Forex News Today! USD Bulls, Bitcoin Bulls and Gold Pressure!

USD Bulls

The Euro is still losing ground to the US Dollar (USD), which is causing the EUR/USD pair to drop even more and set fresh weekly lows on Wednesday in the 1.0660 region.

However, due to the ongoing weakness in the general risk environment and the uneven performance of US rates across the curve, the Greenback continues to strengthen, pushing the USD Index to trade at a significant distance from the 106.00 barrier.

Regarding monetary policy, market players are increasingly in agreement that the Federal Reserve (Fed) will likely stick with its existing monetary policy for the foreseeable future. The likelihood of a December interest rate change has somewhat waned, particularly in the wake of the FOMC meeting and the announcement of NFP data that was worse than anticipated.

Bitcoin Bulls

The price of bitcoin is rising, and it managed to hold above $35,000 even after a large-scale sell-off by miners. The top 13 publicly traded cryptocurrency mining firms reportedly sold somewhat more than the total amount of Bitcoin they created in October, according to a Bloomberg article.

In order to profit from Bitcoin’s October surge, BTC miners sold the asset. BTC kept climbing even though these sales put more pressure on the asset to sell. As the third halving cycle draws to a close, the price of Bitcoin showed low to median volatility, an indication of an asset that is maturing.

Gold Pressure

The gold price (XAU/USD) is having trouble stabilising as investors continue to be concerned about interest rate guidance ahead of Federal Reserve (Fed) Chair Jerome Powell’s address on Wednesday. The Fed policymakers’ recent statements supporting additional policy tightening and highlighting the fact that the fight against persistent inflation is far from done have put pressure on the price of precious metals.

Due to the US economy’s resilience, Fed officials Michelle Bowman and Neel Kashkari gave hawkish guidance on interest rates on Tuesday. They cited concerns about inflation continuing persistent. Conversely, Chicago Fed President Austan Goolsbee expressed confidence in the easing of inflation and added that the debate should shift to how much higher interest rates should be raised as well as how long they should stay high.


Scroll to Top
Contact us
Please enable JavaScript in your browser to complete this form.

Sign up for newsletter

Subscribe to cut through all the noise and to grow your portfolio.