Currencies
- The euro (EUR) rose for second consecutive day at 1.2486 against the US dollar (USD) yesterday. The single currency rebounded from almost two years’ low after the ECB Press Conference on Friday announced that they are considering to add more monetary stimulus measurements. Today the US monthly Core Durable Goods Orders will be announced with expectations at 0.5% increase.
- US dollar (USD) dropped from 118.45 to 117.68 against the Japanese yen (JPY), as the US CB Consumer Confidence came out to be worse than expected at 88.7, while the expectations were at 95.9. Despite the better than expected US quarterly Preliminary GDP, the greenback fell as investors saying that it moved already a long way. Today the US Home Sales and the US Unemployment Claims will be announced and are expected to be at 471K and 287K respectively.
Equities
- US equities gained on US GDP announcement that came out to be better than expected. The US 500 (SPI) reached a new all-time high at 2072.5, the US300 (DOW) climbed to 17831 and the US Tech (NDQ) rose to a new all-time high at 4302.6.
Commodities
- WTI Crude (OIL) fell from 76.56 to 73.70 USD per barrel ahead of the OPEC Meetings tomorrow. Today the Crude Oil Inventories will be announced with expectations at 0.4 million barrels.
Mover & Shaker with forex options
- The Australian dollar (AUD) fell for the second consecutive day, while reaching a 4-year low at 0.8513, as the Governor of Reserve Bank of Australia (RBA) said that the currency might depreciate even more due to fall in commodity export prices. Earlier today the Australian quarterly Construction Work Done came out to be worse than expected as it dropped by -2.2%, while the expectations were to drop by -1.7%.
- Option traders may consider buying a Put on the AUDUSD and gain if the pair moves lower, while the risk is limited to the premium paid.
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Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
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 soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
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.