It’s looking like another mixed open for European stock indices which is disappointing given last night’s surge on Wall Street. Investors on this side of the Atlantic may take a cautious approach going into the weekend given the uncertainty ahead of Sunday’s first round of voting in the French presidential election. After all, it’s possible we start next week with two anti-European, and frankly anti-business, candidates for the deciding vote on May. Last night’s Paris attack has added to the febrile atmosphere with all 11 candidates holding off from campaigning today.
Meanwhile, US Treasury yields continue to rally on a reduction in geopolitical tensions and as the Trump’s Treasury Secretary Mnuchin hinted that the administration was close to major tax reform. This has seen safe havens such as gold and silver pull back yet again. At the beginning of the week both metals hit their highest levels since early November, just after Trump’s election victory.
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USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD depreciates on risk aversion amid a stronger US Dollar
AUD/USD extends its losses for the second successive session on Friday. However, market activity is expected to be subdued due to light trading on Good Friday. Meanwhile, the US Dollar strengthens as recent data indicates annualized economic expansion in the United States, driven by consumer spending.
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.
Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts
Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.
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.