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Forex: Update for November 4th, 2021

In this article, we have covered the highlights of global market news about the GBP/USD, EUR/USD, Gold Price and Cryptocurrencies.
GBP/USD stays in a range between 1.3500 and 1.3700 with a bias to the downside after the BoE’s policy announcements. The forex market sentiment is still biased to the bearish side following Carney’s comments on a possible rate hike in the future.

Closing near session highs, the dollar index finished modestly higher Wednesday. While there were no significant U.S. economic reports released this week, Focus Economics analysts expect that Fed Chair Powell’s testimony on Capitol Hill will have a significant impact on market liquidity this Friday’s session, especially after his press conference suggested there is not much market-moving news coming from the Fed.

The EUR/USD pair climbed above 1.16 in the late American session but seems to have lost its momentum already. It is currently trading below 1.1600 and we do not anticipate any big moves until we get some more market-moving data.

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Gold prices fell to a two-week trough as the yellow metal’s break below a key technical level coincided with a record annual decline in gold exchange-traded funds. XAU/USD is extending a recovery above a three-week low following a decline to $1,761.

Cryptocurrencies: Bitcoin is finding it tough to find direction and continues to trade above $60,000. Ethereum made a new all-time high above $4,600 on Wednesday and has gone into a consolidation of around $4,500.

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