European Central Bank Vice President Vitor Constancio speaks risks facing markets, financial resilience in the euro zone and Italian politics.
Cryptocurrencies were lower on Thursday, with Bitcoin falling to a six-week low amid reports that the U.S. Justice Department is looking into whether traders are manipulating the price of Bitcoin and other virtual currencies. Bitcoin was trading at $7,377.80, falling 6.74% as of 7:59 AM ET (11:59 GMT) on the Bitfinex exchange. As virtual currencies have increased in popularity among investors, it has lead to further investigations from regulators around the world.
The U.S. dollar index steepened its decline in early Thursday trade, pulling back from a 2018 high, after President Donald Trump canceled next month’s North Korea summit and potential import tariffs on cars brought up renewed fears over trade-wars. What are currencies doing? The ICE U.S. Dollar Index (IFUS:DX-Y.NYB) dropped 0.4% to 93.624, after rising to its highest level since mid-December on Wednesday.
Mobile banking app Revolut now lets users buy, sell and hold Ripple's XRP and bitcoin cash, in addition to bitcoin, litecoin and ether.
The South Korean won plummeted as President Donald Trump canceled the U.S.-North Korea summit scheduled to be held in Singapore next month. The U.S. dollar gained 0.7% on South Korea's currency , last fetching 1,084.89 won.
Investing.com – U.S. futures pointed to a flat opening bell on Thursday as investors looked ahead to economic data and concern over U.S.-China trade talks continued.The S&P 500 futures was down half a point or 0.02% to 2,730.25 as of 6:46 AM ET (10:46 GMT) while Dow futures decreased 18 points or 0.07% to 24,841.0. Meanwhile tech heavy Nasdaq 100 futures rose three and a half points or 0.05% to 6,960.50.A flurry of economic data is expected later in the day, with jobless claims at 8:30 AM ET (12:30 GMT) and existing home sales at 10:00 AM ET (14:00 GMT). ...
Rice prices in India fell for the third straight week to their lowest level in a year as the rupee slipped to a 16-month low, while markets in other top exporters remained relatively muted. "Indian rice is very competitive compared to supplies from Thailand and Vietnam. Rice prices in the country, which emerged as a major importer in 2017 after floods damaged its crops, jumped around 40 percent last year due to depleting stocks, forcing the government to seek supplies from Asian countries like India, Thailand and Vietnam.
Investing.com - Gold prices moved higher as a weaker dollar and U.S.-China trade concerns continued to support demand for the safe haven precious medal.
Investing.com - Sterling was higher on Thursday after UK retail sales came in higher than expected, boosting confidence in the economy.UK retail sales rose 1.6% in April, compared to expectations for a 0.1% gain, the Office for National Statistics reported. The unexpected increase indicates consumer confidence in the UK economy, despite political uncertainty surrounding Brexit.GBP/USD surged 0.46% to a one-day high of 1.3410 as of 4:43 AM ET (8:43 GMT).The euro was also higher, but was held back by economic and political worries in Europe. ...
Before Italy’s general election in March, strategists said the worst-case scenario for equity markets would be an anti-establishment coalition government. Giuseppe Conte is on track to become the new prime minister, with a pair of populist parties — the 5 Star Movement and the League — picking the little-known law professor as a compromise candidate to head their coalition. The new government represents “the worst-case scenario,” with its plans worrying investors, but there are some reassuring factors, said Seema Shah, an investment strategist at Principal Global Investors.
The inside move and the early trade indicates traders aren’t sure how to play the AUD/USD, likely due to the conflicting fundamentals. The direction of U.S. Treasury yields today is likely to be the catalyst behind the price action.
Based on the early trade, the direction of the EUR/USD is likely to be determined by trader reaction to the former bottom at 1.1712.
The USD/CAD has been consolidating within the rectangle range above M L3 pivot point. Consolidation is also between the W L3 and H3 above the ascending trend line, so I assume the price is still bullish. 1.2760-1.2787 is the POC zone and we might expect a bullish bounce once the price retests the zone. However, if the candle breaks and closes above W H3 -1.2932 we should see a continuation to the upside targeting 1.2980 and 1.3060.
The market continued to remain weak and negative during the Wednesday’s session breaking below the 1.17 level. By going below this level, the market is more likely to fall towards its next major support level at 1.15 level underneath. Short-term rallies in the market will be an excellent opportunity to sell this market as it offers value in the USD. …Read MoreGBP/USD
Gold should be supported on Thursday if Treasury yields continue to retreat and drag down the U.S. Dollar. Gold will get an additional boost if geopolitical concerns continue to escalate especially over North Korea.
Investing.com – The dollar slid against major Asian currencies Thursday morning after climbing overnight to a fresh high for the year. Without any key economic data in the region, investors focused on political events that clouded the market outlook. As risk appetite soured, the safe-haven yen was sent higher.
Investing.com – Gold prices rose on Thursday as uncertainty over the trade talks between the U.S. and China supported gold’s safe-haven demand.
Investing.com – Bitcoin prices fell on Thursday amid reports that India is proposing a crypto tax in the form of the Goods and Services Tax (GST).
Talk that U.S. President Donald Trump proposed looking into imposing new tariffs on imported cars is also pressuring the U.S. Dollar early Thursday.
The Fed’s soft tone in its minutes could continue to underpin the AUD/USD and NZD/USD on Thursday. The minutes sent a clear message to investors that the Fed won’t be too aggressive on any uptick in inflation beyond the 2 percent level. This essentially means that the Fed will stick with its plan for at least two more times in 2018 and its strategy of raising interest rates gradually.
The FOMC minutes may have eased demand for the Dollar, but with UK retail sales figures, Carney and the ECB’s monetary policy minutes in focus today, it could all swing back in the Dollar’s favor.
Gold markets have gone back and forth during the trading session on Wednesday, as we have bounced to and fro, using the $1300 level as resistance. The Gold markets will continue to struggle under the strengthening US dollar, and of course the geopolitical concerns.