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GBP/USD has regained the 1.2000 level. A break past 1.2075 is needed to open up further gains, economists at Scotiabank report.Economic challenges for the UK remain significant

“Longer run economic challenges for the UK remain significant but the still relatively weak GBP may be able to ride a little higher on a soft/ softening USD in the near-term.”“The broader trend remains higher, however, and the Pound retains some decent underlying bull momentum which should mean decent support on weakness to the low/mid 1.19s.”

“Gains through 1.2075 are needed to lift the GBP tone more obviously in the near-term, however, and that may be a stretch today.”

EUR/USD edges higher toward 1.0400 after US jobs data

EUR/USD has gained traction and advanced toward 1.0400 in the early American session. After ADP reported that private sector employment rose by 127,000 in November, compared to the market expectation of 200,000, the US Dollar came under pressure.

EUR/USD News 

GBP/USD holds above 1.2000 as US Dollar weakens

GBP/USD continues to trade in positive territory above 1.2000 in the second half of the day on Wednesday. The US Dollar struggles to find demand following the weaker-than-expected ADP employment data and helping the pair edge higher ahead of Powell’s speech.

GBPUSD News 

Gold climbs to fresh 12-day high above $1,760

Gold price has gathered bullish momentum and reached its highest level since November 18 above $1,760. The renewed US Dollar weakness following the weak ADP jobs report fuels XAU/USD’s rally as focus shifts to FOMC Chairman Powell’s speech.