KBC Market Research Desk
KBC Bank
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The post‐FOMC rally on equity markets ran into resistance today with European shares losing about 0.5%. US Equities opened lower too in an uneventful session.
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The IMF called on euro zone governments to take bolder action to ease Greece's debt burden, saying that measures currently on the table do not go nearly far enough to address the country's chronic problems.
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Fed's Rosengren warned today the US central bank's failure to get back to a strategy of gradual rate increases may threaten the ongoing US economic recovery. Rosengren added that a significant overshoot of full employment could shorten the recovery.
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The Canadian dollar weakens sharply today, ending a four day winning streak, after a set of disappointing eco data. Core retail sales dropped for a second straight month in July and also inflation data came out well below expectations. Core inflation dropped to 1.8% Y/Y, its lowest level in two years.
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Brent crude oil prices are trading higher for a fourth straight session, hovering currently around $47.70/barrel. According to Reuters, Saudi Arabia could reduce its crude production should regional Iran cap its own output this year.
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 holds above 1.0700 after US data
EUR/USD struggles to build on Wednesday's gains and fluctuates in a tight channel near 1.0700 on Thursday. The data from the US showed that weekly Jobless Claims held steady at 208,000, helping the USD hold its ground and limiting the pair's upside.
GBP/USD fluctuates above 1.2500 following Wednesday's rebound
GBP/USD stays in a consolidation phase slightly above 1.2500 on Thursday after closing in the green on Wednesday. A mixed market mood caps the GBP/USD upside after Unit Labor Costs and weekly Jobless Claims data from the US.
Gold retreats to $2,300 despite falling US yields
Gold stays under bearish pressure and trades deep in negative territory at around $2,300 on Thursday. The benchmark 10-year US Treasury bond edges lower following the Fed's policy decisions but XAU/USD struggles to find a foothold.
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.