FOMC meeting minutes on Wednesday were slightly more “dovish” than the October statement itself. Markets seem to be tired from the neutral Fed and seek to know exact terms of the coming rate hike. The consensus forecast for now lies in the middle of the next year.
All in all, the US economic data on the past week confirmed the ongoing recovery. Unemployment claims stay below 300K for a 10th consecutive week. Philly Fed manufacturing index unexpectedly surged to a 20-year high, while annualized CPI increased to 1.7%.
Next week on Thursday watch preliminary Q3 GDP and Conference Board consumer confidence index. Wednesday will become another crowded day on the market. On Thursday the US banks will likely be closed due to Thanksgiving Day celebration. What’s more, don’t miss the long-awaited OPEC meeting on Thursday. Will the oil-exporters decide to cut production? The decision will clearly impact the US currency.
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AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.