Forex Today: Dollar keeps weakening in absence of other developments

FXStreet Team FXStreet

Here is what you need to know on Wednesday, December 30:

Trading across the FX board remained choppy throughout Tuesday, with the greenback once again being the worst performer. However, only the Canadian dollar was able to achieve fresh weekly highs against its American rival.

The market focused on the US stimulus bill. The House of Representatives passed a bill to expand direct coronavirus relief payments from $600 to $2,000. Senate will likely discuss it at the beginning of the Asian session. US Republican Senate Majority Leader Mitch McConnell rejected a Senate Democrat request to pass a bill that would transfer an additional $1400 to each American by unanimous consent, although the bill will still be voted sometime today.

The UK reported a second consecutive day or record coronavirus contagions, with over 53K new cases reported in the last 24 hours, despite strict lockdown measures. The number of cases in the US is also on the rise, and the health system is stressed. However, vaccination has started in multiple countries, which somehow offsets the negative headlines.

XRP price drops below $0.20 following Coinbase and Crypto.com delistings

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FXStreet Team

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EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.