The collapse of the Swedish krona to its lowest level in more than a decade against the dollar on Thursday was fueled by what’s becoming a common theme in financial markets: a retreat by global central banks.
The U.S. dollar opened higher on Thursday, with a popular gauge of its strength rising to its highest level since May 2017.
The Gold markets bounce significantly during the day on Thursday, showing signs of strength again. There are a couple of lines to pay attention to in this general vicinity, so we will be monitoring this market very closely.
The US dollar has gone back and forth over the last several sessions, and at this point the market looks as if it continues to test the same region to figure out where to go next.
The British pound broke down again on Thursday, as we continue to extend the downside from the break of the descending triangle.
The British pound broke down significantly during the trading session on Thursday to kick it off, testing major support underneath. The ¥144 level should be significant support, so if we break down below there we could see a significant break down.
The Euro initially tried to rally a bit during the trading session on Thursday but gave back the gains and then broke down even further. At this point, the Euro looks as if it is in real trouble.
The Australian dollar has broken down again during the trading session on Thursday, as US dollar strength continues to be overbearing to most other currencies around the world. However, the Australian dollar is at a very interesting and crucial level.
If the upside momentum continues then look for the rally to extend into the nearest downtrending Gann angle at $1286.80. Taking out this angle will indicate the buying is getting stronger.
Based on the early price action and the current price at 1.1148, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to 1.1152.
Investing.com – The dollar was flat against a basket of major currencies as mixed U.S. economic data weighed on sentiment ahead of crucial U.S. GDP data due Friday.
Mounting fiscal worries about Italy, Europe’s fourth-largest economy, could heap further pressure on the euro in the near term.
The Sri Lankan rupee closed 0.1 percent weaker on Thursday as a bomb scare after the Easter Sunday attacks weighed on the currency, while stocks edged up for the second straight session after hitting a more than six-year low. ** Sri Lankan authorities locked down the central bank and shut the road leading to the jittery capital's airport as more people were swept up in the search for those behind the bombings that killed 359. ** The currency ended at 175.00/50 to a dollar, 0.1 percent weaker than Wednesday's close of 174.90/20, Refinitiv data showed.
Demand for gold could pick up throughout the session if U.S. stock indexes continue to weaken. Shortly after the U.S. opening, the Dow is down over 200 points as shares of 3M dropped 10% after the company reported earnings that were much lower than analysts had expected.
Cryptocurrency’s fifth largest coin in terms of market cap – Litecoin – has established a key level of support at $70 following a 225% move to the upside since the turn of the year. Litecoin rallied from $60 to $100 on April 1 before eventually losing momentum and consolidating at the $70 mark. Holding this current level will be key considering Litecoin hasn’t traded above $70 since the breakdown in price in August 2018. Upside targets During the 2017 bull-run, Litecoin was one of the top performing cryptocurrencies, rising an astonishing 9000% while reaching an all-time high of $420. With this in mind, if Litecoin can break out of the psychological $100 level of resistance, it could be primed to The post Litecoin establishes bullish support zone ahead of resistance re-test appeared first on Coin Rivet.
Many people wonder whether cryptocurrency mining is still profitable in 2019. Now the big players have taken control, with their industrial-scale operations, it can be hard for solo operators to compete. So where does Litecoin mining sit on the scale of profitable coins to mine? This is a tricky question, and there’s no such thing as the right answer. Litecoin mining could be the next big thing if predictions that LTC price will reach over $700 by the end of this year are to be believed. At the same time, it could be a total waste of time and money. Plenty of miners and investors believe there’s no space for altcoins to grow in the market. LTC price could just The post Is Litecoin mining still profitable? appeared first on Coin Rivet.
This week brought us crucial movements for the American Dollar. USD made new local highs/lows on many instruments with the Dollar Index and the EURUSD as the best examples.
The S&P; 500 fell 8 points or 0.3% by 9:44 AM ET (13:44 GMT), while the Dow slumped 261 points or 0.9%, but the tech-heavy Nasdaq composite gained 23 points or 0.3%.
London markets slumped after the Sainsbury’s and ASDA merger was declared dead and Barclays’ investment bank sputtered in the first quarter. U.K. Prime Minister Theresa May once again avoided a personal defeat when a committee of backbench Conservative Party MPs decided not to pursue rule changes that would allow a leadership challenge before December. Supermarket chains Sainsbury’s and the Walmart Inc.-owned ASDA decided to drop their merger plans after the U.K.’s Competition and Markets Authority decided to block the deal.
European markets were flashing red after a lethal cocktail of news, including mergers between both Sainsbury’s and ASDA as well as Deutsche Bank and Commerzbank breaking down, growth worries in Germany and investment bank turmoil.
The Cable dropped to the month’s lowest. Meanwhile, the Labour Party demanded changes in the Agriculture Bill. The Conservatives continued their stance on PM’s exit. Theresa May wins to get an early no-confidence vote in the Parliament. On the Technical side, the market continues to follow the bearish trend.
Investing.com - Gold prices extended a modest recovery on Thursday, against a backdrop of mixed U.S. data and a stock market consolidating near record highs.