Bitcoin prices were drifting lower on Thursday, putting a 5-day win streak at risk for the best-known digital currency.
The U.S. dollar climbs higher Thursday despite weaker-than-expected economic data, after the Federal Reserve’s January meeting minutes a day earlier failed to put another dovish damper on market sentiment.
The Australian dollar is once again struck by China-related woes on Thursday, though this time it isn’t the Sino-U.S. trade spat that inflicted pain.
Gold markets pulled back a bit during the day on Thursday, as the $1350 level continues offer a bit of interest. However, we have broken out and we should eventually see buyers come back.
The US dollar went back and forth during the trading session on Thursday as we continue to hang about relatively important consolidation. There are several technical signals firing off in the same area, so this of course is going to continue to be very interesting to watch.
The British pound rallied a bit during the trading session on Thursday again, as we continue to see a lot of strength in the cable pair. However, there does seem to be a bit of noise above that could cause a pullback.
The British pound has gone back and forth during the trading session on Thursday against the Japanese yen as we are pressing major resistance. This is that much of a surprise, but we have recently kicked off a bullish flag, so there is still high potential for explosive moves to the upside.
The Euro continues to grind overall, as we see a lot of volatility around the 1.1350 level. This is an area that should continue to be very noisy, due to microstructure. At this point, I think the larger consolidation needs to be paid attention to though.
The Australian dollar fell hard during the trading session on Thursday, as we initially spiked towards the 0.72 handle. However, there is a major amount of support underneath that should continue to keep this market somewhat afloat, so I do believe that we are going to see a recovery.
CAD erased early gains and pair trades near intra-day lows as Traders eye US macro data/speech by BoC Poloz for some meaningful impetus.
London stock markets fell Thursday, as mining and energy names tugged on the broader FTSE 100. The FTSE 100 (UK:UKX) led the region’s top decliners, falling 0.7% to 7,180.85 after the index finished up 0.7% on Wednesday. “Optimism around the trade talks between the U.S. and China remains the main catalyst here, so we expect more [stock] gains in the short term,” said Konstantinos Anthis, head of research at ADSS.
QuadrigaCX's "hot" wallets for bitcoin and ether have been nearly emptied, with the funds now held by court-appointed monitor EY.
Based on the early price action, the direction of the April Comex gold market on Thursday is likely to be determined by trader reaction to the step uptrending Gann angle at $1336.70.
Sterling’s price action has been erratic due to the growing sensitivity towards Brexit-related headlines and news flows. With investors clearly pessimistic over Theresa May’s trip to Brussels concluding on a positive note
Based on the early price action, the direction of the EUR/USD on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 1.1364.
The greenback recovered from its sudden fall after disappointing economic data on Thursday raised concerns about the strength of the U.S. economy and supported the Federal Reserve’s decision to hold rates steady for the foreseeable future. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell to 96.239 after the data before recovering to 96.391 as of 10:30 AM ET (15:30 GMT). New orders for durable goods, excluding volatile items, fell unexpectedly in December, while business activity in the mid-Atlantic region declined to its weakest level since May 2016, according to the Philadelphia Fed's monthly survey.
The gold prices pulled back a bit during Wednesday’s session as the $1350 level above is offered a bit of resistance. The gold market is likely to struggle a bit around here to break higher but has strong multiple support underneath, which will provide enough momentum to move higher. The $15.80 level underneath is massive support and pullbacks will continue to be a nice buying opportunity.
The pair is currently stationed around the 1.1350 level as there are a lot of developments around the market and is also looking for clarity on the future momentum. The weak momentum around the USD is likely to support the EURO to reach higher, and if it breaks above 1.15 level, it will be extremely bullish and will attract many buyers.
If a trade deal is struck then this should provide some relief to concerns over a global economic slowdown in China. The lifting of an excuse to remain “patient” could eventually give the Fed a reason to resume its rate hikes, and this is what has gold traders worried.
GBPUSD trades range bound near 1.3050 handle as traders await macro data updates for directional cues.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at .7114.
The Australian dollar tumbled on Thursday after customs at China's northern Dalian port banned imports of coal from major supplier Australia. The currency was already on the back foot after a forecast of an interest rate cuts from a major Australian bank earlier on Thursday. The indefinite ban on coal imports from Australia, effective since the start of February, comes as major ports elsewhere in China prolong clearing times for Australian coal to at least 40 days.