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EUR/USD tests 1.0450 on the road to recovery, PMIs eyed
EUR/USD holds higher ground near 1.0450 in the early European session on Friday, bolstered by renewed US Dollar weakness. The preliminary reading of the HCOB Purchasing Managers Index for January from the Eurozone and Germany now remains in focus.
USD/JPY remains heavy below 155.50 after BoJ's hawkish rate hike
USD/JPY is posting sizeable losses while below 155.50 in early Europe on Friday. The pair remains heavy after the Bank of Japan's rate hike to 0.50%. Higher inflation forecasts by the BoJ signals further rate hikes in the offing, lending support to the Japanese Yen ahead of Governor Ueda's presser.
Gold price bulls retain control near multi-month peak amid Fed rate cut bets
Gold price catches fresh bids on Friday and builds on over a one-month-old uptrend. Worries about a fresh wave of global trade wars underpin the safe-haven commodity. Bets for more Fed rate cuts weigh on the USD and further benefit the XAU/USD pair.
Ripple's XRP faces risk of 20% drawdown as short-term holders show signs of weakness
XRP investors realized over $500 million in profits in the past 48 hours. Short-term holders are responsible for most of the selling activity following CME's clarification on XRP futures.
Federal Reserve set for an extended pause
After 100bp of rate cuts the Fed has signalled it needs evidence of economic weakness and more subdued inflation prints to justify further policy loosening. President Trump’s low tax, light-touch regulation policies should be good news for growth.
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