US Treasury Secretary Janet Yellen said on Wednesday that it will be "a long time, if ever" before the US dollar is replaced as the key currency for the global economy. The impact of sanctions on Russia show the importance of the US dollar and euro, as well the US' partnership with its allies. The US dollar's dominance as a means of exchange is due to the strength of the US economy, financial system and confidence in US financial markets, Yellen added.
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EUR/USD stays around 1.0300 ahead of FOMC Minutes
EUR/USD stays under heavy selling pressure and trades around 1.0300 on Wednesday. News of US President-elect Donald Trump planning to declare an economic emergency to allow for a new tariff plan weighs on risk mood. US ADP misses expectations with 122K vs 140 anticipated.
GBP/USD drops to fresh multi-month lows, hovers around 1.2350
GBP/USD remains on the back foot and trades at its weakest level since April, around 1.2350. The risk-averse market atmosphere on growing concerns over an aggressive tariff policy by President-elect Donald Trump drags the pair lower as focus shifts to US FOMC Minutes.
Gold pressures fresh multi-week highs
Gold price (XAU/USD) advances modestly in a risk-averse environment. The benchmark 10-year US Treasury bond yield holds at its highest level since late April near 4.7%, making it difficult for XAU/USD ahead of FOMC Minutes.
Fed Minutes Preview: Key Insights on December rate cut and future policy plans
The Minutes of the Fed’s December 17-18 policy meeting will be published on Wednesday. Details surrounding the discussions on the decision to trim interest rates by 25 basis points will be scrutinized by investors.
Bitcoin edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
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