Traders remain cautious as the White House hosts a Crypto Summit this Friday, amidst ongoing volatility in the cryptocurrency market. Despite the market's unpredictable nature, Bitcoin (BTC), Ethereum (ETH), and XRP are seeing modest gains today. Meanwhile, Aave (AAVE) is making a notable rally on Wednesday as the broader crypto market begins to recover.
The shifting focus of the market now turns to Bank of England Governor Andrew Bailey's upcoming testimony on policy. This development coincides with the EUR/USD currency pair maintaining strong daily gains near 1.0700 during the American session on Wednesday. In contrast, the GBP/USD is consolidating its weekly gains above 1.2800, reflecting a stable performance for the British pound.
Gold is also experiencing stabilization, holding firm above $2,910 on Wednesday after registering strong gains earlier in the week. However, the US Dollar is facing difficulties, struggling to attract demand following underwhelming ADP Employment Change data, which recorded 77,000 in February. This figure fell significantly short of market expectations, adding to the dollar's challenges.
Market participants are also anticipating the release of the ISM Services PMI report for February. This report is expected to provide further insights into the economic landscape and potentially influence market behaviors.
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