Currencies
- The euro (EUR) climbed from 1.2730 all the way up to 1.2824 against the US dollar (USD). The euro gained momentum as investors anticipate that the Fed may delay increase the interest rates due to slow global recovery.
- The US dollar (USD) slid from its high at 107.38 down to 106.24 against the Japanese yen (JPY). The yen rose as Asian stocks declined and investors are shifting towards safer assets.
Equities
- Asian equities fell yesterday as market participants are weighting the slow Chinese economic data and the US corporate earnings. The Japan 255 (NKI) slid from 15208 down to 14787 while the China 50 (CNX) is now trading around 7160.
Commodities
- Corn (CRN) rebounded from its four year low at 341 up to 349 US dollars per Bushel as dry weather may reduce the supply of the commodity.
Mover & Shaker with forex options
- Gold (XAU) continues its rally and skyrocketed from 1234 up to 1250 US dollars an ounce since yesterday The precious metal headed for gains as market participants assess the recovery of the global economy along with the timing of rising interest rates in US.
- Option traders may consider purchasing a CALL on XAUUSD and gain if the pair continues the upside, while the risk is limited to the premium paid.
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Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.