Daily summary

The largest cryptocurrency Bitcoin (BTCUSD) plummeted after the crypto pair failed to hold above the major diagonal trendline. The price of Bitcoin fell by 7.5% in 24 hours and in a flash crash, BTC temporarily fell towards the $25,000 mark.

The big-box retailer Target (NYSE: TGT) reported mixed earnings results. Now the focus shifts to the America's largest retailer, Walmart (NYSE: WMT) is scheduled to report its fiscal second-quarter earnings today before the bell.

The British pound has regained bullish momentum after the release of UK inflation data. The CPI data showed the UK inflation rate dropped to the lowest level the country has seen since February 2022. The GBP bounced as investors expect the Bank of England to continue tightening policy to bring down inflation as consumer price growth could take years to fall back to 2%.

US dollar index price actions appear to be part of a consolidation phase and the pair is likely to trade sideways today ahead of July US retail sales data, which should prompt even more volatility.

Get ready for a volatile trading day as inventors anxiously wait for the release of the US CPI report for July that might influence the Federal Reserve’s decision on whether to increase the rate of 25 bps at the Sep. 20 meeting.