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Summary
We’ve had quite a bit of volatility in the EUR and JPY crosses in the past few days, post French Elections and ahead of the ECB and BOJ rate decisions today. The EURJPY pair tested and confirmed above the daily Ichimoku cloud in the past few days, however with the important economic events today, we are still on wait and see mode. If the ECB’s Draghi hints at possible shifts in policies and forward guidance in June, then we might see the euro extend its rallies this week. But if he claims inflation is still too low, and fails to hint at tapering or tightening in the near-term, then we might see a bit of profit-taking across the major euro pairs. Also on the economic calendar today is the US Durable Goods Orders out 12:30 PM. Japan will have yet another event during the next day’s Asian session at 11:30 PM GMT, to release their National Consumer Price Index. Thanks for watching and I wish you the best of luck making pips by trading forex.
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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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