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Spain HCOB Manufacturing PMI below expectations (49.9) in January: Actual (49.2)
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EUR/USD now comes under further selling pressure, slipping back to the area of daily lows near 1.1840 on Monday. The pair’s daily pullback comes on the back of the continuation of the rebound in the US Dollar as investors keep assessing the “Warsh” trade. Moving forward, markets’ attention is expected to be on the release of the US ISM Manufacturing.
GBP/USD faces some increasing selling pressure, building on recent losses and revisiting the 1.3670 zone at the beginning of the week. Cable’s decline comes in response to the persistent advance in the Greenback while traders have started to shift their focus to the upcoming BoE event.
Gold is bouncing off monthly lows near the $4,400 region per troy ounce on Monday. The broader downtrend remains in place, with pressure coming from a firmer US Dollar following Kevin Warsh’s nomination as the next Fed chair.
Bitcoin consolidates above $77,000 after plummeting and testing April’s tariff-triggered lows, as investors remain cautious. Ethereum extends losses toward the psychological $2,000 support amid ETF outflows. XRP holds below its April low at $1.61 as futures Open Interest drops to $2.81 billion.
The first full month of the year is behind us, and, honestly, it has been rather more dramatic than most had anticipated when toasting the New Year. We wrapped up last week with US President Donald Trump announcing his Fed Chair pick.
Bitcoin (BTC) price falls below the $75,000 mark on Monday, having corrected nearly 11% in the previous week and reaching level not seen in nearly 10 months. Market momentum has clearly turned bearish, with technical indicators pointing to further downside toward the next key support at $70,000.
