'Thursday saw the first day of reprieve for European stock indices this week', says Axel Rudolph, Senior Market Analyst at online trading platform IG.
European indices stabilize
"After a dismal start to the week, European stock indices managed to regain some recently lost ground alongside their US counterparts as US building permits rose more than expected, jobless claims plunged to a 16-month low and the S&P information technology sector hit a record high. European equity markets stabilized despite ECB policymakers advocating a prolonged restrictive stance and eurozone construction falling the most in nearly three years."
Oil and Gold prices rise on geopolitical tensions
“Ongoing missile attacks between US/UK warships and Houthis in Yemen have been joined by exchanges between Iran and Pakistan which led to and escalation in the region. This pushed the oil price higher for a second straight day and also provoked a recovery in the gold price on flight to safety flows."
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AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
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Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
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Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
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RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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