The US dollar traded relatively quietly, attempting to hold above the 99 area; gold has moved into a consolidation around the $4,640 level, remaining close to its recent highs; EURUSD has also stayed within a consolidation; Bitcoin is the most active market so far, it briefly moved above $80,000 but retreated towards $79,000 later.
- Today’s main data will be the US PCE inflation release, which will trigger the next USD move.
- Today’s US inflation data could provide the catalyst for gold as well.
- Following the recent move towards the 1.17000 area, EURUSD has yet to find another catalyst, ending the current pause.
- The $80,000 area has become an important aim for Bitcoin, as the market should prove the bullish trend remains constructive.
Today’s focus
FX snapshot
XAUUSD
The metal has paused after a substantial rally, but the bullish structure is still intact.
EURUSD
The euro is holding its ground, but the further upside requires fresh momentum — today’s US inflation data may provide it.
BTC
Bitcoin also requires a catalyst to overcome $80,000 with buyers remaining in the game.
Market sentiment
Two days of relatively quiet trading have done little to change the balance of power. Tuesday largely extended the pattern seen at the start of the week, with markets consolidating around recently established levels as the absence of major macroeconomic catalysts kept volatility subdued.
