Mario Blascak, PhD
Independent Analyst
What you need to know before markets open
In Europe
- The Eurozone trade balance reached a €16.5 bn surplus in May 2018, compared with a surplus of €19.3 bn in May 2017.
- The high profile Trump-Putin summit in Helsinki saw positive signs of collaboration starting between the superpowers with Trump being criticized for refusing to criticize Putin for the 2016 Presidential election meddling.
In the UK
- The UK Prime Minister May bows to Brexit pressure in parliament.
- Ther Bank of England Governor Mark Carney and Deputy Governor Jon Cunliffe are scheduled to testify on the Financial Stability Report before the Treasury Select Committee in parliament.
- The UK employment report for June is expected to see unemployment stack to four decades low of 4.2% while wages excluding bonuses are expected to decelerate to 2.7% y/y. For detail read my Preview here and benefit from trading the report with GBP/USD here.
In the US
- The US retail sales retail sales increased 0.5% in June with data for May revised higher to show sales rising 1.3% m/m instead of the previously reported 0.8% gain. May's rise in retail sales was the largest since September 2017.
- Minneapolis Federal Reserve President Neel Kashkari said the flat yield curve requires rate hike pause.
- The Federal Reserve chairman Jerome Powell is expected to stick to the gradual interest rate hiking policy path while testifying in the Senate’s banking committee. For details read Yohay’s Preview here.
In Australia
- The Reserve Bank of Australia meeting minutes revealed that the next move in official interest rates is likely to be higher should progress in lowering unemployment and boosting inflationary pressures continue in the period ahead.
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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 soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
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.