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EUR/USD stays depressed below 1.1000 on tepid risk sentiment
EUR/USD is trading on the backfoot below 1.1000 in the early European session on Wednesday, as the US Dollar clings to recovery gains amid lingering Chinese economic concerns and the Middle East escalation. The focus now stays on the ECB/ Fed-speak and the FOMC Minutes.
GBP/USD sits at multi-week low below 1.3100, awaits FOMC minutes
GBP/USD struggles to capitalize on the previous recovery, staying defensive below 1.3100 in early Europe on Wednesday. The US Dollar consolidates recent gains amid risk aversion, awaiting the Fed Minutes for a fresh directional impetus in the pair.
UPCOMING CALENDAR EVENTS
Editors’ Picks
Gold price keeps the red below $2,630 support breakpoint, FOMC minutes awaited
Gold price trades with a negative bias for the sixth straight day amid smaller Fed rate cut bets. Hopes of a possible Hezbollah-Israel ceasefire further undermine the safe-haven commodity. Traders look to the FOMC minutes for short-term impetuses ahead of the US inflation figures.
Bitcoin shows signs of weakness
Bitcoin is hovering at a critical support level, and a drop below it could signal a downturn, while Ethereum and Ripple are approaching important resistance levels, where a rejection might indicate a shift towards bearish momentum.
Ethereum could rally above $7,000, leads overvalued Solana on key valuation metrics: Standard Chartered
Ethereum price traded within the $2,300 to $2,350 range on Tuesday following a report by Standard Chartered Bank, which noted that the number one altcoin is ahead of Solana in several key valuation metrics.