Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Aussie reaches one month peak following better than seen Q1 GDP
On Wednesday, the Australian dollar reached a one-month peak after better-than-expected first quarter surge figures, while market participants brace for a big day on Thursday with the ECB, testimony by sacked FBI chief James Comey as well as the UK election.
Evaluating the US dollar’s actual strength versus six crucial currencies, the US dollar index jumped 0.08%, trading at 96.58.
Australia announced its first quarter GDP leapt 0.3%, compared with a revenue of 0.2% seen quarter-on-quarter as well as 1.7% annual pace, unlike a 1.5% profit observed.
The currency pair AUD/USD demonstrated 0.7540, rising 0.44%, USD/JPY hit 109.48, soaring 0.06%. As for GBP/USD, this currency pair hit 1.2902, sliding 0.09%.
The better than expected performance emerged just one day after the Reserve Bank of Australia stressed that that surge is supposed to have slowed during the March quarter. Along with disappointment in Australia’s current account, it helped some experts to expect a quarterly economic contraction.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.