Forex Today: Fear and US election

FXStreet Team FXStreet

Here is what you need to know in June, June 22:

The dollar appreciated against most of its major rivals at the end of the week, as coronavirus-related concerns weighed on equities and the market’s mood. Several companies reported the close of their US stores amid resurgent coronavirus cases, with the focus in Florida, Texas, and in general, the region known as the Sun Belt. US President Trump refuses to go back into lockdown.

In general, data beat expectations but continued to show steep economic downturns worldwide.

The EUR/USD pair finished the week at 1.1175, around the 38.2% retracement of its latest daily advance. The GBP/USD pair established at 1.2350, both at their lowest levels since June 1^st.

Commodity-linked currencies came under selling pressure at the end of the week, weighed by the sour tone of equities. Gold prices soared, with spot ending at $1,742.70 a troy ounce, although crude oil prices retreated alongside equities.

US President Trump kick-started its election rally last Saturday in Tulsa, Oklahoma. Once again, he blamed China on the global spread of coronavirus, calling COVID-19, “Kung-Fu.” According to data released the same day, the Republican National Committee raised $74 million in May for Trump’s campaign. Also, the campaign came under fire for using a symbol once used by Nazis in some Facebook ads — a red inverted triangle- that Facebook already removed.

Cryptocurrency Market Update: Bitcoin options expiry may bring some volatility

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FXStreet Team

FXStreet

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.