DXY: PPI, Initial Jobless Claims up next – OCBC

EUR/USD advances during the North American on Thursday up 0.41% after the Fed decided to cut rates, alongside the release of weaker than expected job data in the United States. The pair trades at 1.1742 after bouncing off daily lows of 1.1682.

GBP/USD is holding firmly in bullish territory heading into the tail end of the week, but Cable bidders ran into a technical resistance point at the 1.3400 handle on Thursday. The Federal Reserve delivered a third straight interest rate cut this week, bolstering broad-market risk appetite and pushing the US Dollar into the low side across the board.

Gold sits at seven-week highs after having settled above $4,275 key resistance on Thursday. US Dollar sees a modest rebound amid profit-taking following the two-day Fed-led slump. Gold’s daily technical setup suggests that there is scope for more upside.

Zcash, MYX Finance, and MemeCore lead the cryptocurrency market recovery with double-digit gains over the last 24 hours. The technical outlook for Zcash and MemeCore suggests upside potential, while the MYX Finance token remains trapped between converging moving averages. 

The Federal Reserve (Fed) went ahead with a 25 basis points rate cut, taking the target range to 3.50–3.75%. But the tone around the decision mattered just as much as the move.

Solana (SOL) price is trading below $130 at the time of writing on Thursday, after being rejected at the upper boundary of its falling wedge pattern. The broader market weakness following the Federal Reserve’s hawkish rate cut has added to downside momentum.