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EUR/USD touches three-week low, around 1.1030 amid stronger USD
The EUR/USD pair attracts sellers for the fifth successive day and touches a fresh three-week low, around the 1.1030 area during the Asian session on Thursday. Bearish traders now look to extend the downward momentum further below the 50-day Simple Moving Average amid broad-based US Dollar strength.
GBP/USD drops to near 1.3200 due to risk-off mood amid rising tensions in the Middle East
GBP/USD extends its losing streak for the third consecutive day, trading around 1.3200 during the Asian session on Thursday. The risk-sensitive GBP/USD pair receives downward pressure due to the safe-haven flows amid escalating Middle-East tensions.
Gold looks to more US data for a fresh directional impetus
Gold price is trading listlessly in a narrow range under the key $2,670 static resistance, lacking a clear directional impetus so far this Thursday. The focus now shifts toward a fresh batch of US economic statistics and speeches from Federal Reserve policymakers for fresh directives amid the escalating geopolitical conflict between Israel and Iran.
Middle East caution continues to grip investors
US stocks bounced off geopolitical-driven lows, finding under-the-hood support in the ADP jobs report. However, with tensions in the Middle East still bubbling, US port workers on strike, and global industrial giants battling economic headwinds, the last quarter of 2024 is starting to look much more turbulent than the relatively smooth sailing we saw in the first three quarters.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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