Few things were as consistent as the ISM Manufacturing Index in the past year. The index has been in contraction for the past nine-straight months and for 25 of the past 26. Uncertainty continues to hold back broad activity, though there are some signs of stabilizing demand amid industries.
Author
Wells Fargo Research Team
Wells Fargo
Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.
The US Dollar resumed its decline in the American afternoon, helping EUR/USD trim early losses. The pair trades around 1.1750 as market participants gear up for the European Central Bank monetary policy decision and the United States Consumer Price Index.
The GBP/USD changed course after dipping with UK inflation data, and trades near the 1.3400 mark, as investors expect the Bank of England to deliver a 25 basis points interest rate cut after the two-day meeting on Thursday.
The XAU/USD pair gained on a deteriorated market mood, trading near its weekly highs near $4,340. The bright metal advances with caution as market players await first-tier events in Europe and hte United States.
Bitcoin (BTC) remains under pressure, trading below $87,000 on Wednesday, nearing a key support level. A decisive daily close below this zone could open the door to a deeper correction.
While the Fed eased its monetary policy on 10 December for the third consecutive FOMC meeting, without making any guarantees about future action, the BoE, the ECB and the BoJ are holding their respective meetings this week.
Bitcoin faces extended pressure as institutional investors reduce their risk exposure. Ethereum’s upside capped at $3,000, weighed down by ETF outflows and bearish signals. XRP slides toward November’s support at $1.82 despite mild ETF inflows.
