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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD alternates gains with losses around the 1.3500 neighbourhood on Tuesday. Indeed, Cable struggles to further extend its incipient recovery in a context of continuous instability in the Middle East and modest gains in the Greenback.
EUR/USD navigates a tight range near 1.1550 in the latter part of Tuesday’s NA session. The US Dollar’s vacillating price action accompanies the pair while market participants gear up for the crucial US inflation data due on Wednesday.
Gold is back on the bids and looks to regain the $4,400 level in Wednesday’s Asian trading, having found buyers near the $4,350 region. All eyes remain on the high-impact US Consumer Price Index data, which could determine if Gold stretches higher or corrects sharply.
Bitcoin, Ethereum and Ripple are showing mixed price action on Wednesday as traders assess key technical support levels. BTC remains under pressure after its recent decline, while ETH is attempting to extend its rebound from the 50-day Exponential Moving Average. Meanwhile, XRP is holding above the crucial $1 level, keeping its recovery attempt intact.
OCBC’s Sim Moh Siong and Christopher Wong note the US Dollar softened as Fed hike expectations moderated and the US yield curve steepened. They argue that without a strong upside surprise in United States Consumer Price Index, the USD should stay rangebound, supporting carry trades.
