Cardano, one of the biggest cryptocurrencies, continues to be in the news, as its price is around $0.74 on Thursday. This is more than a 4% rebound this week. Cardano’s positive momentum is at an all-time high. This increase comes as the GBP/USD currency pair trades above the 1.2900 mark in today’s European morning session. Traders are still reeling from last week’s US President Trump’s escalating tariff threats. With this renewed US Dollar selling pressure driving the gains, this is what’s powering these increases. Elsewhere, some major market developments are EUR/USD stays below 1.0800 and Gold faltering overnight after hitting a weekly peak.
Positive on-chain data paints a bullish outlook for Cardano. In addition, the market cap of ADA’s new stablecoin is increasing and traders are placing more bullish bets. These indicators have certainly fueled the positive price momentum we have seen so far this week. Analysts are keeping a close eye on these developments, viewing them as potential catalysts for more price appreciation.
In the foreign exchange market, GBP/USD has a very strong uptrend. Even more impressive, it is successfully retaining its gains in the face of a broader US Dollar sell-off. Traders are still digesting the potential impacts of President Trump’s tariff threats. The result has caused increasing turbulence in the currency markets. The spotlight is still on tariff revisions. All eyes are turned to the US mid-tier data following, including Friday’s Personal Consumption Expenditures (PCE) inflation reading.
The EUR/USD currency pair demonstrates this resilience, managing to hold on to its recovery from three week lows through Thursday’s European trading session. Traders are frequently repositioning on themselves as they await the important US PCE inflation knowledge. This data will likely have a heavy impact on the USD currency pairs.
After hitting a fresh weekly high on Thursday, gold prices have ticked modestly lower this morning. The precious metal has pulled back some. After such a recent rise, that’s a predictable and normal reaction. Perhaps investors are simply taking profits before the torrent of important incoming economic data begins.