EUR/USD
Looking at EURUSD’s chart, we can see that is it in a downward trend and after yesterday’s victory of Meloni in Italy, the FX pair opened sharply lower hitting a new all-time low. Currently, it is traded at around 0.9638, up from its lowest level of around 0.9550 but today we could not expect it to rise above the level of 0.9750.
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EUR/USD stays weak near 1.0400 as trading conditions thin out
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD consolidates below 1.2550 on stronger US Dollar
GBP/USD consolidates in a range below 1.2550 on Tuesday, within striking distance of its lowest level since May touched last week. The sustained US Dollar rebound and the technical setup suggest that the pair remains exposed to downside risks.
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Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
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2025 outlook: What is next for developed economies and currencies?
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