EUR/USD is trading around 1.1100, up on the day. German manufacturing PMI surprised with 43.6 and other figures also beat expectations. The ECB minutes are next.
GBP/USD is trading above 1.2100, steady. After German Chancellor Merkel offered UK PM Johnson 30 days to solve the Irish Backstop problem, Johnson meets French President Macron.
The risk-off trades crept into Asia this Thursday, fuelled by the Yuan sell-off and the Fed minutes, which tempered rate cut expectations. The Asian equities traded mostly lower alongside the US equity futures and Treasury yields.
Bitcoin has had an overwhelmingly bearish day wherein its price dropped from $10,771 to $10,135, reaching a low of $9,856. Over the last 2 days, Bitcoin has canceled out the gains made by the bulls in the 5 days before that.
Bears continue to have a stranglehold on the market as the cryptos bled for the third straight day. The top three coins experienced heavy losses over the last three days. LEO was the biggest loser among the top 20.
XRP/USD has fallen from $0.266 to $0.265 in the early hours of Thursday. Over the last four days, the price of Ripple has fallen from $0.284 to $0.265. The hourly breakdown for Wednesday shows that the price fell from $0.274 to $0.26.
Ethereum has ended up with a second bearish day in a row, wherein it fell from $196.60 to $187. The hourly breakdown of the price shows that the price plummeted from $196.60 to $180 within 12 hours.
Updated euro-zone GDP, the US consumer, and trade are eyed
"When two are fighting, the third wins" – goes the saying. The euro has benefited from the intensifying US-Sino trade spat. China has devalued its yuan and triggered a rush to safety that weighed on the USD. Will this continue? Back in the euro-zone, updated GDP data, a German business survey, and Italy's political issues will compete for attention with the US consumer.
AUD/USD has been unmoved by the Reserve Bank of Australia's meeting minutes as the focus remains on the US-Sino trade wars. The technical chart looks favorable for the Aussie.
The Technical Confluences Indicator is showing that AUD/USD is enjoying some support at 0.6788, which is the convergence of the previous 4h-high, the Bollinger Band 1h-Upper, and the Fibonacci 61.8% one-week.
Stronger support awaits at 0.6770, where we see a dense cluster including the Simple Moving Average 5-4h, the SMA 50-15m, the Fibonacci 23.6% one-day, the Fibonacci 38.2% one-week, and more.
Another considerable cushion awaits at 0.6756, where we see the confluence of the Pivot Point one-day Support 1, the Fibonacci 23.6% one-week, and the BB 1h-Lower.