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Talking-Forex.com
FX has been the dominant force in this respect, with Fed rate hike expectations slowly eroded through the year, and USD sales gathering momentum in recent sessions. The USD index has been slammed though the December lows, but now finding some support above 97.0. Poised for further weakness, the lower 151k headline read in NFPs was largely offset by the fall in the unemployment rate to 4.9%, along with higher than expected earnings.
USD/JPY tested sub 116.50 a number of times, but bounced back each time. EUR/USD also tested higher before getting slammed, finding support ahead of 1.1100 – which still looks vulnerable. Cable has been a little more volatile, losing ground in early London on the latest YouGov polls showing the ‘leave’ camp gaining further. EUR/GBP made a clean break of .7700, but was later reined in despite the GBP spot rate dropping back through 1.4500. CAD gains look to have run their course, with Thursday’s highs under 1.3640 drawing a line for now. Back in the mid 1.3700’s, a softer Canadian jobs headline contributed to a 1.3800+ return, with lower Oil also bolstering. Looking ahead, everyone will be hunting for clues on Fed thinking, so Fed chair Yellen’s testimony to the House and Senate will be the focal point over Wednesday/Thursday. US data is stacked up on Friday led by Jan retail sales. Otherwise, Chinese New Year should add to some near term calm.
USD/JPY tested sub 116.50 a number of times, but bounced back each time. EUR/USD also tested higher before getting slammed, finding support ahead of 1.1100 – which still looks vulnerable. Cable has been a little more volatile, losing ground in early London on the latest YouGov polls showing the ‘leave’ camp gaining further. EUR/GBP made a clean break of .7700, but was later reined in despite the GBP spot rate dropping back through 1.4500. CAD gains look to have run their course, with Thursday’s highs under 1.3640 drawing a line for now. Back in the mid 1.3700’s, a softer Canadian jobs headline contributed to a 1.3800+ return, with lower Oil also bolstering. Looking ahead, everyone will be hunting for clues on Fed thinking, so Fed chair Yellen’s testimony to the House and Senate will be the focal point over Wednesday/Thursday. US data is stacked up on Friday led by Jan retail sales. Otherwise, Chinese New Year should add to some near term calm.
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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.