The major event on today’s calendar is Ethereum’s London hard fork, and there are some important changes that are coming for Ethereum. Though a wild price action is certainly not on the agenda, unless things don’t go smoothly as expected, the latest proposals will be important for Ethereum’s transformation for a more environment-friendly and less inflationary asset.
In the traditional markets, the US ADP report missed estimates at yesterday’s release. The data sent the Dow lower, but Nasdaq eked out slight gains. The weak data couldn’t boost the Fed doves in an environment of overshooting inflation and the Fed’s Clarida said the first rate hike is certainly coming in 2023. Ouch. Bad data and the hawkish Fed is not a good elixir for your regular risk investor.
But one stock that just soared was Robinhood after pajama traders rushed into the mother of the meme frenzy. Is it worth taking a chance in the HOOD rally? It depends on your risk tolerance. I discuss how far the rally could go and give an update on GME and AMC stocks.
Finally, if meme trading is not for you, Swissquote’s Swiss Bliss theme portfolio could well be. So don’t forget to check out Swissquote’s best Swiss company picks for a solid fundamental play!
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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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.