On Wednesday, the EUR/USD stumbled, shedding around one-tenth of one percent as financial markets found themselves in a lull, awaiting crucial data releases. Meanwhile, the gold price surged, trading near its highest level since November 1, surpassing $2,750. The ongoing uncertainty surrounding US President Donald Trump's trade policies has led to increased haven flows towards gold. This environment has also seen privacy-focused cryptocurrencies such as Monero, ZCash, DASH, MimbleWimbleCoin, and Decred experiencing slight gains.
In a significant development, a US court overruled the Office of Foreign Assets Control's sanction on Tornado Cash. This decision marks a pivotal moment in the ongoing debate around cryptocurrency regulation. Additionally, the founder of Silk Road, Ross Ulbricht, received a presidential pardon, adding another layer to the evolving landscape of digital currencies.
President Trump has notably paused his trade war rhetoric and threats, contributing to a positive risk tone in the markets. The uncertainty regarding Trump's tariff plans remains a focal point for investors as markets digest the implications of what some are calling "Trump 2.0." Despite these uncertainties, Fed rate cut bets continue to support the EUR/USD currency pair.
The AUD/USD is extending its consolidative price movements, remaining below the 0.6300 mark. Analysts note that this reflects the broader market dynamics as traders assess shifting global economic indicators and policies.