Forex Today: waiting for the UK Parliament and the ECB

Here is what you need to know on Tuesday, September 10th:
A soft start to the week, triggered by weak Chinese trade balance data, was quickly reversed. A positive mood prevailed through all day. Safe-haven assets, included the dollar, were among the weakest.
Equities started the day in good shape, although US indexes closed mixed, not far from their daily opening levels. The lack of follow-through in Wall Street could anticipate deteriorating market’s sentiment.
Turmoil in the UK around Brexit continues. The speaker of the House of Commons, John Bercow, announced he would resign. Bercow said that he would resign immediately if the UK votes for an election, but else, he will remain until October 31. Market players are waiting for Parliament vote on a bill to prevent a no-deal Brexit. Raab repeated that Johnson wouldn’t go to Brussels to ask for an extension.
Crude oil prices post decent intraday gains, settled at their highest since late July.
Treasury yields extended their latest recovery.
Market players remain cautious amid scarce macroeconomic data and ahead of the ECB meeting, later this week.

FXStreet Team FXStreet

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EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.