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Strong earnings from US banks have cut back the possibility of a Fed cut this year, giving a boost to the dollar. Later on, the US Initial jobless claims will be featured in the US economic file along with the Philadelphia Fed Manufacturing Index, and Existing Home Sales. The Fed’s officials Williams and Bowman will be speaking.
NZDUSD gave up gains after inflation in New Zealand cooled off in the first quarter. The Consumer Price Index [YoY] Q1 fell to 6.7% from 7.1% along with the quarter-on-quarter read at 1.2% vs 1.7%. The US dollar firmed up on Thursday after reports showed that banks in the country earned more than expected in the first quarter. Data from China failed to boost the NZD after the PBoC kept its loan prime rate at 3.65%. The pair was down -0.45% below the 0.6200 mark as bears may seek 0.6100 if the 0.6150 support fails to hold.
CADJPY lost -0.17% as crude oil prices continued to weigh. The oil-linked CAD was dragged down by a continued slump in crude oil prices despite a rising demand indicated by a slump in crude oil inventories on Wednesday. The Japanese Yen gained some strength after data showed that exports in the country rose more than expected to 4.3% against 2.5% in March. This took the trade balance to -754.5 billion from an expected -1 294.8 billion. The Governor and Deputy Governor from the BoC will be speaking after the release of the New Housing Price Index data. The pair traded past the 100.00 level as bears may target 99.50.
EURGBP traded +0.17% higher on the back of subdued sterling strength. The UK’s red-hot inflation showed to be stubborn by remaining high which shows the economy may be in a fragile state. However, the pound’s slide may be limited by BoE rate hike expectations. Traders await the release of high-tier data on Friday from the UK for more volatility. An account of the ECB monetary policy meeting will be released during the day. Bulls traded above 0.8800 as their target 0.8840.
European stocks sank as German PPI data missed estimates. UK100 was down -0.10% as bulls retracted from the 7900 high and near-term targets are at the 7850 level. A break below that level could trigger further selling towards the 7600 level. CAC40 plunged by -0.46% as the 7550 high stood as a near-term barrier. The 7400 level could hold as a key support against downward pressure. DAX sank by -0.87% from the 15900 level and a key level to watch out for is the 15650 support.
US stock futures continue to bleed as earnings roll out. US500 futures dropped by -0.57% early Thursday as upside movement was capped by the 4150 resistance. On the downside, the 4050 is near-term support. US100 futures sank by -0.89% as bulls tumbled from the 13100 level and bears were capped by the 12900 level and a break below that level could trigger further selling towards the 12800 level. US30 futures lost by -0.40% as bulls remain capped below the 34000 psychological figure and 33500 remains near-term support.
In cryptocurrencies, bitcoin continued down after a rejection at the $30 000 mark. BTCUSD was down -0.24% as it slid towards $28 000. Upside traction to $ 34 000 may be established above the $30 000 level.
