Due to strong downside momentum and breakout of the bear flag pattern, I see potential for the furhter drop...
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EUR/USD holds above 1.1000 following ECB policy announcements
EUR/USD trades modestly higher on the day above 1.1000 on Thursday as the US Dollar struggles to find demand after August producer inflation data. Meanwhile, the ECB lowered the benchmark interest rate by 25 bps as expected.
GBP/USD trades above 1.3050 as USD loses strength
GBP/USD stays in positive territory above 1.3050 in the American session on Thursday. The improving risk mood and the lower-than-forecast annual PPI reading for August from the US weigh on the USD, helping the pair edge higher.
Gold retains gains near fresh record highs
Gold maintains its bullish bias amidst the mild pullback in the Greenback and trades at a new record high at around $2,550. The data from the US showed that the annual producer inflation declined to 1.7% in August from 2.1% in July.
Crypto Today: Bitcoin, Ethereum gain between 1% and 2% on Thursday, XRP back above $0.53
BTC is back above $58,000 and ETH hovers around $2,363 at the time of writing. XRP is back above $0.5369 on September 12, gains slightly on the day.
European Central Bank widely expected to cut interest rates in September
The European Central Bank is expected to cut key rates by 25 bps at the September policy meeting. ECB President Christine Lagarde’s presser and updated economic forecasts will be closely scrutinized for fresh policy cues.
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