Breaking: GBP/USD flash crash, drops from 1.2379-1.2242

FXStreet Team FXStreet

GBP/USD flash crash, drops from 1.2379-1.2242.

The US dollar spiked hard across the board into the Tokyo fix, the last for Japan's fiscal year, sending sterling down 1.1% the yen down over 0.5%, EUR -.0.48% and AUD -1.8%.

GBP/USD-15 chart

As for the US dollar, the US Federal Reserve is back to the zero bound coupled with quantitative easing, measures last seen during the global financial crisis (GFC). However, the safe haven of the dollar gives it an edge. The US dollar is also broadly stronger at the start of this week, despite the rate of COVID-19 cases steeply on the rise, with the biggest jump in New Jersey.

COVID-19 cases jump in US

New Jersey coronavirus cases increase to 16,636 with 198 deaths. Officials announce 3,347 new positive tests. More than 25,000 people have tested negative in the state. New Jersey now has more cases than all but eight countries. Another 3,847 cases remain under investigation.

The partial county-by-county breakdown of cases includes:

Bergen County: 2,482
Essex County: 1,564
Hudson County: 1,314
Union County: 1,213
Middlesex County: 1,123
Passaic County: 1,091
Monmouth County: 1,030
Ocean County: 874
Morris County: 720
Somerset County: 349
Mercer County: 249
Camden County: 200
Burlington County: 178
Sussex County: 113
Gloucester County: 89
Hunterdon County: 79
Warren County: 68
Atlantic County: 29
Cumberland County: 12
Cape May County: 9
Salem County: 3

Author

FXStreet Team

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.