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Summary
European Market Update – The Aussie buck rallied on the release of the Australian Q1 GDP report, which came in with 0.3% q/q growth, well off the 1.1% q/q growth seen in the previous quarter and matching economists’ median expectation, although there had been some market fears of a negative print (following weak retail sales and capex data over the quarter). The Australian economy hasn’t seen a recession in 103 quarters now (just one quarter shy of 26 years), which apparently matches the Netherland’s growth run (according to Reuters). A successful Short Position was taken yesterday on GBPAUD, with +100 pips gain, while we entered AUDCAD on yesterday’s LIVE WEBINAR, once 20 DAY moving average broke.
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EUR/USD plummets to 1.1840 on US NFP
EUR/USD’s selling momentum now picks up pace and rapidly hits the 1.1840 region on Wednesday. Indeed, the pair’s decline comes amid rising buying pressure on the US Dollar in the wake of firmer-than-expected results from US NFP in January.
GBP/USD approaches 1.3600 on USD-buying
GBP/USD adds to Tuesday’s pullback and trades closer to the 1.3600 support on Wednesday. That said, Cable’s extra downside traction comes against the backdrop of renewed strength in the Greenback as investors assess the latest US NFP data.
Gold trims gains post-NFP, targets $5,000
Gold rapidly reverses initial gains and retreats to the vicinity of the $5,000 region per troy ounce amid further gains in the Greenback and rising US Treasury yields, all following the latest US NFP readings.
Ripple Price Forecast: XRP sell-side pressure intensifies despite surge in addresses transacting on-chain
Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.
S&P 500 at 7,000 is a valuation test, not a liquidity problem
The rebound from last week’s drawdown never quite shook the sense that it was being supported by borrowed conviction. The S&P 500 once again tested near the 7,000 level (6,986 as the high watermark) and failed, despite a macro backdrop that would normally be interpreted as supportive of risk.
Nonfarm Payrolls increase by 130,000 in January vs. 70,000 forecast
NFP in the US rose by 130,000 in January, the US Bureau of Labor Statistics reported on Wednesday. This reading followed the 48,000 (revised from 50,000) increase recorded in December and came in above the market expectation of 70,000.