EUR/USD came under heavy bearish pressure and declined to its weakest level in three weeks below 1.0750 on Friday after the stronger-than-expected Nonfarm Payrolls data. Week-end flows, however, helped the pair erase its daily losses.
GBP/USD recovered toward 1.2550 after coming in within a touching distance of 1.2500 in the second half of the day after Nonfarm Payrolls came in at 199,000 for November. Despite the recent rebound, the pair remains on track to snap a three-week winning streak.
Despite more recent weakness in the oil market, a tight balance in the second half of next year should see prices trade higher. Meanwhile, we expect Europe to end the 2023/24 winter with comfortable gas storage.
At the recent FOMC press conference, Fed Powell said that the economy has “been able to achieve pretty significant progress on inflation without seeing the kind of increase in unemployment that has been very typical of rate hiking cycles like this one”.
Despite the 525 bps of rate hikes that the Federal Open Market Committee has implemented since March 2022, the U.S. economy generally remains resilient due, in large part, to continued strength in consumer spending.
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.