In European trading on Friday, GBP/USD showed persistent downside movement by trading in a largely defensive manner under the 1.3250 level. UK and Pounds abilities Despite a new Dollar selling trend starting up, it was extremely tough for the British Pound to discover an chance to advance. Market analysts should be aware that the BoE has just as clearly not signalled an intention to be aggressive in cutting rates further. This long-term, passive approach has prevented the Pound Sterling from recovering from its recent nosedives.
On Thursday, the BoE released its hawkish guidance but this was not enough to support the Pound. Consequently, the currency is still very weak against the US Dollar. Given persistent economic uncertainties, the central bank has chosen to remain cautious. As a result, this decision is freaking out investors and perhaps scaring them into trading inactivity. EUR/USD and GBP/USD both pairs are still in development mode. Traders are watching every development closely for its potential to swing the currency’s fortunes.
The performance of the US Dollar stopped its bullish momentum. Traders are looking ahead to the US-China trade talks scheduled for this weekend. Traders are certainly on the lookout for clues from these negotiations. Any resulting outcomes would have major ramifications on global economic circumstances and currency values. Those negotiations have produced much uncertainty which may have led to the Dollar’s recent fluctuation.
Besides the interplay of currencies, the crypto market itself is fizzing with life. Ripple’s price experienced some degree of stabilization near the $2.31 area on Friday, even as it finished down marginally on the day. The digital asset has shown to be resilient, even during market volatility. This incredible strength is catching investors’ attention looking to find the next big things in crypto.
Ripple Labs has been making waves today with their big $50 million settlement against the U.S SEC. That exciting announcement was just the first of a day full of thrilling news being made. This settlement further underscores the increasing regulatory scrutiny permeating the cryptocurrency space, which could weigh on investor sentiment in the future.