Forex Today: Dollar weakness continues, Gold plummeted

FXStreet Team FXStreet

Here is what you need to know on Monday, November 30:

The American dollar was the worst performer on Friday, falling against all of its major rivals, but the pound. The EUR/USD pair was the best performer, reaching a fresh 2-month high of 1.1963.

The GBP/USD pair fell for a second consecutive day as the Brexit drama continues. On Friday, EU’s chief negotiator Michel Barnier traveled to London for in-person discussions, as the critical issues remain unsolved. The EU and the UK keep playing the blame game, accusing each other of not conceding on key issues. UK PM Boris Johnson stated that Britain would do great with or without a trade deal with the Union.

AUD/USD pressured the 0.7400 level but holds below it. Tensions between Beijing and Canberra continue. Over the weekend, Australia’s trade minister said China’s steps to curb imports of his country’s goods are “aggressive,” adding that such measures undermined confidence in the global economic recovery.

Gold plummeted to $1,774.25 a troy ounce. There was no certain catalyst beyond such slump, but a technical one, as the slump came in thin trading conditions and once the metal lost the 1,8000 mark.

Weekend news indicate that the UK’s medical regulator will likely approve the emergency use of the Pfizer-BioNTech vaccine, to be applied as soon as December 7.

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FXStreet Team

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EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

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.