EUR/USD is dropping below 1.0800, erasing early gains in the European trading hours on Wednesday. The US Dollar catches a fresh haven bid, pressurizing the pair ahead of the Fed Minutes. ECB- and Fed-speak are also eyed.
GBP/USD is holding lower ground near 1.2600 in the European session on Wednesday. The pair takes a hit due to a resurgent US Dollar demand across the board, as risk sentiment turns sour. The focus now shifts to the Fed Minutes, BoE- and Fed-speak.
Gold price (XAU/USD) touches over a one-week high on Wednesday, albeit struggles to build on the momentum and remains capped near the 50-day Simple Moving Average (SMA) through the early European session.
Bitcoin’s journey so far has been nothing short of shocking. From ETF approval to countries warming up to crypto regulation, the crypto landscape seems to have changed quite a bit.
Tonight, Minutes from the FOMC's January meeting will be released. Markets will keep a close eye on any clues regarding the timing of the first rate cut, which we now expect to come in May.