A political gridlock in France and strong reassurances from the incoming UK government seem to have been enough to keep the Euro and Pound supported into this latest rally. Currencies have been better bid across the board, mostly on the back of a fresh wave of US Dollar selling.
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EUR/USD stays defensive near 1.0500 amid French political jitters
EUR/USD is battling 1.0500 in the European session on Wednesday. The pair trades with caution amid renewed US Dollar buying and French political uncertainty as the government faces a no-confidence vote in a busy day ahead. US data, Lagarde and Powell eyed.
GBP/USD bounces back toward 1.2700 ahead of US data, Powell
GBP/USD picks up fresh bids and reverts toward 1.2700 in European trading on Wednesday. The pair reverses dovish BoE Governor Bailey's remarks-led drop as traders reposition ahead of US ADP Jobs data, ISM Services PMI data and Fed Chair Powell's speech.
Gold price treads water near $2,640, Fed Chair Powell's speech eyed
Gold price attracts some sellers following an intraday uptick to the $2,650 supply zone in the early European session on Wednesday. The precious metal, however, remains confined in a familiar range held over the past week or so as traders seem reluctant to place aggressive directional bets ahead of Fed Chair Jerome Powell's speech.
ADP report expected to show US private sector job growth cooled in November
The ADP Employment Change report is seen showing a deceleration of job creation in the US private sector in November. The ADP report could anticipate the more relevant Nonfarm Payrolls report on Friday.
The fall of Barnier’s government would be bad news for the French economy
This French political stand-off is just one more negative for the euro. With the eurozone economy facing the threat of tariffs in 2025 and the region lacking any prospect of cohesive fiscal support, the potential fall of the French government merely adds to views that the ECB will have to do the heavy lifting in 2025.
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