Currencies
- The euro (EUR) rebounded from its two year low at 1.2358 up to 1.2444 against the US dollar (USD). The euro gained a part of its losses after the German Ifo Business Climate unexpectedly increased for the first time since April, boosting hopes for recovery.
- The British Pound (GBP) rose around 100 pips and climbed up to 1.5713 against the US dollar (USD). The BoE kept the interest rates at record lows but remain higher than the interest rates in Japan and Europe. The sterling may be seen higher against a basket of currencies.
Equities
- The European stocks are on a rally, with the Germany 30 (DAX) trades near its 2 month high at 9832, the EU stocks (ESX) climbed up to 3233 and France 40 (CAC) rose up to 4390.
Commodities
- WTI Crude (OIL) fell from its high at 77.80 down to 75.44 US dollars per barrel. OPEC meets this Thursday and is considering to exempt three members from a reduction in production.
Mover & Shaker with forex options
- The US dollar (USD) skyrocketed against the Canadian dollar (CAD) and reached its high at 1.1311. The loonie lost is momentum ahead of the Monthly Canadian Core Retail Sales due at 13:30 GMT and the expectations are on 0.4%.
- Option traders may consider buying a CALL on the USDCAD and gain if the pair moves higher, while the risk is limited to the premium paid.
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.