Concerns over trade tariffs introduced by Donald Trump continue to cast a shadow over the precious metals market, potentially limiting losses. On Thursday, gold prices retreated after reaching a one-month peak earlier in the day. In currency trading, the EUR/USD experienced modest pressure, struggling below 1.0300 in early European markets. Meanwhile, the GBP/USD encountered fresh selling pressure, dropping to 1.2200 during the morning session.
In the cryptocurrency sphere, Algorand continued its impressive upward trajectory. The digital currency traded around $0.469 on Thursday, following a substantial rally of over 19% the previous day. The rise in Algorand’s price is accompanied by insights from an ALGO report, highlighting a 34.6% increase in RWA TVL and a 64.5% growth in followers for the year on platform X.
Economic data remains a focal point as markets anticipate the release of US Retail Sales and Jobless Claims figures. These reports could provide further insights into the economic landscape and influence market dynamics. The UK economy showed signs of weakness, with November’s GDP and industrial outputs falling short of expectations, leading to heightened speculation regarding potential Bank of England rate cuts.
On the European front, dovish comments from European Central Bank officials have reinforced expectations for further policy easing. With the Eurozone's economic outlook appearing weak, market participants are increasingly betting on the ECB’s continued accommodative stance.
The views expressed in this article are those of the authors and do not reflect the official policy or position of FXStreet or its advertisers. Both the author and FXStreet are not registered investment advisors, and this content should not be interpreted as investment advice.