Danske Research Team
Danske Bank A/S
Majors
EUR/USD: SHORT AT 1.2940 FOR 1.2788; STOP AT 1.3011
USD/JPY: LONG AT 106.85 FOR REVISED 108.45; STOP AT 105.99
GBP/USD: SELL AT 1.6280 FOR INITIAL 1.6052 OBJECTIVE; STOP AT 1.6350
USD/CHF: LOOK TO BUY .9300/.9283
AUD/USD: LOOK TO SELL
USD/CAD: LOOK TO BUY
Crosses
EUR/JPY: LOOK TO BUY 137.40/35
EUR/GBP: POSSIBLY SELL
EUR/CHF: BUY AT 1.2085 FOR 1.2155; STOP AT 1.2065
EUR/CAD: SHORT AT 1.4255 FOR 1.3890 OBJ, STOP 1.4365
GBP/JPY: LONG AT 171.00 FOR 175.35, REVISED STOP AT 172.70
NZD/USD: SHORT AT .8400 FOR REVISED .8052; REVISED STOP AT .8230
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Editors’ Picks
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.