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EUR/USD drops below 1.1400 after Germany and EU PMI data
EUR/USD struggles to hold its ground and trades below 1.1400 in the European session on Wednesday. PMI data from Germany and the Eurozone showed that the business activity in the service sector contracted in April. Markets await comments from central bankers and US PMI data.
GBP/USD stays weak near 1.3300 after disappointing UK data
GBP/USD stays under bearish pressure near 1.3300 in the European session on Wednesday. Pound Sterling struggles to find demand following the weaker-than-forecast April PMI data from the UK. BoE Governor Bailey will speak later in the day and the US economic calendar will feature PMI reports.
Gold price takes it on the chin after Trump softens tone on trade and Fed
Gold price is undergoing some profit-taking and sees selling pressure on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed). After the closing bell, Tesla’s (TSLA) Chief Executive Officer Elon Musk said he will reduce his role at the Department of Government Efficiency.
Dogecoin lead double-digit gains across meme coins, with Shiba Inu, PEPE and BONK skyrocketing to new monthly highs
Top meme coins Dogecoin, Shiba Inu, PEPE and BONK lead the meme coin sector with double-digit gains on Wednesday following the crypto market recovery.
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium
Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.
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