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EUR/USD hovers around 1.1650 as RSI signals fading momentum
EUR/USD moves little after registering modest losses in the previous session, trading around 1.1650 during the Asian hours on Wednesday. The 14-day Relative Strength Index momentum indicator, currently at 40 (below the 50 midline), signals weak momentum without indicating oversold conditions.
GBP/USD trades higher ahead of key UK GDP data
The Pound Sterling gains against its major peers, except antipodeans, on Wednesday. The British currency trades higher ahead of the United Kingdom monthly Gross Domestic Product and factory data, which will be released on Thursday.
Gold stays near all-time highs near $4,650 as safe-haven demand rise
Gold reaches the fresh record high of $4,639.77 during the Asian hours on Wednesday. Precious metals, including Gold, attract buyers amid growing bets on Federal Reserve rate cuts following the softer inflation in the United States. US inflation data for December signaled easing underlying US inflation, strengthening views that price pressures are gradually cooling.
US Retail Sales expected to arrive moderately higher on Wednesday
The United States Census Bureau will publish November Retail Sales on Wednesday. The delayed data is expected to show that sales rose a modest 0.4% in the month, following no change in October. The figure is relevant as it corresponds most closely with the consumer spending component of Gross Domestic Product.
More pressure on the Federal Reserve emerges
News broke on Sunday night that the Federal Reserve received grand jury subpoenas from the Department of Justice on Friday, escalating the Trump administration's pressure on the nation's central bank.