Forex Today: Investors waiting for definitions

FXStreet Team FXStreet

Here is what you need to know Wednesday, November 27th:

Major pairs remained within familiar levels this Tuesday, with the greenback easing just modestly during US trading hours amid worse-than-anticipated US CB Consumer Confidence, down to 125.5 in November. The EUR/USD pair remained lifeless between 1.1000 and 1.1030.
The Sterling pound lost some ground amid more polls showing that Conservatives advantage over Labour continues shrinking. Nevertheless, Tories remain 10 points ahead.
US President Trump said that the US is in the "final throes" on reaching a trade deal with China, although the market’s reaction to the headline was quite limited, as loads are being said but little done.
RBA’s Governor Philip Lowe said that QE is not in the central bank’s agenda, adding that the toll could help, but that he doesn’t expect to get there. He also stated that QE would only be considered should the cash rate reach 0.25%. His comments lifted the Aussie just temporarily, AUD/USD unable to break through 0.6800.
The USD/JPY pair hit 109.20, holding on to gains at the end of the day, despite a mixed performance from worldwide equities, and weaker US Treasury yields.
Gold recovered after flirting with 1,450, ending the day some $12.00 above its daily low.
The Petroleum Exporting Countries (OPEC) unanimously support an extension to the agreement on the reduction of oil output after March 2020 and continue to discuss whether a three or a six-month extension is needed. Crude oil prices bounced with the news, ending the day with modest gains.
Cryptocurrencies consolidate around Monday’s closing levels, were also lifeless.

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FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.