Forex Today: Dollar under pressure, to keep on falling

FXStreet Team FXStreet

Here is what you need to know Monday, November 4th:

An upbeat US employment report was offset by a poor ISM Manufacturing PMI, which indicated contraction in the sector for a second consecutive month. The dollar closed the day and the week with losses, with the EUR/USD a handful of pips away from its October high.
Weekend news showed that PM Johnson would abandon the threat of a no-deal Brexit in his Conservative Party's election manifesto, but rather focus on getting Brexit done. Also, polls showed that Tories have a comfortable lead over Labour opposition, with most of those showing an advantage of over 10%. GBP/USD holding near 1.3000.
The US and China continued reporting progress in trade talks.
USDJPY depressed on dollar’s weakness, and despite the strong momentum in equities, with US indexes near record-highs.
Commodities finished the week with substantial gains, wit WTI around $56.00 and spot gold above $1.510.00.
Cryptocurrencies traded with a sour tone over the weekend, BTC/USD remained above $9.000.00.
Week to start in slow motion with Japan observing Culture Day

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FXStreet

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.