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Summary
European Market Update – Key movers overnight have been the sterling and Oil. The pound was negatively affected by a poll showing the Tory party to have lost some support versus recent polls, which follows the unexpected downward revision to GDP figures. Cable has remained heavy in the wake of yesterday’s disappointing growth data out of the UK. A hefty drop in oil prices occurred after OPEC and allies delivered the well anticipated nine-month extension to the prevailing volume reduction in supply.
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EUR/USD plummets to 1.1840 on US NFP
EUR/USD’s selling momentum now picks up pace and rapidly hits the 1.1840 region on Wednesday. Indeed, the pair’s decline comes amid rising buying pressure on the US Dollar in the wake of firmer-than-expected results from US NFP in January.
GBP/USD approaches 1.3600 on USD-buying
GBP/USD adds to Tuesday’s pullback and trades closer to the 1.3600 support on Wednesday. That said, Cable’s extra downside traction comes against the backdrop of renewed strength in the Greenback as investors assess the latest US NFP data.
Gold trims gains post-NFP, targets $5,000
Gold rapidly reverses initial gains and retreats to the vicinity of the $5,000 region per troy ounce amid further gains in the Greenback and rising US Treasury yields, all following the latest US NFP readings.
Ripple Price Forecast: XRP sell-side pressure intensifies despite surge in addresses transacting on-chain
Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.
US jobs data surprises to the upside, boosts stocks but pushes back Fed rate cut expectations
This was an unusual payrolls report for two reasons. Firstly, because it was released on Wednesday, and secondly, because it included the 2025 revisions alongside the January NFP figure.
Nonfarm Payrolls increase by 130,000 in January vs. 70,000 forecast
NFP in the US rose by 130,000 in January, the US Bureau of Labor Statistics reported on Wednesday. This reading followed the 48,000 (revised from 50,000) increase recorded in December and came in above the market expectation of 70,000.