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Summary
US Market Update – The dollar perked up following the mix of data, where a soft, but not as bad as expected Durable Goods report, and a higher than expected revised Q1 GDP print gave dollar bulls some support. Sterling has continued to suffer, with Cable at its lows and showing a 1.1% loss on the day. The pound is down by 1.6% versus the yen, and by 0.9% versus the euro. A YouGov poll showed that the Conservative Party lead has slipped to just 5 percentage points ahead of the June-8 general election. The June-19 start date for Brexit negotiations is also starting to sharpen markets risk awareness.
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EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.