Consolidation, for the most part, is helping to contain any real FX moves ahead of the weekend. However, the notion hasn't applied to either the USDJPY or EURUSD. Both pairs are being supported higher by fundamental drivers, allowing for the likelihood of continued gains heading into late morning trade.
Events To Watch
Overnight Releases
UK Manufacturing Surprisingly Declines - FXStreet.com
Prices Fall in Switzerland - FXStreet.com
Yen Soars on Stimulus - FXStreet.com
US Headlines
Canada Trade Deficit Widens - FXStreet.com
US Trade Deficit Soars - FXStreet.com
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EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.