Gold markets pulled back a bit during the trading session on Thursday, as we continue to see plenty of support near the $1550 level. At this point, the market looks likely to see value hunters come back in every time we dip.
Christine Lagarde, the new head of the European Central Bank, has announced a comprehensive review of ECB of its monetary policy. The review is scheduled to take one year, and Lagarde has said that she will be listening carefully as she attempts to modernize the ECB.
The direction of the April Comex gold futures contract the rest of the session on Thursday is likely to be determined by trader reaction to $1558.80.
The US dollar pulled back against the Japanese yen rather stringently during the trading session on Thursday, raking below the ¥109.50 level. However, we should have plenty of support underneath.
The British pound pulled back during the Thursday trading session against the greenback, as the market may have gotten a bit ahead of itself during the Wednesday session.
The British pound pulled back a bit against the Japanese yen during the trading session on Thursday, as we continue to see a lot of volatility in this pair. Ultimately, this is a market that is very risk sensitive, so keep in mind that it will ebb and flow with other markets.
The Euro initially tried to rally during the trading session on Thursday but gave back the gains to break lower yet again. As the ECB keeps interest-rate at zero, they sound extraordinarily dovish.
The Australian dollar rallied quite significantly during the trading session on Thursday, reaching towards the 200 day EMA as the jobs numbers came out much stronger than anticipated.
Based on the early price action and the current price at 1.1090, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to the major 50% level at 1.1096.
The European Central Bank, as expected, left interest rates unchanged on Thursday and maintained its commitment to purchasing 20 billion euros ($22.8 billion) a month in bonds. The ECB's deposit rate stands at -0.5%, while its main refinancing operations rate holds at 0%. In a statement, the ECB repeated that its Governing Council expects rates to remain at present or lower levels until there are solid signs stubbornly low inflation is on track to converge with the bank's target of near, but below, 2%. The ECB also reiterated it expects asset purchases to run for as long as needed to underline the accommodative impact of its policy rates, ending them shortly before it starts to raise interest rates. Also as expected, the ECB announced the launch of a review of its monetary policy strategy. ECB President Christine Lagarde is scheduled to hold a news conference at the bank's Frankfurt headquarters at 8:30 a.m. Eastern.
The World Health Organization (WHO) postponed a decision Wednesday over whether to declare the disease a global emergency. However, the WHO is expected to make the announcement today. This news should dictate the next move in the Dollar/Yen.
Litecoin (LTC) is currently trading at around $55 after a 5% drop in price over the last 24 hours. Litecoin experienced exponential growth during the summer of 2019, hitting a yearly high of about $140 in August before breaking down over the second half of the year. The altcoin reached a low of around $37 before recovering to $40, where the altcoin consolidated for a few weeks. Overall, from high to low, Litecoin lost about 68% of its value in the second half of 2019. Interestingly, at the time of writing, LTC seems to be showing signs of recovery along with the rest of the cryptocurrency market. Despite last night's drop, Litecoin is still up around 38% since the startThe post Latest Litecoin price and analysis (LTC to USD) appeared first on Coin Rivet.
GBP/USD consolidated in early trading on Thursday after a notable upward technical break yesterday which has set a positive tone for the pair.
The range in EUR/USD has been narrowing through the week but volatility is expected later today as the European Central bank meets to discuss monetary policy.
The employment report is good news for Australian Dollar bulls and discouraging news for short-sellers betting on a February rate cut. Now they have to reset the clock to April or May so selling the AUD/USD on rallies may not be sound advice unless the coronavirus scare spooks investors into dumping the currency because of Australia’s ties to China’s economy.
Caution reigned supreme today in markets as Wuhan went into shutdown and those that were unfortunate enough to have China risk to cover were forced to do so amid dwindling liquidity on both the Yuan and SHCOMP.
Dear Traders, The GBP/USD has formed Adam and Adam pattern, which is a stronger variant of a W bullish pattern. Continuation up is expected.
The British pound has flexed some muscle, as GBP/USD has climbed above the 1.31 line for the first time in two weeks. Will the upward move continue?
It’s funny. The news tends to lead investors to believe that gold is a buy when there is uncertainty and fear in the markets, but this type of thinking doesn’t seem to be working at this time.
Nobody expects any policy changes when European Central Bank big shots meet Thursday, but Christine Lagarde could still drop some worthwhile hints about the path ahead.