Due to strong downside momentum and rejection of the resistance, I see potential for the further drop.
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EUR/USD holds losses below 1.0500 ahead of US data
EUR/USD remains on the back foot below 1.0500 in the European session on Tuesday. A negative shift in risk sentiment revives the haven demand for the US Dollar, while the mixed sentiment data from Germany hurts the Euro, weighing down on the pair. Focus shifts to top-tier US data.
GBP/USD recovers toward 1.2700 after UK jobs data
GBP/USD recovers toward 1.2700 in the European morning on Tuesday. The data from the UK showed that the ILO Unemployment Rate held steady at 4.3% in the three months to October, while the annual wage inflation climbed to 5.2%, helping Pound Sterling hold its ground.
Gold price remains confined in a range ahead of the crucial Fed decision on Wednesday
Gold price struggles to gain any meaningful traction and remains confined in a narrow range. Expectations for a less dovish Fed and elevated US bond yields cap the non-yielding XAU/USD. Geopolitical risks lend support to the safe-haven precious metal ahead of the FOMC meeting.
Ripple reveals official launch for RLUSD, XRP eyes new all-time high at $4.75
Ripple confirmed in a press release on Monday that its RLUSD stablecoin will officially launch on Tuesday across exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx. Bullish sentiments surrounding the launch could help XRP overcome the $2.58 and $2.92 resistance levels.
Will the Fed cut interest rates again and why is the dot plot important Premium
The Fed is expected to cut interest rates on Wednesday for the third consecutive meeting. Every time the Fed decides on rates, it is a crucial event as it directly affects families and businesses in the United States. Moreover, the Fed’s last meeting of the year will also be important because it will provide the outlook for what it expects to do in 2025.
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