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EUR/USD seems vulnerable around 1.0460 area amid divergent ECB-Fed expectations
The EUR/USD pair remains depressed during the Asian session on Friday and touches a near three-week low, around the 1.0455 area in the last hour. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices is to the downside and supports prospects for an extension of the recent downtrend.
GBP/USD drops below 1.2650 after weak UK data
GBP/USD stays under bearish pressure and trades below 1.2650 on in the European session on Friday. The data from the UK showed that the Gross Domestic Product contracted by 0.1% on a monthly basis in October and weighed on Pound Sterling.
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Editors’ Picks
Gold price struggles to capitalize on modest intraday gains, remains below $2,700
Gold price attracts some dip-buying and reverses a part of Thursday's retracement slide. Geopolitical risks, trade war fears and Fed rate cut bets continue to benefit the commodity. Expectations for a less dovish Fed and elevated US bond yields might cap the precious metal.
Bitcoin and Ripple stalls while Ethereum eyes rally
Bitcoin faces resistance near $101,100, hinting at a potential downturn. At the same time, Ethereum eyes a rally if it can firmly close above $4,000, and Ripple holds support at $1.96, with a breakdown signaling a possible decline.
Pro-crypto French Hill selected as Chairman of the House Financial Services Committee
Republicans selected French Hill as the new Chairman of the House Financial Services Committee. Hill is a crypto supporter and spearheaded the FIT21 bill for crypto regulations. French Hill will be replacing Chair Patrick McHenry, who is retiring from office.