The EUR/USD pair is stable and confined to a tight intraday range, unable to run, despite upbeat EU inflation and disappointing US housing figures. Dismal market’s mood backing the greenback without boosting it.
Reviving safe-haven demand underpins JPY and exerts some pressure. Renewed weakness in the US bond yields further weighed on the USD. The downside remains limited amid tempered Fed rate cut expectations.
Gold is currently consolidating gains in a triangle above its main daily simple moving averages (DSMAs). The market is trading above the 1,400.00 mark and the main SMAs suggesting bullish momentum in the medium term.