Global market snapshot: US Q2 GDP rose to highest level since 2014 Q3 - ANZ

Ross J Burland FXStreet

Analysts at ANZ Bank New Zealand Limited ("ANZ") noted the key events ending markets last week.

Key Quotes:

"US Q2 GDP rose by 4.1% saar, its highest level since 2014 Q3. The data were in line with expectations but below some of the punchier estimates, leaving financial markets little changed. Trump spoke saying the fantastic numbers will only get better as he agrees trade deals."

"The USD was little changed; the focus is very much on the FOMC statement this week, which is widely expected to acknowledge the solid growth environment, convergence of inflation to target and appropriateness of further gradual policy normalisation."

"Otherwise, it was a quiet night for data."

"European equities continued to firm, with the major indexes up 0.4%-0.6%. The S&P 500 fell 0.7%, with tech stocks dragging. Fixed income was little changed in the US but bund yields were a touch firmer."

"WTI oil fell late in the session before bouncing to sit at USD68.60/bbl."

"Gold was 0.1% firmer at USD1224/oz."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.