Matt Simpson, CFTe, MSTA
CityIndex
- The US dollar remains supported after comments from Powell and Bullard were perceived as less dovish than feared. The weak lead from Wall Street also weighed on Asian equity markets early on.
- NZD is the strongest major after RBNZ held rates and provided only a slightly dovish statement. Still, it paves the way for an August cut with key employment and inflation data arriving just ahead of their next meeting.
- Slight improvement to risk appetite saw gold fall -1.3%, currently its most bearish session in 3 months. USD/CNH nudged its way up to a 5-day high. JPY is the weakest major.
- China has suspended Canadian meat imports from select companies with immediate effect.
- A Senior administration official says Washington will not accept any conditions around the US use of tariffs in trade talks.
- Bitcoin racks $12k to reach its highest level since January 2018.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
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.