The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Monday at 7.1865, as compared to Friday's fix of 7.1877.
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Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
EUR/USD manages to ragain some poise on Wednesday, posting humble gains around the 1.1650 zone in a context of a modest selling pressure on the US Dollar prior to the release of Retail Sales and Producer Prices.
GBP/USD trades on the positive foot on Wednesday, receding from earlier highs around 1.3460 and revisiting the 1.3440 region amid a modest uptick and some selling interest surrounding the Greenback ahead of US data.
Gold prices rapidely leaves behind Tuesday’s pullback and reaches record highs near $4,640 on Wednesday. The yellow metal’s uptrend remains propped up by Fed rate cut bets, lower US Treasury yields across the curve, and the slight downtick in the buck.
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.
Jerome Powell's eight-year tenure as Chair of the Federal Reserve is coming to a close during a period of intense pressure on the US central bank and divided views among policymakers about the appropriate stance of monetary policy.
Meme coins such as Dogecoin, Shiba Inu, and Pepe recorded gains of 7% to 14% on Tuesday, signaling a potential reversal to the upside. DOGE and SHIB hold steady after the bounce back while the frog-themed PEPE extends gains, signaling further upside potential.
