Forex market correlations you may not be aware of

EUR/USD now loses further momentum and recedes to multi-week lows near 1.1650 on Thursday. The pair’s extra retracement comes on the back of the persistent bid tone in the US Dollar as investors continue to gear up for the release of the December NFP figures on Friday.

GBP/USD remains under unabated selling pressure on Thursday, slipping to fresh three-day lows around 1.3415 in response to further improvement in the sentiment surrounding the Greenback ahead of Friday’s key NFP data.

Gold now manages to regain some balance, fading its earlier pullback to the proximity of the $4,400 region per troy ounce and reshifting its attention to the $4,450 zone on Thursday. The yellow metal’s move lower comes in response to a better tone in the Greenback and the generalised recovery in US Treasury yields.

Bitcoin struggles with selling pressure as institutional investor sentiment deteriorates. Ethereum hangs onto the 50-day EMA lifeline amid growing overhead risks and the resumption of ETF outflows.

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The European economic calendar will feature business and consumer sentiment data, alongsinde Eurozone PPI figures for November. In the second half of the day, weekly Initial Jobless Claims, October Trade Balance and Unit Labor Costs data for the third quarter from the US will be watched closely by market participants.