins into BTC ETFs. He explained that institutional-style custody and the rules around ETFs make those funds attractive to traditional investors who can’t buy or hold Bitcoin directly. ETF Demand Tied To Security And Access According to Pompliano, ETF funds are held by professional custodians, which makes them harder to steal than coins in personal wallets. That, he said, explains why large holders might move into ETFs even if they own Bitcoin already. But he didn’t predict that everyone would follow that path. He described the move as sensible for some, while also saying a core of the Bitcoin community will keep pushing for self-custody. Custody Choices Are Changing The custody conversation is shifting from purely ideological to practical. Pompliano compared Bitcoin to the S&P 500 in the sense that it’s becoming a mainstream store of value for some investors. Still, many will keep the “not your keys, not your coins” stance and hold private keys themselves, he added, keeping a cultural split alive inside the market. Pompliano warned that splitting capital across ETFs, infrastructure bets, and direct holdings can add to price swings. He said the current market offers enormous opportunity for different strategies, but that same diversity of bets can push volatility higher. That’s a simple trade-off, he suggested: more ways to invest can mean more movement in price. Featured image from Unsplash, chart from TradingView

The Japanese yen continues to lose ground on Friday. In the North American session, USD/JPY is trading at 148.68. Earlier, USD/JPY hit 148.77, its highest level since August 1. Japan's core CPI falls to 3.1%Japan's core CPI, which excludes fresh food, dropped to 3.1% y/y in July, down from 3.3% and just above the market estimate of 3.0%. Headline CPI also declined to 3.1% from 3.3%, as rice inflation, which has skyrocketed, eased slightly. Headline inflation has been above the Bank of Japan's 2% inflation target for 40 consecutive months but the central bank remains hesitant to raise rates, arguing that it needs more evidence that domestic demand and wages will keep underlying inflation sustainable at around 2%. The BoJ meets next on September 19 and the markets widely expect another hold. The BoJ has a habit of catching the markets off guard and a rate hike is certainly a possibiity in September or October. The BoJ upgraded its inflation forecast for fiscal year 2025 at the July meeting from 2.2% to 2.7%, which supports the case for a rate hike in the coming months. Powell to speak at Jackson Hole Central bankers are meeting up in Jackson Hole, Wyoming. The star of the show will be Federal Reserve Chair Powell, who will deliver a speech later today. The markets have priced in a rate cut at next month's Fed meeting and are hoping for some confirmation from Powell. The Fed is caught between a rock and a hard place as it charts a rate path. Inflation is still high, which would support maintaining rates, but the labor market is deteriorating, which supports the case to lower rates and boost economic activity. Should the Fed's primary focus be inflation or employment? There is a split among members, which was reflected in the rare split vote at the July meeting. The majority of the FOMC members, which voted to hold rates, judged the upside risk of inflation to be the primary concern, while the two members who voted to lower rates were most concerned about softening employment. The Fed meets next month and is widely expected to deliver its first rate cut since December 2024. USD/JPY Technical USD/JPY has pushed above resistance at 148.44 and is testing 148.61148.24 and 148.07 are the next support levels USD/JPY 1-Day Chart, Aug. 22, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

An emerging set of on-chain and market structure signals suggests Dogecoin could be coiling for a fresh advance, according to analytics platform Alphractal, which published a new chart pack and methodology notes on X on August 21. The firm argues that miner resilience, a stable “Network Stress Index,” and model-derived bands such as Alpha Price and CVDD have lined up in a way that historically preceded major DOGE trend accelerations. $1 Dogecoin Back In Play? “Dogecoin’s miners remain incredibly resilient, with hash rate activity pushing toward record highs,” Alphractal wrote, before posing the core question animating its latest study: “Could trading around True Market Mean Price and models like Alpha Price and CVDD pave the way for a potential new all-time high in DOGE?” At the foundation of the call is a composite gauge the firm calls the Network Stress Index. It blends three dimensions of chain health and pressure—“Fee Stress (fees / market cap – 40% weight), Hash Stress (30-day hash rate volatility – 30% weight), [and] Supply Stress (7-day active supply volatility – 30% weight).” As Alphractal summarizes the read-through: “Higher values suggest potential instability or major transitions. Lower values reflect a balanced network across economic, security, and activity dimensions.” In the current regime, the firm says the indicator “signals stability — showing no warning signs of network risk.” Beyond raw network conditions, Alphractal overlays two valuation and cycle tools it says have been reliable for UTXO chains such as DOGE, Bitcoin and Litecoin. “Our Alpha Price model works like a magnetic force for sentiment,” the firm noted, describing a behavioral anchor that price tends to respect over time. It pairs that with an adjusted version of Cumulative Value Days Destroyed (CVDD), a metric that tracks the age-weighted value of coins moving on-chain. “Our advanced CVDD adjustment has proven to be one of the most accurate tools for identifying tops and bottoms in UTXO blockchains like DOGE, BTC, and LTC,” Alphractal wrote. Where those models sit today is central to the thesis. “Currently, the CVDD Top sits at $0.54, but it can climb higher as dormant Dogecoins move — potentially pushing targets above $1,” the post states. The implication is explicitly conditional: if a rally entices long-inactive supply to circulate, the top band would ratchet upward, turning $0.54 from a ceiling into what Alphractal calls “just the starting floor, with euphoric network activity driving further upside.” The firm frames miner posture as a reinforcing pillar. With hash rate activity “pushing toward record highs,” the view is that security spend and miner participation leave the network well positioned “for a surge in global demand.” That strength, together with price action clustering near what Alphractal labels True Market Mean Price, is presented as the setup phase that has preceded prior Dogecoin expansions on the attached Network Stress, Alpha Price, and CVDD charts dated August 21. Even so, the message is not unqualifiedly bullish. Alphractal closes with a risk caveat tailored to crypto’s current market microstructure: “This opportunity may be sustainable… Still, with leverage building across crypto markets, traders must remain cautious of sudden traps and mass liquidations as DOGE gains momentum.” In other words, while the model complex sketches a constructive backdrop, positioning and derivatives dynamics could inject sharp downside shocks along the path. Taken together, Alphractal’s work posits a simple, testable roadmap: a stable network, resilient miners, and price hewing to historically meaningful on-chain bands create room for upside, with the CVDD “Top” currently marked at $0.54 and mechanically capable of rising toward and “above $1” if dormant supply awakens. Whether Dogecoin converts that setup into a full breakout will hinge on the interplay between organic spot demand and a leveraged market prone to abrupt squeezes in both directions. At press time, DOGE traded at $0.218.

Asia Market Wrap - Japan Inflation Hits 8-Month Low Most Read: Nikkei 225 Technical: A potential bullish reversal looms after a 4% decline as market breadth improves with earnings upgrade Asian stocks stayed mostly steady on Friday as traders waited for a key speech by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium this weekend, hoping for clues about future monetary policy. MSCI's broad Asia-Pacific index outside Japan fell 0.1% after early gains, reducing its monthly rise to 1.3%. Meanwhile, China's blue-chip CSI 300 index jumped 1.8%, marking its third straight day of gains. Tech stocks led the rally after DeepSeek upgraded its V3 AI model and reports that Nvidia asked Foxconn to pause work on the H20 AI chip, boosting Chinese competitors. China's tech-heavy STAR 50 index surged nearly 8%. Japan's Nikkei 225 fluctuated between gains and losses, ending down 0.1%. In Japan, core consumer prices slowed for the second month in July but remained above the central bank's 2% target, fueling expectations of a future rate hike. The headline inflation rate dropped to 3.1% in July 2025, down from 3.3% in June, the lowest level since November 2024. Electricity prices fell for the first time since April 2024 (-0.7% compared to a 5.5% rise before), while gas prices stayed the same after rising 2.7% previously. However, this didn’t help the yen, which was set to drop 1% for the week. Bank of Japan Governor Kazuo Ueda is also scheduled to speak at Jackson Hole this weekend. German Economy Shrinks Germany's economy shrank by 0.3% in Q2 2025, worse than the earlier estimate of a 0.1% drop, reversing the 0.3% growth from the previous quarter. This was the biggest quarterly decline since Q2 2024, mainly due to a 1.4% drop in fixed capital investment, with weaker spending on construction, machinery, equipment, and vehicles. Trade also hurt growth, as exports fell by 0.1% (down from 2.5% growth) due to higher U.S. tariffs, while imports rose by 1.6%. Private consumption slowed significantly to 0.1% (from 0.6%), though government spending rebounded by 0.8% (from a 0.3% decline). Inventory changes added positively to growth. By sector, output declined in manufacturing, construction, trade, transport, hospitality, and financial services. On a yearly basis, the economy grew 0.2%, slightly below the 0.3% growth in Q1, marking the second straight quarter of annual growth. European Open - All Eyes on Jackson Hole European stocks edged higher on Friday, with the STOXX 600 index up 0.2%, heading for its third straight weekly gain. Most regional markets were also positive, including Germany's DAX, which rose 0.1% after a slow start. The European Union announced plans to push for reduced U.S. tariffs on certain sectors, including retroactive lower tariffs on car exports from August 1, and continued efforts for preferential tariffs on wine and spirits. This helped boost automobile stocks by 0.6%. UBS maintained a "neutral" stance on eurozone equities, citing short-term economic uncertainty, and cut its earnings growth forecast for the region this year to -3% from 0%. Despite this, European companies are expected to report 4.6% earnings growth for Q2, down from the 9.1% initially forecast before U.S. tariffs were announced in February. In the chemicals sector, AkzoNobel shares jumped 5.2% after activist investor Cevian Capital acquired a 3% stake. Standard Chartered shares rose 3.5% following a favorable ruling from the U.S. Department of Justice in a long-standing civil case. Defence companies Renk Group and Hensoldt saw gains of 1.7% and 3.3%, respectively, after Citigroup upgraded their ratings from "sell" to "neutral." On the FX front, The euro and the British pound hit their lowest levels since early August, both down 0.1%, with the euro at $1.1597 and the pound at $1.3408. Meanwhile, the dollar index, which tracks the U.S. dollar against six major currencies, rose 0.1% to 98.71, heading for a 0.9% weekly gain and breaking a two-week losing streak. Elsewhere, the Japanese yen weakened to 148.56 per dollar, set for a 0.9% drop this week. Currency Power Balance Source: OANDA Labs Oil prices held steady on Friday as hopes for a quick peace deal between Russia and Ukraine faded, setting the stage for the first weekly gain in three weeks. Brent crude fell 17 cents (0.25%) to $67.50 a barrel, while West Texas Intermediate (WTI) dropped 13 cents (0.2%) to $63.39. Both benchmarks rose over 1% in the previous session, with Brent up 2.8% and WTI up 1% for the week so far. Gold prices fell on Friday as the stronger dollar weighed on the market. Spot gold dropped 0.4% to $3,326.35 per ounce, while U.S. gold futures for December delivery also declined 0.4% to $3,368.80. For more on Gold, read Gold (XAU/USD) Eyes $3383/oz After Bullish Pennant Breakout. Will Fed Chair Powell Add Fuel to the Rally? Economic Data Releases and Final Thoughts Looking at the economic calendar, a quiet day for the US with the biggest data release coming from Canada in the form of retail sales data. Fed Chair Jerome Powell is set to give a keynote speech today at 16:00 CET. He is likely to stick to a cautious approach, leaving the Fed's options open for September. His guidance will likely align with the Fed's June projections, which showed most members expecting two rate cuts this year. Powell may tie the Fed's September decision to upcoming data, including the jobs report on September 5 and the inflation report (CPI) on September 11. While his cautious tone might disappoint those hoping for strong support for a September rate cut, he will likely address the sharp downward revisions to job data from May and June. Despite this, the market is still likely to see a 50% or higher chance of a rate cut in September. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 finally breached the all-time highs and continues to advance. US Indexes have been struggling but the FTSE has remained resilient. The period-14 RSI continues to fall short of overbought territory , each time a pullback before the next leg higher. There is a small triangle pattern in play on the two-hour chart which could lead to a break to the downside. So far however, such moves have been met by significant buying pressure. A break of the triangle pattern in either direction could lead to a potential 60 point move. FTSE 100 Two-Hour Chart, August 22, 2025 Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

BlackRock is one of the four horsemen of the US economy, along with investment giants Vanguard, Fidelity and State Street. And now there’s a Moody’s recession prediction terrifying all of these institutions. All of these investment institutions are lugubrious on the US economy - here’s why. Moody’s Recession Prediction: Two More Weeks Recession risks are rising, according to Moody’s Analytics chief economist Mark Zandi. In a recent post on X, he warned that U.S. growth is faltering under mounting policy pressures. Zandi later clarified that he doesn’t believe the economy is in a formal recession yet, but said certain sectors have already slipped into one. In an interview with Business Insider, Zandi pointed to tariffs, immigration restrictions, and Federal Reserve policy as the main headwinds. Together, he said, they’ve created unusually high uncertainty, stalling investment and hiring. All of this has BlackRock, which manages over $12.5 trillion in assets under management, about 40% of the United States’s GDP, nervous and already selling its holdings. September is always a bad month for stocks. Historically, September has been the graveyard for the S&P 500, with an average loss of 1.1% dating back to 1928. Two more weeks could be the start of it. (Polymarket) Not to mention, in a recent report, BlackRock cited these economic concerns: Aging shortage: Developed countries have record-low birth rates (Google “sperm count 2045”). This may result in high inflation over time and a shift in demand toward industries catering to seniors, such as healthcare, real estate, and leisure. A fragmenting world: According to BlackRock, “We think the Ukraine war and fraught U.S.-China relations have ushered in a new era of global fragmentation and competing defense and economic blocs.” BlackRock believes global economic growth will be more volatile, but opens possibilities in emerging markets. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July 2025 Jackson Hole: Crash the Economy With No Survivors (X) The last bit of news terrifying investors is the Fed’s meeting today in Jackson Hole, Wyoming. Wall Street largely expects rate cuts from the Federal Reserve this fall, pointing to September as the most likely start. Yet, undercutting those hopes are Tariffs introduced by President Donald Trump, which have added economic strain, and the administration has leaned hard on the Fed to shift policy. Unlike past Jackson Hole meetings, many experts believe Powell is unlikely to offer strong clues. (X) Inflation remains sticky above target and has been pushed higher by tariffs, muddying the case for cuts. Some analysts argue the central bank will want more evidence before moving. In reality, the U.S. economy feels a pinprick away from something bad: Student loan debt is reaching an alarming $2 trillion, while credit card debt is surging. Banks are tightening on consumer credit. When this happens, consumer spending, which has stayed strong but shifted to credit, will get shafted. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Are Things That Bad? The hour draws near now. The bell has tolled for thee, America, at long last. Food will be a luxury by early 2026. Is that how things will pan out? No. While things aren’t that bad, all signals point to a slowing, if not crashing, economy after one more run-up for stocks and crypto that many see coming in Q4 from rate cuts. But remain calm. Things will get better. Drink copious amounts of Chivas Regal. Kidding. Partially. Hang on to your long-term investments with solid foundations, sell what you must for immediate cash, and trust that everything will eventually turn out all right. Get some fresh air, touch grass. EXPLORE: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways BlackRock is one of the four horsemen of the US economy, along with investment giants Vanguard, Fidelity and State Street – and now they’re all terrified. All eyes are on Powell today at Jackson Hole. As inflation lingers and labor metrics soften. The post BlackRock and Wall St. Exit US Markets, Bracing for Recession appeared first on 99Bitcoins.

Jerome Powell is going to be stepping up at Jackson Hole today, delivering a speech that the market been waiting for weeks. He will lay out the Fed’s view on the economy, a shifts in policy and cooling inflation for a softening job market. As his term comes to an end, this talk will carry weight, especially under political heat. Crypto players are especially locked in, as Powell’s words often ripple through the market like a domino effect. As we know, for months before today’s speech, the Federal Reserve chair has ignored demands from Donald Trump to cut interest rates and defied the US president’s calls to resign. So expectation on his speech will revolve a lot around inflation trends. For now, data is showing the inflation at about 1% above the 2% target, resulted by tariffs complication. However, Powell may address balancing price stability with employment goals. The post [LIVE] Jerome Powell Today’s Jackson Hole Speech: Rate Cuts or Inflation Nightmare? Crypto Hangs in the Balance appeared first on 99Bitcoins.

Asia’s wealthy are ramping up crypto allocations as trading surges and regulation matures worldwide. Is this uptick among Asian investors driven by strong market performance, expanding institutional access, or the regulatory environment in key markets such as Hong Kong, Singapore, and the US? A 21 August 2025 Reuters report states, “Wealth managers said they are receiving more enquiries, cryptocurrency exchanges have seen trading volumes surge and crypto funds are in huge demand as high-net-worth Asian investors seek more exposure.” In fact, Swiss bank UBS recently saw overseas Chinese family offices planning to raise their crypto exposure to around 5% of their portfolios. “Many second- and third-generation individuals of family offices are starting to learn about and participate in virtual currencies,” said Lu Zijie, head of wealth management at UBS China. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Key Takeaways UBS reports some overseas Chinese family offices plan to increase crypto exposure to around 5% of their portfolios, reflecting a more formalized role for digital assets in wealth management mandates. Fundraising momentum is notable. NextGen Digital Venture founder Jason Huang said the firm raised over $100 million in a matter of months to launch a new long-short crypto equity fund in Singapore, after closing a previous vehicle that returned 375% in less than two years. The post UBS Reports Growing Interest In Crypto Exposure By Wealthy Asians appeared first on 99Bitcoins.

On-chain analytics platform Lookonchain has drawn attention to a 7-year-old Bitcoin whale who is betting big on Ethereum. This comes amid a crypto market pullback, which has seen ETH and BTC record significant losses. Bitcoin Whale Sells $76 Million To Buy Ethereum In an X post, Lookonchain revealed that a Bitcoin OG, which is holding 14,837 BTC ($1.69 billion), had sold 670.1 BTC ($76 million) and opened long positions of 68,130 ETH ($295 million). The whale made this move by depositing the $76 million BTC to Hyperliquid and selling it off before going long on ETH across four wallets, totaling 68,130 ETH. This Bitcoin whale received 14,837 BTC seven years ago, which was worth $107.5 million back then, from HTX and Binance when Bitcoin was trading at $7,242. With this recent move, there is the possibility that the whale is now turning their attention to Ethereum, as the investor anticipates a massive move from the largest altcoin by market cap. Furthermore, in another X post, Lookonchain revealed that the Bitcoin whale tried to play it safe on their Ethereum investment as they began closing the long positions and switched to buy spot ETH. In the process, the whale deposited another 1,000 BTC ($113.95 million) to Hyperliquid to buy ETH and bought 19,794 ETH ($85 million) Meanwhile, the Bitcoin OG also moved to trade Ethereum using leverage again and therefore proceeded to create a new wallet and deposited $20 million USDC to go long on ETH with 6x leverage. This brought the whale’s total holdings to 78,265 ETH ($334 million) across five wallets. More Ethereum Buys From The Bitcoin OG The Bitcoin investor has continued to double down on their conviction in Ethereum. The whale has now sold 3,142 BTC ($356.47 million) over the last two days and has bought 55,039 ETH ($237 million) through spot trading and opened a 135,265 ETH ($577 million) long position. Hyperliquid data shows that three out of the five long positions are currently in profit. The largest of them is an unrealized gain of over $2 million. Lookonchain spotted another Bitcoin OG who deposited BTC into Hyperliquid to sell and buy ETH. On-chain data shows that this whale received 85,947 BTC ($547 million) seven years ago, similar to the earlier Bitcoin OG. Based on this, the on-chain analytics platform opined that it is likely the same whale. Another whale also recently created a new wallet and withdrew 11,950 ETH ($51.32 million) from Binance. At the time of writing, the Ethereum price is trading at around $4,280, down in the last 24 hours, according to data from CoinMarketCap.

Overview: The dollar stalled after mostly extending this week's gains against the G10 currencies on the back of firmer US rates. The key event ahead of the weekend is Fed Chair Powell's speech in Jackson Hole (10 am ET). The greenback appreciated against all the G10 currencies this week, with the Antipodeans and sterling off more than 1% and the yen and euro not far behind. Emerging market currencies are mixed today, but on the week only a handful have managed to gain on the greenback, including the Chinese yuan and Mexican peso. The 10-year JGB yield rose five basis points this week and finished the week slightly above 1.60%, a new high since 2008. Most European benchmark yields are little changed today and mostly slightly firmer on the week. The 10-year UK Gilt yield is up a couple of basis points today to a new high for the week, near 4.75%. It has not been higher since May. The US Treasury yield is firm near 4.34%, near the level for the week. The month's high was around 4.40%. The MSCI Asia Pacific Index snapped a four-day slide today. Japan, China, Hong Kong, and South Korea led the advance. Of note China's CSI300 rose by 2.1% today (4.2% for the week), which is the largest gain since March. Europe's Stoxx 600 slipped fractionally yesterday, the first loss of the week, but is firmer today. The three-week rally has brought it to five-month highs. US index futures are trading with a higher bias. The S&P 500 has a five-day losing streak in tow. Gold is trading softer around $3330. It needs to close above $3336 to avoid its second consecutive week decline. October WTI reached a two-week high near $63.80 today but met sellers that pushed to back toward $63.30. Still, it settled slightly below $62 last week. USD: Stronger than expected preliminary PMI and New US house sales last month and stronger than expected existing home sales offset the bigger jump in weekly initial jobless claims in three months and a sharp drop in the Philadelphia Fed survey. US rates rose around five basis points. The Dollar Index rose to a nine-day high today near 98.85. If sustained today, it will be the fifth consecutive session that the Dollar Index held above the previous session's low. It met the (38.2%) retracement objective of this month's losses (~98.65) but may be stalling ahead of the (50%) retracement (~98.95). The couple of Fed surveys will not distract the participants from Fed Chair Powell's speech on the economic outlook at Jackson Hole. Powell can be expected to recognize the shifting balance between the Fed's two mandates and allow for the need for a less restrictive setting of monetary policy. He is also likely to be cognizant that the early estimates for this month's nonfarm payroll report are for less than 100k. Still, talk about stagflation continues to seem wide of the mark. The unemployment rate is at 4.2% and the Atlanta Fed's GDP tracker sees growth above what Fed officials see as the long-run sustainable, non-inflationary, pace. The PCE deflator, which the Fed targets is expected to be unchanged at 2.6% when the July data are reported next week. While elevated, it does not seem to raise to the level of "stagflation" either. The same can be said of the other common epitaph--fiscal dominance. Under conditions associated with fiscal dominance, the Federal Reserve would likely have succumbed to White House pressure to cut rates sharply to ostensibly reduce the debt servicing costs. EURO: Although the euro rallied on the back of the stronger than expected preliminary August PMI yesterday that saw the first manufacturing reading above the 50 boom/bust level since Russia's invasion of Ukraine in 2022, it gave it all back and more in the North American session amid greenback's broad gains on stronger data and the backing up of interest rates. The two-year US premium has widened almost 10 bp since the middle of last week and set a new high for the month yesterday near 183 bp. The euro held $1.1600 yesterday, the (38.2%) retracement of this month's gains but was sold below it today. It has held above the next retracement target (50%), near $1.1560. Nearby resistance is in the $1.1620-30 area. CNY: The PBOC has introduced greater flexibility into the setting of the dollar's reference rate. Yesterday, for the second time this month, the PBOC lowered the fix by 0.14%. This is the largest since day adjustment since January. Today's fix was at CNY7.1321 after CNY7.1287 yesterday, which was the lowest since last November. Despite the greater day-to-day adjustments of the greenback's reference rate, the yuan is up a meager 0.30% this month. Recall, though, that last month, when the dollar traded firmer, the Chinese yuan was the strongest currency in the world after the pegged Hong Kong dollar, falling about 0.5% against the jumping greenback. The dollar is well within this month's range against the offshore yuan (~CNH7.1680-CNH7.1985). It approached the lower end yesterday (~CNH7.1715) but the broad dollar gains saw it recover to around CNH7.1865 before settling near CNH7.1830. Today's high is slightly shy of CNH7.19. JPY: Firmer US yields appeared to help the dollar recover back to JPY148.40, a seven-session high yesterday. The increase US weekly jobless claims saw US rates pullback and the greenback slip. It settled above JPY148 for the first time this month. If the dollar is broadly retracing the losses seen earlier this month, it has already surpassed the (38.2%) objective (JPY148), the next target (50%) is near JPY149.10, and the 200-day moving average is found around there, as well. Follow-through buying today lifted the greenback to almost JPY148.80. The key is US rates. As suggested by the Tokyo report out a few weeks ago, Japan's July CPI softened. The headline pace moderated to 3.1% from 3.3%, while the core rates, which exclude fresh food, also slipped to 3.1% from 3.3%, which matches the low for the year set in February. However, the improvement was in fresh food and energy, and without them, Japan's CPI was unchanged at 3.4%. This is the highest since January 2025. It has not moderated since July 2024. While the odds of a BOJ hike next month seem remote (~16%) in the swaps market, probability is slightly above 57% for October from a low of about 36% earlier this month. It reached 68% on July 24. GBP: Sterling recovered to almost $1.36 last week after putting in a low before the poor US jobs report on August 1, near $1.3140. It extended its pullback $1.34 yesterday and met the (38.2%) retracement objective of its rally in the first half of the half of the month (~$1.3420) and the 20-day moving average (~$1.3410). It slipped to almost $1.3390 today. The (50%) retracement is near $1.3370. The (61.8%) retracement is by $1.3315. The swaps market continues to downgrade the chances of another BOE cut this year. It fell below 50% for the first time this year this week and is now near 35%. It was closer to 60% at the end of last week and 100% before the central bank meeting earlier this month. Yet, sterling, off 1% this week, is the third worst performer after the Australian and New Zealand dollar's this week. CAD: The US dollar is threatening to extend its recovery of against the Canadian dollar for the fourth consecutive session today and the sixth session in the past seven. The greenback reached almost CAD1.3920 today to record a three-month. Near-term risk extends into the CAD1.4000-35 area. Canada reports June retail sales today, and a strong recover is expected after the 1.1% drop in May. The measure, excluding auto sales, may have risen for the first time since February. It may discourage the speculation that has increased of a Bank of Canada rate cut next month. Still, with the Federal Reserve likely to resume its easing cycle, the Bank of Canada may have more room to maneuver given the disruption that is still unfolding. The swaps market has more than a 90% chance of a cut discounted before the end of the year. The pricing at the end of July was consistent with about a 60% chance. AUD: The Australian dollar is consolidating after recording the low for the month yesterday near $0.6415. Although it steadied, it still settled lower for the fourth consecutive session. Yesterday's low has held so far today but the upside has been blocked around $0.6430. A move above $0.6440 would help stabilize the technical tone but it may take a push above $0.6460 to bolster speculation that a low is in place. Still, without a strong recovery in North America today, the Aussie will post its first back-to-back weekly loss since June, which itself was the first time since January. MXN: The market shrugged off the larger than expected decline in Mexico's June retail sales (-0.4% after a revised 1.7% rise in May, which was initially 1.8%). The data is old news in the sense that shortly Mexico will update its estimate for Q2 GDP. The initial estimate was for 0.7% quarter-over-quarter growth (0.2% in Q1). More importantly today is the estimate of CPI for the first half of August. The year-over-year rate of the headline and core are expected to have ticked up. The dollar spent the entire week inside the range set on Monday (~MXN18.7120-MXN18.8675). While the peso was virtually flat this week, coming into today, the Brazilian real fell about 1.4% so far this week, putting it near the bottom of the emerging market currency complex. Disclaimer

The Canadian dollar is unchanged on Friday, trading at 1.3912. Earlier, USD/CAD hit 1.3917, its highest level since May. Canada's retail sales expected to reboundCanada wraps up the week with the June retail sales report, which is expected to rebound with a gain of 1.5% y/y. This follows a 1.1% decline in May, as consumers cut back on spending when US tariffs took effect in April. The trade war between Canada and the US continues but consumers have had time to adjust to the new reality of tariffs and the markets expect a strong rebound in consumer spending. It is somewhat surprising that the US has concluded trade agreements with the EU and Japan but not Canada, which is one of the largest trading partners of the US. Canada sends about 75% of its exports to its southern neighbor, so it cannot afford a prolonged trade war with the US. President Trump's sharp rhetoric about annexing Canada and turning it into the 51st state has touched a raw nerve with Canadians and had a major impact on the recent Canadian election. All eyes on Jackson Hole The heads of the major central banks have converged for a meeting at Jackson Hole, Wyoming. The star of the show will be Federal Reserve Chair Powell, who will deliver a speech later today. The markets have priced in a rate cut at next month's Fed meeting and are hoping for some confirmation from Powell. The Fed must chart a rate path in challenging economic conditions. Inflation is still high, which would support maintaining rates, but the labor market is deteriorating, which supports the case to lower rates and boost economic activity. What should be the Fed's priority? There is a split among members, as reflected in the rare split vote at the July meeting. The majority of the FOMC members, which voted to hold rates, judges the upside risk of inflation to be the primary concern, while the two members who voted to lower rates are most concerned by softening employment. The Fed meets next month and is widely expected to deliver its first rate cut since December 2024. USD/CAD Technical USD/CAD is putting pressure on resistance at 1.3926, which has held since May. Above, there is resistance at 1.3941There is support at 1.3897 and 1.3882 USD/CAD 1-Day Chart, Aug. 25, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.