Forex Today: Cautious optimism ahead of first-tier data

FXStreet Team FXStreet

Here is what you need to know on Tuesday, June 30:

The American dollar ended the day mixed against its major rivals, with the usual correlations broken amid quarter-end flows. Currencies considered safe-havens such as the Swiss Franc and the Japanese yen were the worst performers against the greenback. Commodity-linked currencies ended the day unchanged, supported by surging oil prices and the good performance of equities.

The GBP/USD pair fell to a fresh monthly low of 1.2251. Brexit talks have resumed between UK’s chief negotiator, David Frost, and EU Michel Barnier, with no real progress reported so far. The EU commission spokesman said that their main target for these upcoming weeks is “to intensify our negotiations in order to make progress in getting a deal. Our goal is to make progress and to reach a deal." Mr. Frost, on the other hand, warned the EU must not drag out Brexit talks into the autumn. Tensions weighed on the Pound.

The EUR/USD pair flirted with 1.1300, but gave up ahead of the close, ending the day little changed in the 1.1230 price zone.

The coronavirus pandemic continues to be the main market mover, as the global cases surpassed 10 million. WHO head, Dr. Tedros, said that the worst is still to come and that it is not even close to be over. Meanwhile, in the US, the number of cases remains on the rise, and several Southern States are restricting business once again.

Gold prices spent the day consolidating, with spot ending it little changed at around$1,770.00 a troy ounce.

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EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

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A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

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