Responding to recent comments from the UK official, who said that they should see the Irish backstop come to an end in December 2021, Irish prime minister Leo Varadkar argued that backstop for the Irish border was not something that could be time limited by a date.
Earlier today, the market chatter of the UK Brexit secretary Davis possibly resigning weighed on the GBP and dragged the GBP/USD pair to a daily low at near 1.3370. However, the latest reports clarified that Davis wouldn't resign and helped the pair recover back above the 1.34 mark.
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EUR/USD stays depressed below 1.1000 on tepid risk sentiment
EUR/USD is trading on the backfoot below 1.1000 in the early European session on Wednesday, as the US Dollar clings to recovery gains amid lingering Chinese economic concerns and the Middle East escalation. The focus now stays on the ECB/ Fed-speak and the FOMC Minutes.
GBP/USD sits at multi-week low below 1.3100, awaits FOMC minutes
GBP/USD struggles to capitalize on the previous recovery, staying defensive below 1.3100 in early Europe on Wednesday. The US Dollar consolidates recent gains amid risk aversion, awaiting the Fed Minutes for a fresh directional impetus in the pair.
Gold price struggles to lure buyers as smaller Fed rate cut bets underpin USD
Gold price remains under some selling pressure for the sixth successive day on Wednesday and is currently placed just above a three-week low, around the $2,605-2,604 region touched the previous day.
Bitcoin shows signs of weakness
Bitcoin is hovering at a critical support level, and a drop below it could signal a downturn, while Ethereum and Ripple are approaching important resistance levels, where a rejection might indicate a shift towards bearish momentum.
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