The financial markets present a mixed bag this Friday, with the US Dollar experiencing broadly subdued price action amid stabilizing risk sentiment. The anticipated release of the US PCE Price Index is on the horizon, adding to the cautious mood. Meanwhile, Bitcoin remains steady, hovering around $104,000 as of Friday. Earlier this week, Bitcoin demonstrated resilience by bouncing back from its 50-day Exponential Moving Average of approximately $98,800.
In Europe, the European Central Bank has taken another step in its ongoing rate cut cycle by reducing interest rates by 25 basis points. This move is part of a broader strategy expected to continue in the near term. The decision reflects ongoing efforts to stimulate the eurozone economy amid global uncertainties.
Simultaneously, US bond yields are on the rebound, providing support for the USD. However, this rebound is also capping gains for the XAU/USD pair. In currency markets, both the GBP/USD and EUR/USD are trading within narrow ranges during the European session on Friday. GBP/USD holds steady above 1.2400, while EUR/USD trades around 1.0400.
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