FX Today: Attention will be on Powell and flash EMU CPI data

Pablo Piovano FXStreet

The US Dollar (USD) remained under heavy pressure, slipping back to the area of multi-week lows, always amid steady bets for another interest rate cut by the Federal Reserve as soon as next week.

Here’s what to watch on Tuesday, December 2:

The US Dollar (USD) remained under heavy pressure, slipping back to the area of multi-week lows near the 99.00 level, always amid steady bets for another interest rate cut by the Federal Reserve as soon as next week. The RCM/TIPP Economic Optimism Index is due, seconded by the API’s weekly report on US crude oil inventories.

EUR/USD kept its march north unabated, hitting three-week highs around 1.1650 in response to the marked decline in the Greenback. The advanced Inflation Rate in the Euroland comes next alongside the Unemployment Rate in the bloc.

GBP/USD climbed to three-week tops around 1.3280 just to deflate afterwards despite the weaker US Dollar on Monday. The BRC Shop Price Inflation comes next along with the Natiowide Housing Prices.

USD/JPY dropped to fresh two-week lows near 154.70 following the BoJ’s hawkish rhetoric. Next on tap on the domestic calendar will be the Consumer Confidence gauge.

The march north in AUD/USD remained unabated for yet another day, this time approaching the 0.6570 zone, or three-week peaks. An interesting docket in Oz will feature Building Permits figures, the Current Account results, Private House Approvals, the Ai Group Industry and the final S&P Global Manufacturing PMI.

Fresh geopolitical concerns coupled with supply worries lent support to prices of the american WTI on Monday, sending them to the vicinity of the key $60.00 mark per barrel.

Gold prices built on last week’s advance, surpassing the $4,260 mark per troy ounce following increasing bets on another rate cut by the Fed at its December 10 meeting. Silver prices rose for the fifth consecutive day, this time reaching an all-time high near the $58.00 mark per ounce.

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD weakens below 1.3450 as US-Iran uncertainty boosts safe-haven US Dollar

The GBP/USD pair loses ground to near 1.3425 during the early Asian session on Tuesday. Uncertainty surrounding US-Iran talks drives traders toward a safe-haven currency such as the US Dollar against the British Pound. All eyes will be on the US July jobs data, which is due later on Friday.

EUR/USD flatlines above 1.1500 as traders turn cautious ahead of US NFP data

The EUR/USD pair holds steady around 1.1505 during the early European trading hours. Markets remain cautious ahead of the crucial US July jobs report, which is due later this week. Eurozone inflation ticked up in July, bolstering the case for a rate hike from the European Central Bank. The headline Eurozone inflation rose to 2.9% YoY in July from 2.8% in June, in line with expectations.

Gold consolidates above $4,050 amid Fed hike bets and Iran uncertainty

Gold seesaws between tepid gains and minor losses during the Asian session as traders seem hesitant and opt to wait for further developments surrounding the Middle East crisis. The US Dollar struggles to build on the previous day's solid bounce from the lowest level since Mid-June and acts as a tailwind for the bullion. However, the uncertainty over US-Iran peace talks helps limit the downside for the buck.

Ripple and Stellar steady as derivatives data points to easing downside pressure

Ripple and Stellar show mixed price action, with XRP holding above the key $1 support zone while XLM faces rejection at $0.173. Meanwhile, improving derivatives metrics alongside fading bearish momentum suggest that the downside pressure may be easing for both altcoins. Derivatives data shows mild bullish sentiment among traders.

NFP week: What awaits Bitcoin and Gold

This is an NFP week as markets brace for the release of a large influx of job market statistics. The data rollout begins with the JOLTS Job Openings report on Tuesday, continues with the ADP Employment report on Wednesday and Jobless claims on Thursday, and finishes with the Nonfarm Payrolls report on Friday.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.