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 hovers in positive territory early Thursday after the Federal Reserve’s January meeting minutes from the prior session didn’t put another dovish damper on market sentiment.
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 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. The Aussie fell one percent to $0.7086 in a volatile Asian trading session before retracing some losses to stand 0.7 percent down on the day.
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.
Investing.com - Gold prices pulled back from the 10-month high they hit on Thursday, after the minutes from the Federal Reserve's last meeting revived expectations for a possible U.S. rate hike this year.
The pair trades range bound as traders await macro data updates for short term profit opportunity and ECB Preat speech for directional cues.
Economic indicators out of Japan this week have proven to be more of an economic alarm bell than an indicator. What’s next for the BoJ?
It’s hard to explain today’s weakness because the reports are bearish for Japan’s economy, which means the Bank of Japan is going to have to continue to be accommodative. This should be bullish for the USD/JPY. Furthermore, the Fed minutes were supportive for higher risk assets, which should’ve also made the Japanese Yen a less-desirable asset.
Today’s wicked two-sided trade indicates investor indecision over Reserve Bank of Australia monetary policy. Although it would have been nice to see a drop in the unemployment rate, the steady jobs growth suggests there’s still little need for the RBA to cut interest rates in the near-term. However, falling housing prices and the weakness in the services sector offsets these gains. Therefore, it’s easy to conclude why the RBA shifted forward guidance to a more neutral setting.
Economic data out of Japan spells more trouble, with a particularly busy economic calendar placing focus on the EUR and USD.
Investing.com -- The euro turned higher against the dollar in early trading in Europe Thursday, as purchasing manager indices from France and Germany signalled that the euro-zone economy may be bottoming out after its slowdown at the end of 2018.
Investing.com - Gold prices dipped on Thursday in Asia as risk appetite sharpened following reports that the U.S. and China are working on multiple memorandums of understanding (MoU) for a trade deal.
Investing.com - The Chinese yuan moved higher against the U.S. dollar on Thursday in Asia following reports that Washington and Beijing started to outline a trade deal to end a seven-month-long trade war.
Bitcoin prices trade higher on Wednesday, looking to extending the four-day win streak that has seen the cryptocurrency trade toward the $4,000 mark.
Chances of a U.K. election this year are on the rise, according to betting markets, after three lawmakers quit British Prime Minister Theresa May’s Conservative Party due to disagreements over Brexit.
The U.S. dollar regains ground versus major rivals Wednesday, after the Federal Reserve’s January meeting minutes show that there was no consensus on how to proceed with regards to interest-rate policy.
CAD trades positive as investors await the release of the latest FOMC meeting minutes for directional cues.
Gold markets rallied a bit during the trading session on Wednesday, as we await the Federal Reserve meeting minutes. At this point, the market is expecting the Federal Reserve to become dovish longer-term, and that of course will soften the greenback.
The US dollar went back and forth during the trading session on Wednesday, as we continue to see a lot of indecision in this pair. We are at major technical levels, so this should not be a major surprise.
The British pound pulled back during the trading session on Wednesday, as we got a bit of profit taking going into the session. At this point, we are starting to press some minor resistance but with the impulsive candle stick that we formed during the Tuesday session, we clearly have quite a bit of momentum for buyers.
The British pound rallied a bit during the trading session on Wednesday, testing the ¥145 level. At this point, it looks as if the resistance may hold short term, but I do believe that eventually we could break out considering that we have a nice bullish flag that just kicked off.
The Euro went back and forth during the trading session early on Wednesday, as we await the Federal Reserve meeting minutes. Beyond that, we also have the US/China trade relations discussions going on, and that of course will affect what’s going on with the dollar itself.