US Dollar off highs, still bid around 93.60

DXY’s upside stalled just below 93.70.
USD recovery remains firm.
Second-tier releases expected today in US docket.

Pablo Piovano FXStreet

The greenback, when tracked by the US Dollar Index, is prolonging the upbeat momentum and managed to climb to fresh tops around 93.70, just to ease some pips afterewards.

US Dollar attention to data, US politics

The index is up for the third consecutive session so far today and is extending the rebound to the 93.60/70 band, or fresh 2-week peaks.

The resurgence of the demand for the greenback has been in tandem with rising optimism that the US tax reform could be implemented by year-end, particularly after the Senate passed the bill earlier in the week.

In this regard, a poll by news agency Reuters noted the buck should be benefited from tax cuts next year.

Later in the session, challenger job cuts for the month of November are due later seconded by the weekly report on initial claims.

US Dollar relevant levels

As of writing the index is gaining 0.06% at 93.62 and a break above 93.68 (high Dec.7) would open the door to 94.03 (23.6% Fibo of 2017 drop) and finally 94.17 (high Nov.21). On the flip side, the next support emerges at 92.50 (low Nov.30) seconded by 91.78 (low Sep.22) and then 91.53 (low Sep.20).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.