Good morning. Hope all is well! We have had a bit of a turmoil in our forecast for yesterday with only a 29% accuracy. This was mainly due to the US Dollar strengthening as opposed to weakening as we had predicted. Today we could be in for a busy day with many fundamental items coming out that could affect many major currencies. British Pound, Australian, US and Canadian Dollar pairs are on our watch list. Throughout today US Dollar could continue to gather steam together with Japanese Yen. Adding two hedged pairs to offset the risk. Happy Trading!
Forecasts Outlook
US Dollar: Strong
Today we're expecting the EURUSD to proceed Long above the barrier levels of 1.10924 and 1.10621.
Fundamental Watch
– Retail Sales m/m
– Trade Balance
– Official Bank Rate
– MPC Rate Statement
– Minimum Bid Rate
– ECB Press Conference
– Unemployment Claims
– Ivey PMI
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.