Resistance on the test and potential for the downside continuation.
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EUR/USD holds near 1.0550 after Eurozone inflation data
EUR/USD trades marginally higher on the day at around 1.0550 in the European session. The data from the Eurozone showed that the annual HICP inflation rose to 2.3% in November from 2% in October, as expected. Financial markets in the US will close early on Friday.
GBP/USD regains 1.2700 on weaker US Dollar
GBP/USD retains some follow-through positive traction above 1.2700 in European trading on Friday, sitting close to a two-week top. Broad-based US Dollar weakness, improving risk appetite and thin market condtions continue to aid the pair's recovery.
Gold price eases off weekly highs, remains above $2,650
Gold price has eased from the weely highs but holds moderate gains above $2,650 in the European session on Friday. Gold price builds on this week's goodish rebound from the $2,600 neighborhood. US President-elect Trump's tariff plans, Russia-Ukraine geopolitical risks and dovish Fed bets power the bright metal.
Bitcoin attempts for the $100K mark
Bitcoin (BTC) price extends its recovery and nears the $100K mark on Friday after facing a healthy correction this week. Ethereum (ETH) and Ripple (XRP) closed above their key resistance levels, indicating a rally in the upcoming days.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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