Currencies
- The euro (EUR) dropped against the US dollar (USD) to 1.3525. The single currency is under pressure as today the yearly EU CPI will be announced while expectations lie at 0.5%.
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The US dollar (USD) fell towards 101.51 against the Japanese yen (JPY). The US Unemployment and Philly Fed Manufacturing Index is coming ahead with expectations of 310K and 15.6 respectively.
Equities
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European equities advanced yesterday. The GER 30 (DAX) went to 9862, the EUStocks 50 (ESX) to 3201 and the France 40 (CAC) to 4368.
Commodities
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Palladium (XPD) is edging higher while it reached a 13-year high at 876.70 as demand for the safe haven increases.
Mover & Shaker with FX Options
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Gold (XAU) rose to 1300 as the demand of the precious metal in China and India, the largest consumers in the world, increased because of the lower price.
- Option traders may consider constructing a Back Spread Strategy with Calls on the XAUUSD and gain if the pair moves higher, while the risk is limited to the premium paid.
- A Back Spread Strategy with Calls can be constructed by selling an at the money Call while buying an out of the money Call at double amount.
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Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades slightly near 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range below $2,320
After retreating to the $2,310 area early Wednesday, Gold regained its traction and rose toward $2,320. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.