Slobodan Drvenica
Windsor Brokers
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Summary
US Federal Reserve signals more aggressive than expected approach in tightening monetary policy that lifts the US dollar and deflates gold price.
On the other side, soaring inflation and uncertainty over the impact of the war in Ukraine, keep gold’s larger uptrend intact.
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AUD/USD attracts some buyers above 0.6570 following the Australian GDP data
The AUD/USD pair climbs to 0.6575 during the early Asian trading hours on Wednesday. The pair edges higher following the Australian growth numbers. However, the rebound of the US Dollar and risk-off mood might cap the further upside of AUD/USD.
EUR/USD extends the decline below 1.0800, Eurozone Retail Sales eyed
The EUR/USD pair remains under selling pressure below the 1.0800 psychological mark during the early Asian session on Wednesday. The upbeat Eurozone PMI data for November failed to inspire the Euro amid the persistently weak demand in the Eurozone.
Gold drops to $2,020, eyes on US ADP data
Gold loses momentum during the early Asian session on Wednesday. The renewed US Dollar demand drag the yellow metal lower. Meanwhile, the US Dollar Index rebounds to 104.00. The XAU/USD price trades near $2020, up 0.01% for the day.
Arbitrum price veers as hard fork proposal receives 99.84% votes in favor
Arbitrum's price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours. This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.
Hot service sector might be cold water on swift rate cut hopes
Not only is the services sector still expanding, it picked up steam in November with the ISM coming in at 52.7. With prices still firmly in expansion and employment rising slightly, it suggests that recent expectations for rate cuts might have been pulled too far forward.