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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 gains traction to near 1.3300 in the European session on Thursday. The British Pound strengthens against the US Dollar as the UK's likely next Prime Minister, Andy Burnham, has eased market concerns by pledging strict fiscal discipline. The US Nonfarm Payrolls data for June will take center stage later on Thursday.
EUR/USD ticks higher toward 1.1400 in the early European trading hours on Thursday. However, the pair lacks bullish conviction as traders eagerly await the release of the crucial US Nonfarm Payrolls report for a fresh directional impetus.
Gold hits a fresh daily top heading into the European session, and looks to build on its steady intraday ascent amid a modest US Dollar downtick. However, elevated US Federal Reserve rate-hike expectations, along with geopolitical risks, act as a tailwind for the buck, keeping the bullion confined within the previous day's broader range. Traders also seem reluctant and await the release of the closely watched US monthly employment details before placing aggressive directional bets.
Ripple and Stellar extend recovery as improving market sentiment supports a rebound. XRP trades above $1.05 while XLM climbs past $0.199. Traders should remain cautious, as mixed on-chain and derivatives data indicate a modest bullish bias, and further upside may depend on sustained buying momentum.
The United States Bureau of Labor Statistics will release the Nonfarm Payrolls data for June on Thursday at 12:30 GMT. Investors expect NFP to rise by 110K following three consecutive months of surprisingly strong increases. Investors are pricing in a hawkish Federal Reserve policy outlook with the new Chairman Kevin Warsh at the helm.
Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.
