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Germany HCOB Composite PMI registered at 52.5 above expectations (51.8) in January
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EUR/USD trades on firmer ground above 1.1800 in the European session on Wednesday. The US Dollar struggles amid Wall Street tech sell-off and uncertainty over the Fed's potential monetary path, keeping the pair afloat ahead of the release of the Eurozone's Preliminary Harmonized Index of Consumer Prices.
GBP/USD sticks to gains above 1.3700 in European trading on Wednesday. The pair takes advantage of a pause in the US Dollar rally, even as markets turn cautious ahead of the US ADP jobs report and the ISM Services PMI data. The BoE's 'Super Thursday is keenly awaited.
Gold advances to a fresh weekly high during the first half of the European session on Wednesday, with bulls now looking to reclaim the $5,100 mark amid a supportive fundamental backdrop. Concerns over rising tensions between the US and Iran resurfaced following overnight reports that the US shot down an Iranian drone in the Arabian Sea.
The Automatic Data Processing Research Institute will release its monthly report on private-sector job creation for January on Wednesday. The so-called ADP Employment Change report is expected to show that the United States economy added 48K new jobs, following the 41K new payrolls witnessed in December.
AI is not being abandoned by markets. It is being priced more carefully. Over the past few weeks, the underperformance of software and SaaS stocks has sparked a familiar question: is the AI trade breaking down? The answer is no.
Solana (SOL) trades below $100 at press time on Wednesday, after taking a more than 6% hit the previous day as the broader cryptocurrency market slipped. Institutional and retail demand for Solana continues to decline, while on-chain data shows a record 150 million daily transactions on Tuesday.
