The US Dollar has gained momentum following a positive employment report, highlighting a rise in Nonfarm Payrolls by 256,000 in December. This development has exerted pressure on the GBP/USD, which continues its downward trend, trading at its weakest level since November 2023. The currency pair remains below 1.2250, reflecting the impact of the dollar's rally. Meanwhile, the EUR/USD also faces bearish pressure, staying under 1.0300.
The surge in the US Dollar follows the release of the latest data showing a significant increase in Nonfarm Payrolls. This report has had ripple effects across various markets, including the precious metals sector. Gold prices, affected by the US employment data, initially dropped to $2,660. However, it quickly regained its footing and climbed back above $2,680.
In contrast to the currency market's volatility, on-chain metrics suggest potential growth for SUI. The long-to-short ratio for SUI has reached its highest level in over a month, indicating a possible rally ahead. Additionally, open interest in SUI is on the rise, supporting the notion of a positive outlook for the digital asset. SUI's price has recovered most of its weekly losses and is currently trading around $5.06.
It is crucial to note that neither the author nor FXStreet are registered investment advisors. The information provided within this article is not intended as investment advice but rather an overview of recent market developments.