The US dollar fluctuated higher in a narrow range during the Asian session to rebound for the third session from its lowest since last February against the Japanese yen, following developments and economic data by the Japanese economy, the third largest economy in the world and on the threshold of an economic data release expected Wednesday By the US economy, the world's largest economy.

As of 06:02 GMT, USD/JPY rose 0.06% at 109.68 from the opening level of 109.61, after reaching a high of 109.69 and a low of 109.52.

We followed the Bank of Japan's release of the annual reading of the M2 lending index, which showed that growth accelerated to 2.6% from 2.4% in March, in contrast to expectations of a 2.3%, to the reading of the Machine Tool Orders index, which showed a decline to 33.4% versus 28.5% in March.

On the other hand, investors are currently waiting for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of the US GDP, which may reflect a slowdown in growth to 0.2% from 1.6% in March. While the core reading of the same index may show a slowdown in growth to 0.7% from 1.2% in March.

This comes in conjunction with the release of the New York Industrial Index reading, which may reflect the contraction of breadth to 8.2 against 10.1 last April, and before we also witness the release of the Industrial Production Index by the largest industrial country in the world, which may show a stability at zero levels versus a 0.1% in March, while the Energy Utilization Index (EUI) reading may show a slowdown in growth to 78.7% versus 78.8% in March.

To Federal Reserve Vice Chair, Randal Quarles' testimony about the Senate Banking Committee oversight and regulation, ahead of the housing index reading by the National Association of Home Builders, which may reflect a widening to 64 versus 63 in April. In conjunction with the release of the wholesale inventories reading, which may show stability at zero levels versus 0.3% in February.

Bitcoin fell on spot trading during Wednesday for the first time in three days, to fall back from the highest level in ten months recorded earlier in yesterday's trading, on correction and profit taking activity, in addition to the lack of more positive momentum for prices to breach the $8,000 barrier.

As of 08:45 GMT, at Bitstamp, Bitcoin is trading around $7,905, down $86 or 1.1%, from the opening price of $7.991, with the highest at $8,140 and the lowest at $7,838.

Yesterday, Bitcoin gained 2.3%, its second consecutive daily gain, recording a 10-month high of $8,335 per unit, buoyed by the bullish market run that currently dominates the world's largest cryptocurrency.

The dominance of Bitcoin over the crypto trading on Tuesday jumped to 60.1%, the highest level since October 2017, up from 50% in early April, in a strong sign that the bullish market run continues to dominate the largest cryptocurrency in the world.

Some crypto market analysts expect that the current bullish run will lead to market saturation in addition to price deflation for some weeks.

The price of the world's largest cryptocurrency, Bitcoin, currently needs more positive momentum to trade strongly above the psychological barrier of $8,000.

On the other hand, the Securities and Exchange Commission SEC has postponed its decision again on the approval of the inclusion and trading of the Bitwise exchange-traded fund (ETF).

The US Commission revealed on Tuesday, May 14th, that it has postponed its decision on whether or not to approve the Bitwise ETF.

Bitwise initially filed for an ETF in February, and the SEC decision was due in 45 days, as the committee postponed its decision in March to take the decision by May 16, to postpone it again for another 45 Days at least until the final decision is made.

Bitwise's proposed fund is different from the other "not yet approved" funds offered by different companies as the company will derive prices from a variety of international crypto exchanges to better represent the market.

European shares fell on morning trade on Wednesday to resume losses, which were temporarily halted yesterday as part of a rebound from two-month low, as the auto industry and the banking sector slumped on weak earnings reports after disappointing profits and revenues in the first quarter of this year.

As of 10:50 GMT, Stoxx Europe 600 fell more than 0.4%, and the index ended yesterday's session up by 1% to bounce back from a two-month low recorded in the previous session after China imposed retaliatory tariffs on US products.

Yesterday's rebound was supported by optimistic statements from the United States and China that have contributed to a relative easing of investor fears about the trade war raging between the world's two largest economies.

The Stoxx Europe Index fell Wednesday morning to resume its losses, which were suspended yesterday, with most major stock exchanges and sectors in the red zone.

The auto industry led the top losers in Europe with a drop of more than 1.5%, on Renault falling by 3% after Nissan released a weak earnings report, as the Japanese company is Renault's trading partner.

The banking sector also fell by more than 0.7% after some of Europe's major banks released disappointing results in the first quarter of this year.

ABN AMRO fell 1.8% after the Dutch bank reported a 20% drop in first-quarter net profit to 478 million euros. Crédit Agricole also fell 2.5% after it reported 11% drop in first-quarter net profit to 763 million euros.

S&P 500 futures fell more than 0.3%, while the index ended yesterday's session on Wall Street up 0.8%, rebounding from a seven-week low.

Euro Stoxx 50 index fell by 0.5%. while In France, the CAC 40 index fell by 0.4%. with Germany's DAX index losing 0.5%. and London's FTSE 100 index shedding 0.1%.

Silver futures fluctuated lower in a tight range during the Asian session, shrugging off dollar's drop in the 8th session of 14 from its highest since May 16th, 2017, despite to the inverse relationship between them, following the developments and economic data by the Chinese economy, the largest consumer of metals worldwide, and on the threshold of developments and economic data expected today by the US economy, the largest economy in the world.

As of 04:02 GMT, gold futures (July 15th delivery) fell 0.05%% to currently trade at S14.79 per ounce, compared to the opening at $14.80, while the US dollar index fell 0.02% to 97.51, compared to the opening at 97.53.

We have followed the National Bureau of Statistics of China's release of the annual reading of the Retail Sales Index, which showed a slowdown in growth to 7.2% from 8.7% in March, worse than expectations of 8.6%. This came in conjunction with the Industrial Production Index's annual reading, which showed a slowdown to 5.4% versus 8.5% in March, also worse than expectations of 6.5%. while the Unemployment rate reading showed a drop to 5.0% from 5.2% in March.

On the other hand, investors are currently waiting for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of the US GDP, which may reflect a slowdown in growth to 0.2% from 1.6% in March. While the core reading of the same index may show a slowdown in growth to 0.7% from 1.2% in March.

This comes in conjunction with the release of the New York Industrial Index reading, which may reflect the contraction of breadth to 8.2 against 10.1 last April, and before we also witness the release of the Industrial Production Index by the largest industrial country in the world, which may show a stability at zero levels versus a 0.1% in March, while the Energy Utilization Index (EUI) reading may show a slowdown in growth to 78.7% versus 78.8% in March.

To Federal Reserve Vice Chair, Randal Quarles' testimony about the Senate Banking Committee oversight and regulation, ahead of the housing index reading by the National Association of Home Builders, which may reflect a widening to 64 versus 63 in April. In conjunction with the release of the wholesale inventories reading, which may show stability at zero levels versus 0.3% in February.

On the other hand, we've followed the US President Donald Trump remarks yesterday, confirming that trade talks with China had not collapsed, in addition to the Chinese Foreign Ministry spokesman statements that Beijing and Washington agreed to continue trade negotiations. This came after China announced that it would increase tariffs on imports of US goods worth $60 billion to 25% from 10% by June.

We would like to point out that China's decision at the beginning of the week highlighted the escalating trade war between China and the United States, which rose tariffs on Chinese goods valued at $200 billion, from 10% to 25%, bringing China's customs duties to 25%, at about $250 billion, amid a threat by the US President' administration to impose additional 25% increase in tariffs on other Chinese goods estimated at $325 billion soon.

US President, Trump, said that he would talk with his Chinese counterpart, Xi Jinping, at the G20 summit by the end of next month in Japan. While markets are still pricing the prospects of a slowing global economic growth. In addition to the statements of the Italian Deputy Prime Minister, Matteo Salvini, who noted that the Italian government may increase the budget deficit and general government debt to support the Italian labor market, which may restore tensions with the European Commission.

On the other hand, we also followed last week the suspension of Newmont-Goldcorp's operations in Mexico's second largest silver mine, Penasquitos, following an escalating conflict with the local community which has blockaded the mine from March 27 due to the water supply crises there, and the transfer contractors' strike of working with the company.

The estimated loss of Newmont-Goldcorp production is between 18 and 20 million ounces of silver per year due to the freezing of work at the Penasquitos mine, which in 2018 produced about 18.3 million ounces of silver by processing 35.2 million tons of crude for that silver. The mine production reached in the year before the blockade about half a million ounces of gold and more than 25 million ounces of silve