Key Fundamental Bullets:
- USD could not establish a trend as Fed tapering QE continued, but qualitative forward guidance emerged
- NZD advanced sharply as the RBNZ hiked rates by 25bps in March – First of G10 central banks to raise rates
- AUD rallied as the RBA removed language signaling further rates cuts
- JPY outperformed as the Nikkei 225 fell by nearly 9% in 1Q
- NOK appreciated as pressure for a rate cut by the Norges Bank subsided due to better Norway data
- CHF caught a bid on EM/Russia/European safe-haven demand
- CNH underperformed as PBoC widened their daily FX trading band & Chinese data was weaker than expected
- CAD fell as the Bank of Canada’s rhetoric proved more dovish here in 2014
- RUB deteriorated sharply when tensions between Russia and the Ukraine escalated
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Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
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.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.