Forex Today: Dollar weakness continues, Gold plummeted

FXStreet Team FXStreet

Here is what you need to know on Monday, November 30:

The American dollar was the worst performer on Friday, falling against all of its major rivals, but the pound. The EUR/USD pair was the best performer, reaching a fresh 2-month high of 1.1963.

The GBP/USD pair fell for a second consecutive day as the Brexit drama continues. On Friday, EU’s chief negotiator Michel Barnier traveled to London for in-person discussions, as the critical issues remain unsolved. The EU and the UK keep playing the blame game, accusing each other of not conceding on key issues. UK PM Boris Johnson stated that Britain would do great with or without a trade deal with the Union.

AUD/USD pressured the 0.7400 level but holds below it. Tensions between Beijing and Canberra continue. Over the weekend, Australia’s trade minister said China’s steps to curb imports of his country’s goods are “aggressive,” adding that such measures undermined confidence in the global economic recovery.

Gold plummeted to $1,774.25 a troy ounce. There was no certain catalyst beyond such slump, but a technical one, as the slump came in thin trading conditions and once the metal lost the 1,8000 mark.

Weekend news indicate that the UK’s medical regulator will likely approve the emergency use of the Pfizer-BioNTech vaccine, to be applied as soon as December 7.

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FXStreet Team

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EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.