EUR/USD Technical Analysis: The outlook remains bearish while below the 55-day SMA near 1.1230

EUR/USD extends its losses for the third consecutive session, trading around 1.1640 during the Asian hours on Thursday. The pair loses ground as the US Dollar advances as a stronger-than-expected United States Producer Price Index and Retail Sales, along with last week’s easing Unemployment Rate, reinforced the case for the US Federal Reserve to keep interest rates on hold for the coming months.

GBP/USD holds above 1.3400 in European trading, fading a spike to near 1.3450. The pair jumped on the upbeat UK growth and industrial data but failed to hold the uptick amid a broadly firmer US Dollar. The focus now turns to the mid-tier US data releases for further directives.

Gold loses ground after hitting a fresh record high of $4,643 in the previous session, trading around $4,600. The non-interest-bearing Gold lost ground as a stronger-than-expected United States Producer Price Index and Retail Sales, along with last week’s easing Unemployment Rate, reinforced the case for the US Federal Reserve to keep interest rates on hold for the coming months.

The cryptocurrency market trades in the red on Thursday after the US Senate Banking Committee postponed discussions on crypto market structure following Coinbase's withdrawal of support due to multiple issues.

Jerome Powell's eight-year tenure as Chair of the Federal Reserve is coming to a close during a period of intense pressure on the US central bank and divided views among policymakers about the appropriate stance of monetary policy. 

The cryptocurrency market trades in the red on Thursday after the US Senate Banking Committee (SBC) postponed discussions on crypto market structure following Coinbase's withdrawal of support due to multiple issues.