Forex News

GBP/USD posts modest gains near 1.2525 on Friday. The major pair bounces off the lows of 1.2445 after the Bank of England’s dovish hold. The attention on Friday will shift to the first reading of the UK Gross Domestic Product for Q1 and the US Michigan Consumer Sentiment report. 

The EUR/USD pair trades on a softer note near 1.0775 during the early European hours on Friday. The downtick of the major pair is supported by the renewed US Dollar demand amid hawkish comments from Federal Reserve officials. 

Gold price gains momentum on Friday despite the modest rebound in US Dollar. The yellow metal edges higher as many economists expect a weakening labor market could prompt the Federal Reserve to cut interest rates sooner than currently expected to stimulate economic growth.

Ethereum co-founder alleges that the SEC aims to stifle innovation through its enforcement actions against Ethereum-related companies. Grayscale CEO says he's optimistic the SEC would approve its spot ETH ETF application.

With Federal Reserve policy acting as the primary driver of investor sentiment in 2024, renewed optimism surrounding the possibility of rate cuts has propelled the Dow to its most significant rally since December. Additionally, the S&P 500 surged past the critical 5,200-point mark.