Forex Today: political turmoil continues

FXStreet Team FXStreet

Here is what you need to know Monday, October 7th:

During the weekend, a second whistle-blower in the case of US President Trump’s dealing with Ukraine has come forward. He’s said to have first-hand knowledge of the allegation listed by the previous one. Could trigger some risk-off at the weekly opening.
US Nonfarm Payroll report came in mixed, consistent with economic expansion. Wall Street rallied with the news, on mounting hopes the US Federal Reserve will cut rates one more time before year-end.
EUR/USD capped by sellers around 1.1000, recovery from multi-year lows remains corrective.
Brexit weighs on Pound. The EU Parliament President, Donald Tusk, rejected UK PM Boris Johnson’s Brexit plan, saying that it’s not remotely acceptable. Ireland has also rejected the agreement, as it implies borders within the island. GBP/USD weakening.
The US and China will resume trade talks this week.
US Treasury yields closed the week firmly lower, as uncertainty underpins demand for safe-haven assets.
Cryptocurrencies under pressure, as BTC/USD settled below 8,000.00.

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FXStreet Team

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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.