Summary
The Day So Far
French bonds have let out a sigh of relief this morning having taken solace in the centrist alliance formed between Emmanuel Macron and François Bayrou. To me this is a strong move in pursuit of the closely contested Presidential race and gives the relatively inexperienced Macron an experienced partner who the voting electorate will be very familiar with having had Bayrou place his hat in the ring on three prior occasions in 2002, 2007 and 2012. Even from a personal background the two could not be more different with Macron the son of a neurology professor and doctor, in contrast to Bayrou being the eldest son of farmers from the South-West region of Nouvelle-Aquitaine. It is this marriage of differences coming together that I believe is the answer for those looking for a credible alternative to the rising populous movement that has swept global politics over the last 18-months.
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Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.