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EUR/USD holds above 1.0800 ahead of Eurozone GDP, according to US CPI data
The EUR/USD pair trades with a bullish bias around 1.0815 during the Asian trading hours on Wednesday. Markets might turn to a cautious mood later in the day ahead of key economic data from the Eurozone and the US.
GBP/USD consolidates its gains above 1.2580, all eyes on US CPI data
GBP/USD consolidates its gains around 1.2590 during the Asian session on Wednesday. The major pair holds above the key 100-day EMA but remains capped under the 1.2600 hurdle. The US Consumer Price Index and Retail Sales report for April will be in the spotlight.
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Editors’ Picks
Gold price trades with a mild positive bias, US CPI and PPI data loom
Gold price posts modest gains on the weaker US Dollar on Wednesday. The rising gold demand from robust over-the-counter market investments, consistent central bank purchases, and safe-haven flows amid Middle East geopolitical risk act as a tailwind for XAU/USD.
Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial
Ethereum is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the SEC approving a spot ETH ETF decrease with every passing day.
US CPI data expected to show slow progress towards 2% target
The US Consumer Price Index is set to rise 3.4% YoY in April, following the 3.5% increase in March. Annual core CPI inflation is expected to edge lower to 3.6% in April. The inflation report could influence the timing of the Fed’s policy pivot.