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FXStreet Team
FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.
The EUR/USD pair trades with mild gains around 1.1405 during the early Asian session on Wednesday. A hawkish tone from the European Central Bank provides some support to the Euro against the US Dollar. Traders await the upcoming ECB interest rate decision on Thursday.
Gold price extends its winning streak for the third trading day on Wednesday, trading 1.5% higher to near $4,140 during the Asian session. The precious metal recovered strongly in the past few trading days from its three-week low of $3,959.80 as traders scaled back Federal Reserve’s interest rate hike expectations for the monetary policy meeting next week.
Bitcoin, Ethereum and Ripple remain on the front foot on Wednesday as the broader crypto market extends its gains so far this week. BTC leads gains after closing above key resistance while ETH and XRP near key technical hurdles where a breakout could pave the way for additional gains.
The UK Office for National Statistics will release the June Consumer Price Index figures on Wednesday at 06:00 GMT, a print that will matter for markets. Consensus expectations point to inflation pressures still above the Bank of England’s target, although losing further momentum.
