Forex Today: dollar hit by fears, Trump’s impeachment talks

FXStreet Team FXStreet

Here is what you need to know on Wednesday, September 25th:

The American dollar suffered from renewed fears surrounding the US trade relationship with the China, and headlines indicating that Nancy Pelosi, the US House Speaker, plans a formal impeachment inquiry of President Trump. EUR/USD recovered the 1.1000 level, but the upside remained limited.
The UK Supreme Court has ruled that Boris Johnson's suspension of Parliament was unlawful, further diluting chances of a hard-handing. Now, is up to John Bercow, the Speaker of the House to decide whether to end the parliament's suspension or not. House Leader Mogg will address Parliament on Wednesday. GBP/USD flirted with 1.2500 but was unable to surpass the level clearly.
Wall Street collapsed on Trump’s impeachment news, oil also went sharply lower. Safe-haven’s gold and yen benefited the most.
Cryptocurrencies collapsed in the US afternoon, with BTC down over $1,500.00 in the day.

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EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.