Forex Today: Fireworks coming mid-week and onwards

FXStreet Team FXStreet

Here is what you need to know Tuesday, December 10th:

Major pairs held within well-limited levels this Monday with volatility limited amid the absence of relevant macroeconomic releases, first-tier events coming later this week, and persistent tensions between the US and China.
The US Federal Reserve is having a monetary policy meeting on Wednesday, while the ECB will unveil its latest decision on Thursday. The UK is heading into the polls also on Thursday.
The GBP/USD pair hit 1.3180, surpassing May’s high by a couple of pips, underpinned by hopes PM Johnson will stand victorious in the upcoming election. A poll released later in the day showed an eight points’ advantage of Conservatives, leading to a small retracement in the pair.
Germany Trade Balance came in better than expected but failed to boost the EUR. The EUR/USD pair closed the day unchanged in the 1.1065 price zone.
The Japanese yen edged higher, helped by an upbeat Japanese Q3 GDP and a sour sentiment that helped safe-haven assets.
Most world indexes closed in the red, although losses were limited.
Cryptocurrencies were quite volatile. BTC/USD ended the day in the red around 7,300 after peaking at 7,650.

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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.