Forex Today: Majors waiting for a fresh catalyst

Valeria Bednarik FXStreet

What you need to know on Tuesday, June 29:

Major pairs remained confined to tight intraday ranges. The greenback managed to post a modest intraday advance, helped by a souring market’s mood.

European indexes closed in the red, while US stocks were mixed. The Nasdaq Composite kept rallying, ending the day with substantial gains and at record highs.

EUR/USD fell to 1.1902, its lowest in 5 days, but finished the day in the 1.1920 area. ECB’s Robert Holzmann said there’s no room to increase rates given weak inflation, adding that the PEPP will end when the coronavirus emergency is over, something that won’t happen anytime soon. The facilities program will be revised in September.

GBP/USD failed to recover the 1.3900 mark and trades around 1.3870. After Matt Hancock resigned over the weekend, Sajid Javid is the new UK’s health minister. Javid affirmed that coronavirus-related restrictions would be lifted on July 19, as the government sees “no reason to go beyond” that date. Meanwhile, the UK reported 22,868 new coronavirus cases, the largest one-day increase in five months, amid the spread of the Delta variant.

Commodity-linked currencies shed some ground against the dollar. Gold prices continued consolidating around $1,780, but crude oil prices edged lower. WTI settled at $72.90 a barrel.

US Treasury yields advanced during European trading hours, but retreated ahead of Wall Street’s opening, to end the day with modest losses.

The focus this week will be on US employment figures, and announcements related to the US government infrastructure investing program.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Regulatory big brother lurks, but BTC achieves a breakthrough

Like this article? Help us with some feedback by answering this survey:

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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.