Today is a huge day for US data. If the data is positive this should see a surge in USD buying as it brings a possible taper closer. If the data is negative then the opposite is true and we could see more sell offs on the USD currency.
To shield us from this risk event coming up later in the session (As much as possible) we will focus on the strongest performing cross pair the EUR/JPY. This pair is currently riding the ride of a weakening yen and Eurozone optimism and shouldn’t be too impacted by the US data coming up this afternoon.
Look for buying opportunities on the EUR/JPY currency pair throughout today’s session.
To shield us from this risk event coming up later in the session (As much as possible) we will focus on the strongest performing cross pair the EUR/JPY. This pair is currently riding the ride of a weakening yen and Eurozone optimism and shouldn’t be too impacted by the US data coming up this afternoon.
Look for buying opportunities on the EUR/JPY currency pair throughout today’s session.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
Recommended Content
Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
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.