Forex News

EUR/USD stays in positive territory above 1.0800 after registering its highest daily close in over a month on Tuesday. Investors await first-quarter GDP data from the Euro area and April Consumer Price Index data from the US. 

GBP/USD continues to stretch higher toward 1.2600 early Wednesday after closing in positive territory on Tuesday. The US Dollar struggles to find demand and allows the pair to hold its ground ahead of April CPI and Retail Sales report.

Gold price posts modest gains on the weaker US Dollar on Wednesday. The rising gold demand from robust over-the-counter market investments, consistent central bank purchases, and safe-haven flows amid Middle East geopolitical risk act as a tailwind for XAU/USD. 

Ethereum is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the SEC approving a spot ETH ETF decrease with every passing day.

The US Consumer Price Index is set to rise 3.4% YoY in April, following the 3.5% increase in March. Annual core CPI inflation is expected to edge lower to 3.6% in April. The inflation report could influence the timing of the Fed’s policy pivot.