USD-index has traded in positive territory throughout the session and ends the European session higher by around 0.4% as the greenback continued to benefit from participants reaction to yesterday’s FOMC statement. Many have focussed on comments from the FOMC highlighting that job gains had been ‘solid’, despite there was being no new hints that rate lift-off would begin in September. The USD then continued to strengthen during the European afternoon on the back of US GDP Annualized (2.30% vs. Exp. 2.50%, Prev. -0.20%, Rev. 0.60%) with the market focusing on the upward revision to Q1 and strong components, with Business Fixed Investment reaching its lowest level since Q3 2012.
FX news has been fairly light, with the exception of the US today as employment and CPI data from Germany painted a mixed picture, which failed to support EUR against the greenback with EUR/USD breaking below 1.0950 after the additional 9000 unemployed citizens broke a 9 month run of improvements in employment.
Looking ahead, tomorrow sees Japenese employment and PCI data, Eurozone CPI, US Chicago PMI and University of Michigan Sentiment as well as the Russian rate decision, with the central bank forecast to cut their key rate by 50bps, with some analysts forecasting a 100bps cut.
FX news has been fairly light, with the exception of the US today as employment and CPI data from Germany painted a mixed picture, which failed to support EUR against the greenback with EUR/USD breaking below 1.0950 after the additional 9000 unemployed citizens broke a 9 month run of improvements in employment.
Looking ahead, tomorrow sees Japenese employment and PCI data, Eurozone CPI, US Chicago PMI and University of Michigan Sentiment as well as the Russian rate decision, with the central bank forecast to cut their key rate by 50bps, with some analysts forecasting a 100bps cut.
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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.
EUR/USD refocuses its attention to 1.1200 and above
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Gold holding at higher ground at around $2,670
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
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
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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