Forex Today: Back to square one

FXStreet Team FXStreet

Here is what you need to know on Friday, August 21:

The dollar retained its bullish tone at the beginning of the day, but gave up in the final session, hurt by worse-than-expected US data. The country reported the Philadelphia Fed Manufacturing Survey, which resulted in 17.2 in August, missing expectations of 21. Initial Jobless Claims in the week ended August 14 surged to 1106K worse than the 925K expected.

Brexit talks remain stalemate, with just seven weeks left to reach a post-Brexit deal. On Wednesday, talks froze after the EU rejected a UK request to grant British truckers wide-ranging access to Europe. The latest news indicated that EU negotiators also denied a UK query for a migration pact that would allow the government to return asylum seekers to other EU countries.

Gold prices remained in consolidation mode for most of the day, adding some ground at the end of the say to settle just above $1,950 a troy ounce.

Crude oil prices seesawed between gains and losses, ending the day little changed. WTI trades around $42.70.

Cryptocurrencies recovered some ground but held in the lower end of their weekly range.

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FXStreet Team

FXStreet

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Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

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XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.