Forex Today: Slow start to a busy week

FXStreet Team FXStreet

Here is what you need to know on Tuesday, September 1:

The dollar remained under selling pressure, reaching fresh lows against most major rivals after a mild bullish corrective movement. The Dollar Index fell to its lowest in almost 2-year, incapable to recover after Fed’s latest announcement of a monetary policy shift. The Japanese currency was the weakest, ending the day in the red against the dollar.

The shared currency flirted with yearly highs against its American rival but was unable to break above it. GBP/USD and AUD/USD, on the other hand, reached fresh 2020 highs.

Upbeat Chinese data brought some homes, alongside news that the country will start using one of its coronavirus vaccine on risk groups. The pandemic, however, continues expanding worldwide, with over 25 million recorded cases. Slow economic growth remains in the spotlight.

Equities closed mixed in the US, and mostly down in Europe, as investors adopted a cautious stance ahead of a busy week.

Commodities traded unevenly, as crude oil prices edged lower, weighed by stocks' weakness, while gold prices edged higher. Spot settled at around $1,970.00 a troy ounce, slowly crawling back towards the 2,000 threshold.

Cryptocurrency Market News: Ethereum blasts through $430 looking for a new 2020-high

The RBA is having a monetary policy meeting this Tuesday.

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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.