EUR/USD is back on the bid above 1.2000, snapping three straight days of sluggishness. The US dollar has resumed its downtrend, helping the spot to make another attempt towards 1.2050. Eurozone/US PMIs awaited after a non-event ECB.
GBP/USD stays mildly bid above 1.3850, as the US dollar retreats across the board. Covid vaccine updates and upbeat UK data outweigh renewed Brexit jitters. Focus shifts to the UK Retail Sales and PMIs.
Bitcoin price crashed below $50,000 after an announcement revealed that US President Joe Biden could increase capital gains taxes for the rich. The leading cryptocurrency fell in tandem with the US stock market as fears of a potential tax hike loom.
Gold extends Thursday’s losses from two-month top, bounces off intraday low. Downbeat momentum signals further weakness but 100-HMA, eight-day-old support line tests intraday sellers. Bulls need a clear break above $1,798 to regain market acceptance.
Stock markets are on the back foot amid concerns of higher US capital tax increases and rising covid cases in Asian countries. Cryptocurrencies are suffering an extended sell-off. PMIs from Europe, the UK and the US stand out.