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GBP/USD holds its retreat from its highest level since May 11, ranging around the 1.3600 mark in the European session on Thursday. US Dollar sellers take a breather as markets assess whether the US Treasury buyback will be a game-changer. Attention now remains on US data and Middle East headlines for further trading impetus.
EUR/USD enters a bullish consolidation phase below 1.1700 in European trading on Thursday after touching its highest level since late May. Bulls now await a move beyond the 1.1700 mark before placing fresh bets, as the US Dollar stabilizes following the US Treasury's bond buyback plan-led slump. US Jobless Claims data are next in focus amid lingering Iran risks.
Gold sticks to modest intraday losses through the Asian session and currently trades below the $4,500 mark, though it remains close to the highest level since early June, set earlier this Thursday. Against the backdrop of geopolitical uncertainties, the US Dollar stabilizes after the previous day’s slump to a three-month low amid hawkish FOMC Minutes. This prompts bulls to take some profits off the table and weighs on the bullion, though retreating US bond yields limit further downside.
Top altcoins, such as Ripple, Solana, and Cardano, are holding steady on Thursday after a bullish rebound as the broader crypto market rebounds on US Treasury bond buybacks. The technical outlook for XRP and SOL suggests further upside, while ADA risks losing the recent gains. Ripple trades around $1.0951 following a 10% surge the previous day.
The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.
