It was a quiet Asian affair on Friday, with minor-buying interest seen emerging around the US dollar, with markets correcting yesterday’s heavy sell-off, which was intensified by the US Treasury Secretary Mnuchin’s interview. There were no relevant economic events reported in Asia, except for RBA Governor Lowe’s speech, which had limited impact on the Aussie’s overnight retreat from multi-week tops.
Later today, we have an empty European docket to end the week, while from the UK, there is only the BBA mortgage approvals data on the cards. The NA session is relatively eventful, with the Canadian CPI, followed by the US new home sales and revised UoM consumer sentiment data.
Main topics in Asia
RBA Lowe speech: Discards further rate cuts
Lowe: "Hard to say that Aussie is fundamentally overvalued"
RBA's Lowe: "Commodity prices will pull back from current levels"
RBA’s Lowe: There are more effective ways to stimulate demand than to cut rates now
Bitcoin hits record highs on ETF approval talk, RSI in overbought region
Bitcoin hit a record high of $1193.92 on speculation that the first Bitcoin exchange-traded fund (ETF) is set to receive approval from the US financial regulator.
Mnuchin takes a BAT to the dollar – AmpGFX
Greg Gibbs at AmnpGFX provides an in-depth understanding of yesterday’s Mnuchin’s take on the Border Adjustment Tax (BAT) and its implications on the US dollar.
Key focus for the week ahead
Analysts at Nomura offered a preview of the forthcoming and final US data of the week.
EUR/JPY: Further deterioration in store - Natixis
According to Micaella Feldstein, Research Analyst at Natixis, caution is in order as the EUR/JPY cross is flirting with the support at 119.61 (weekly Bollinger moving average).
BBG Survey: Australia’s Q4 GDP seen at 0.7% q/q
The latest Bloomberg survey offers hints on what to expect from next week’s Australian Q4 GDP release.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'