The US Dollar held onto its recovery gains on Wednesday, reflecting a mild bid bias across financial markets. Despite this, major cryptocurrencies, including Bitcoin (BTC), XRP, and Solana (SOL), struggled to find traction. These cryptocurrencies, which rank among the top five by market capitalization, faced a cooling-off period triggered by a risk-off sentiment in the crypto sector.
In the forex market, the EUR/USD pair remained under modest bearish pressure, trading below 1.0900 during the American session. This trend indicates lingering economic uncertainty in the Eurozone. Meanwhile, the GBP/USD pair experienced fluctuations throughout the day. It initially rose toward 1.3000 but failed to maintain its momentum, slipping below 1.2950 later in the session.
Gold prices showed resilience amid the market's fluctuating dynamics, remaining slightly bid following February's US inflation readings. The precious metal's value hovered around the $2,920 zone, benefiting from its traditional safe-haven appeal despite lower yields across financial instruments.
As investors navigated these mixed signals, the US Dollar's stable performance provided a degree of stability amid broader market volatility. The currency's strength was evident as it maintained a mild bid bias, signaling investor confidence in its relative safety during uncertain times.
Cryptocurrencies faced headwinds despite their significant market presence. Bitcoin, XRP, and Solana, known for their volatile price movements and investor interest, struggled to regain upward momentum. This struggle reflected broader uncertainties in the crypto market, leading to a cooling-off period for these digital assets.