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Summary
It’s Friday April 28th, and here is this week’s edition of forex happy hour and market report for the final trading day of the week. Major currency pairs saw a ton of volatility in the past week as Major central banks laid out their policy statements. Today is Switzerland’s turn to catch the eyes of market participants. Swiss National Bank (SNB) Governor Thomas Jordan sharing his two cents about monetary and investment policy in Bern at 8 AM GMT. He did a bit a of jawboning a week ago in an interview in Washington. He casually said the SNB has willingness to intervene if necessary on the foreign-exchange market. He might be planning to put CHF under pressure a bit more today. Other than this, we have the UK GDP out at 8:30 AM expected to have risen to 2.2%, Euro-Zone Consumer Price Index Estimate will be out at 9 AM, and Canada and the US will release their respective GDP data at 12:30 PM, so there is a lot to look forward to if you are a day trader. For me, not so much, as I am long term investor. Thanks for watching, have a great weekend and come back for more from Capital Index and Invest Diva next week.
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Editors’ Picks
EUR/USD: Yes, the US economy is resilient – No, that won’t save the US Dollar Premium
Some impressive US data should have resulted in a much stronger USD. Well, it didn’t happen. The EUR/USD pair closed a third consecutive week little changed, a handful of pips above the 1.1800 mark.
Gold: Metals remain vulnerable to broad market mood Premium
Gold (XAU/USD) started the week on a bullish note and climbed above $5,000 before declining sharply and erasing its weekly gains on Thursday, only to recover heading into the weekend.
GBP/USD: Pound Sterling remains below 1.3700 ahead of UK inflation test Premium
The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week.
Bitcoin: BTC bears aren’t done yet
Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.
US Dollar: Big in Japan Premium
The US Dollar (USD) resumed its yearly downtrend this week, slipping back to two-week troughs just to bounce back a tad in the second half of the week.
Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight
US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.