Euro climbs after ECB interest rate decision
Euro rose against most major rivals following the European Central Bank’s policy decisions and subsequent remarks by President Christine Lagarde.
The ECB revealed its decision to cut rates by 25 basis points to 4.25%, in a move that was expected.
In her press conference, Lagarde said that global economic weakness and mounting trade tensions will impact the eurozone growth rate.
She cautioned that local inflation in the eurozone remains high, but she expects the pace of wages growth to stabilize this year.
Lagarde expects inflation to hover around current levels for the rest of the year.
On trading, the EUR/USD rose 0.2% as of 19:21 GMT to $1.0888.
The Loonie
The CAD/USD rose 0.2% as of 19:21 GMT to 0.7312.
Earlier government data showed Canada’s trade balance registered a deficit of one billion Canadian dollars, while analysts expected 1.2 billion dollars.
US Dollar
The US dollar index fell 0.1% as of 19:05 GMT to 104.1, with a session-high at 104.3, and a low at 104.05.
Earlier data showed US unemployment claims rose by 8 thousand to 229 thousand in the week ending June 1, while analysts expected a drop to 219 thousand.
Now investors await the US payrolls report tomorrow, crucial for gauging the state of the economy and the likely path ahead for monetary policies.
Wall Street stabilizes ahead of all-important US payrolls data
US stock indices stabilized on Thursday with NASDAQ and S&P 500 remaining near recent record highs.
Earlier data showed US unemployment claims rose by 8 thousand to 229 thousand in the week ending June 1, while analysts expected a drop to 219 thousand.
Now investors await the US payrolls report tomorrow, crucial for gauging the state of the economy and the likely path ahead for monetary policies.
On trading, Dow Jones rose 0.1%, or 40 points as of 15:59 GMT TO 38,847, while S&P 500 stabilized at 5354, as NASDAQ slipped 0.1%, or 8 points to 17,178.
Bitcoin about to surpass $72,000, moving towards record highs
Bitcoin gained ground on Thursday and maintained its profits for the sixth straight session, moving to near two-week highs and about to surpass the $72,000 barrier as the risk appetite rebounded in the market and amid constant weakness in US treasury yields.
A string of weak US data this week boosted the odds of multiple Fed rate cuts this year, in turn underpinning risk appetite.
The Price
Bitcoin rose $290 at Bitstamp today, or 0.4% to $71,339, with a session-low at $70,818.
On Wednesday, bitcoin rose 0.8%, the fifth profit in a row, marking a two-week high at $71,759.
Crypto Market Value
The market value of cryptocurrencies rose by $10 billion today to $2.795 trillion as both bitcoin and ethereum surged.
US Yields
US 10-year treasury yields traded near two-month lows at 4.275%, in turn boosting non-yielding assets.
Across this week, a string of weak US data underpinned the odds of multiple Fed rate cuts in 2024.
Recent US data showed the US manufacturing sector and construction spending fell sharply in May.
Also US job opportunities showed a noticeable decline in April as tight labor conditions eased.
Following the data, the odds of a Fed 0.25% rate cut in September rose to 67%, and the odds of such a cut in November rose to 80%.
