KBC Market Research Desk
KBC Bank
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Despite risk‐off sentiment in Asia, European shares opened higher this morning and were further supported by a better EMU manufacturing PMI. US Equities opened slightly higher too.
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The US manufacturing ISM dropped from 51.8 to 50.8 in April, below the market consensus of 51.4 and reversing part of the previous month’s uptick. Prices paid however picked up sharply.
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The European Central Bank's exceptional monetary stimulus will take time to boost euro zone inflation although it is already helping growth, Executive Board member Benoit Coeure said on Monday.
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Gold extends it’s rebound today, rising for a fifth consecutive session, supported by a weaker US dollar. The gold price rose temporarily above $1300/ounce, only a whisker away from last year’s high.
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Around this time, ECB President Draghi starts a speech on the future of financial markets. Later today, ECB’s Lautenschlaeger and Fed’s Williams are scheduled to speak. Early tomorrow, Australia’s central bank will decide on rates.
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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EUR/USD hovers near 1.0700 even as USD struggles ahead of data
EUR/USD has erased gains to trade flat near 1.0700 in the European session on Thursday. The pair comes under pressure even as the US Dollar struggles, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD turns south toward 1.2500, US data eyed
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair struggles, despite the US Dollar weakness on dovish Fed signals. A mixed market mood caps the GBP/USD upside ahead of mid-tier US data.
Gold price pulls back as market sentiment improves
The Gold price is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.