Market Movers ahead
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We look for more stabilisation in the Euro Flash PMI released on Friday.
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On the trade war front, we wait to see whether the US and China re-enter talks or whether Donald Trump implements of a 25% tariff on another USD200bn of imports from China.
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Brexit is set to be in focus as EU leaders meet for an informal Summit in Austria on Thursday-Friday.
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The Fed enters the blackout period ahead of the FOMC meeting on 26 September.
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In Scandinavia, focus turns to the Norges Bank meeting, where we look for the first hike for more than seven years. Minutes from the recent Riksbank meeting will also be scrutinised.
Global macro and market themes
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The tight US labour market is a rising risk to growth.
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The US-China trade war is set to escalate further before a deal is reached.
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Emerging market assets are cheaper but there are still short-term risks.
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Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.