Forex Today: Waiting for Powell

FXStreet Team FXStreet

Here is what you need to know Wednesday, November 13th:

The dollar recovered during the first half of the day, losing some steam in the US afternoon with Trump sort of disappointing by not offering fresh clues related to the trade deal with China. The EUR/USD remained depressed and near the 1.1000 figure.
The Sterling spent the day in consolidative mode. The latest polls show that the Labour party keeps shortening distance with Conservative lead. Nigel Farage refused to make more concessions to Conservatives.
Asian and European equities edged higher, but Wall Street was unable to follow the lead, trimming most intraday gains ahead of the close. The market sentiment deteriorated following Trump’s comments, criticizing the Federal Reserve decision to keep rates high.
Safe-haven assets appreciated just modestly in the last trading session of the day, at risk of losing ground.
Market players await US Federal Reserve’s chief Powell testimony before the Congress.

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FXStreet Team

FXStreet

EUR/USD off highs, back to around 1.1900

EUR/USD keeps its strong bid bias in place despite recedeing to the 1.1900 zone following earlier peaks north of 1.1900 the figure on Monday. The US Dollar remains under pressure, as traders stay on the sidelines ahead of Wednesday’s key January jobs report, leaving the pair room to extend its upward trend for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.