Global financial markets are bracing for significant data releases from the United States, with a focus on US economic indicators and Federal Reserve Chair Jerome Powell's testimony. The Euro is gaining traction, buoyed by plans for German debt reforms. Meanwhile, Bitcoin Cash (BCH) is experiencing a bullish trend, with its transaction rate reaching new highs and open interest increasing.
In the European trading session on Wednesday, the GBP/USD pair maintained its position near 1.2800, while the EUR/USD showed resilience by extending its bounce above the 1.0650 level. The US Dollar, meanwhile, hovered near a three-month low amid concerns over US economic growth and new stimulus measures from China. Investors are eagerly awaiting top-tier US economic data to gain further insights into the market's direction.
Gold prices are holding strong above the $2,900 mark early Wednesday, following a two-day upswing from recent troughs of $2,833. Traders in the gold market are closely monitoring developments related to US President Donald Trump's latest tariffs and the anticipated US ADP Employment Change data for further clues on price movements.
Bitcoin Cash has been rallying more than 7%, trading at approximately $342 after retesting a critical support level the previous day. On-chain metrics continue to support the positive outlook for BCH, as its transaction rate reaches new highs and open interest rises.
The Euro is benefiting from plans to reform Germany's debt regulations, which could bolster the economic outlook in the region. Such developments have provided a positive sentiment for the currency, allowing it to extend gains against other major currencies.