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Thursday’s session was a continuation of the USD sell off which has gathered significant momentum as expectations of a Fed rate this year fade. The market probability is less than 50% for one 25bp move this year, and having priced in four at the start of January, this shift has caused the USD index to fall from 99.63 to 96.26 in this week alone. Losses in USD/JPY stopped shy of 117.00 in North American trade Wednesday, but after a brief recovery, we returned through the figure, but stalled ahead of 116.50. EUR/USD gains have been just as strong, following the 1.1000 breach with strong gains into the mid 1.1200’s, though as in most cases, some consolidation in play now. CAD is the exception, holding close to the 1.3635 highs against the USD as WTI has pushed through $33.0. A big day for GBP, with the BoE vote split moving back to 9-0 for unchanged rates. This was tempered by governor Carney reiterating the next rate move is up, and after a brief hit down to the low 1.4500’s, Cable returned to post fresh recent highs to 1.4668/70. EUR/GBP broke up to .7700, but was quickly knocked back. Pre China New Year gains in the CNH saw the spread over CNY wiped out – both rates below 6.5700. In EM, strong gains in BRL, but Oil related pairs lagging.
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AUD/USD: The hunt for the 0.7000 hurdle
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
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.
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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