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Eurozone CFTC EUR NC Net Positions increased to €74.4K from previous €66.3K
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EUR/USD trades on firmer ground above 1.1800 in the European session on Wednesday. The US Dollar struggles amid Wall Street tech sell-off and uncertainty over the Fed's potential monetary path, keeping the pair afloat ahead of the release of the Eurozone's Preliminary Harmonized Index of Consumer Prices.
GBP/USD sticks to gains above 1.3700 in European trading on Wednesday. The pair takes advantage of a pause in the US Dollar rally, even as markets turn cautious ahead of the US ADP jobs report and the ISM Services PMI data. The BoE's 'Super Thursday is keenly awaited.
Gold sticks to strong intraday gains heading into the European session and currently trades just above the $5,050 level, close to the weekly high touched earlier this Wednesday. Concerns over rising tensions between the US and Iran resurfaced following overnight reports that the US shot down an Iranian drone in the Arabian Sea.
Bitcoin, Ethereum, and Ripple remain under pressure so far this week amid the broader market sell-off. BTC reached its lowest level since early November 2024 at $72,945. ETH and XRP, following BTC's lead, extended their losses, with ETH hitting a seven-month low while XRP also slid amid sustained selling pressure.
The risk recovery is on pause as we move through Tuesday. After signs that a recovery in precious metals could boost overall risk appetite earlier today, a nasty sell off in tech stocks has pushed the Nasdaq and the S&P 500 down by 1.7% and 1.1% respectively.
Solana (SOL) trades below $100 at press time on Wednesday, after taking a more than 6% hit the previous day as the broader cryptocurrency market slipped. Institutional and retail demand for Solana continues to decline, while on-chain data shows a record 150 million daily transactions on Tuesday.
