The US Dollar is consolidating weekly losses as concerns over President Donald Trump's tariff measures continue to weigh on economic outlooks. These developments have been met with a cautious market mood, impacting various financial instruments, including the GBP/USD pair, which fell below 1.2900 in the European session on Thursday. Meanwhile, Bitcoin has made a notable recovery, trading above $92,000 after a significant rally over the past two days.
In a recent report by Glassnode, Bitcoin's market reaction was identified as hinging on the $92,000 mark, with $71,000 serving as critical support should a decline occur. This recovery in Bitcoin prices comes amid broader market uncertainties, including the European Central Bank's (ECB) anticipated monetary policy adjustments. The ECB is set to announce its March interest rate decision on Thursday at 13:15 GMT, with expectations of another 25 basis points cut. The central bank plans to reduce the benchmark rate on the deposit facility from 2.75% to 2.5%.
The current market environment also sees Gold prices struggling to find firm direction during the Asian session, extending a sideways consolidative price move for the second consecutive day. Safe-haven bullion continues to be influenced by ongoing concerns about US tariff policies under President Trump.
In addition to these developments, mid-tier US jobs data and upcoming Fedspeak are next in focus for investors and analysts. These factors will likely provide further insights into the US economic landscape and potential impacts on global markets.
As the financial world closely monitors these unfolding events, it is crucial to note that the views and opinions expressed herein are solely those of the authors and do not necessarily reflect the official policy or position of FXStreet or its advertisers. This article is sponsored by Discover the top brokers for trading EUR/USD in 2025. It is important to recognize that neither the author nor FXStreet are registered investment advisors, and nothing in this article should be interpreted as investment advice.