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GBPUSD
Look at this Amazing Trader (AT) chart… it speaks for itself
Following AT logic:
2 blue lines indicated a potential change of direction (correction down)
GBPUSD held above 1.3696 support… bounce (with the broader trend) then hit the target at 1.3754.
Learn about my Amazing Trader charting algo
GBPUSD 30 MINUTE CHART
What’s Hot and What’s Not?
What’s Hot
Any currency but the USD
US stocks led by the NAS100, which continues to trade in record high territory. US500 record high is now on the radar.
US bonds… more lukewarm with yields slipping slightly
What’s not?
USD still down sharply across-the-board although up from earlier lows
GOLD disappointing after failing to follow through on earlier gains
Crude oil trading sideways… less of a focus
Wall Street up Pre-Bell Amid Trump-Fed Outlook; Asia Mixed, Europe Up
Wall Street futures pointed moderately higher pre-bell Thursday amid media reports that President Donald Trump may soon announce his pick to replace outgoing Federal Reserve Chair Jerome Powell.
The Fed chief is not slated to leave office until May of next year, but Trump’s nominee might influence markets by playing the role of a more-dovish “shadow banker,” while in waiting.
In the futures, the S&P 500 rose 0.3%, the Nasdaq inclined 0.4% and the Dow Jones was up 0.3%.
Asian exchanges traded unevenly overnight, while European bourses tracked moderately higher midday on the continent.
Worthington Steel (WS) traded up 16% pre-bell after reporting fiscal Q4 results, late Wednesday.
Nike (NKE) is scheduled to report results after-bell, among others.
On the economic calendar is the weekly jobless claims bulletin at 8:30 am ET, along with the May durable goods orders report, the latest Q1 GDP estimate, and the international trade in goods release for May.
Also posting at 8:30 am is the Chicago Fed National Activity Index for May, the Q1 corporate profits report, and retail and wholesale inventories for May.
The pending home sales index for May posts at 10 am, and the weekly EIA natural gas bulletin at 10:30 am.
The Kansas City Fed Manufacturing Index for June posts at 11 am.
Richmond Fed President Thomas Barkin, Cleveland Fed President Beth Hammack, Fed Governor Michael Barr, and Minneapolis Fed President Neel Kashkari speak on Thursday.
In pre-market action, Bitcoin traded at $107,318, West Texas Intermediate crude oil traded higher at $65.23, and 10-year US Treasuries offered 4.28%. Spot gold traded for $3,355 an ounce.
Crude Oil Chart
US Dollar Falls Early Thursday Ahead of Jobless Claims, Gross Domestic Product, Advance Trade Data
The US dollar fell against its major trading partners early Thursday before a busy economic data release schedule as President Donald Trump suggested he will name Federal Reserve Chairman Jerome Powell’s successor later this year, well ahead of Powell’s expected departure in May 2026.
Weekly jobless claims, a third look at Q1 gross domestic product, and durable goods orders, advance trade data and the Chicago Fed’s national activity index for May will all be released at 8:30 am ET, at the same time as an appearance by Chicago Fed President Austan Goolsbee.
Richmond Fed President Tom Barkin is due to speak at 8:45 am ET, followed by pending home sales data for May at 10:00 am ET, weekly natural gas stocks inventory data at 10:30 am ET and the Kansas City Fed’s manufacturing reading for June at 11:00 am ET.
Fed Governor Michael Barr is due to speak at 1:15 pm ET.
A quick summary of foreign exchange activity heading into Thursday:
USDEURÂ rose to 1.1708 from 1.1657 at the Wednesday US close and 1.1610 at the same time Wednesday morning. There are no Eurozone data on Thursday’s schedule, but European Central Bank Vice President Luis de Guindos said earlier in the day conflicts in the Middle East could have a negative effect on Eurozone growth and inflation, according to the Wall Street Journal. ECB President Christine Lagarde is due to speak at 2:30 pm ET. The next European Central Bank meeting is scheduled for July 24.
GBPUSDÂ rose to 1.3717 from 1.3664 at the Wednesday US close and 1.3614 at the same time Wednesday morning. UK retailers were more pessimistic in June than in the previous month, according to data released earlier Thursday. The next Bank of England meeting is scheduled for Aug. 7.
USDJPYÂ fell to 144.3756 from 145.2420 at the Wednesday US close and 145.7110 at the same time Wednesday morning. There were no Japanese data released overnight, so the focus is on Tokyo consumer price data for June due to be released at 7:30 pm ET Thursday evening. The next Bank of Japan meeting is scheduled for July 30-31.
USDCADÂ fell to 1.3683 from 1.3719 at the Wednesday US close and 1.3734 at the same time Wednesday morning. Canadian average weekly earnings data for April and wholesale sales data for May are due to be released at 8:30 am ET, followed by Canadian budget balance data for April at 9:00 am ET. The next Bank of Canada meeting is scheduled for July 30.
USDCAD Chart
EURUSD
In the absence of any key nearby resistance, keep an eye on the Power of 50 level (1.1750) as being pivotal… so far it has paused below it
Little in the way of obvious support after the one way move up, potential support levels are between 1.1700-20.
EURUSD 1 HOUR CHART
XAUUSD (GOLD)
I have been pointing out the potential for a bottom on failure to test 3293 and this is now confirmed by the move back above 3338-40.
To suggest more scope to the upside 3338-40 needs to become support and the next hurdle at 3358 taken out.
On the downside, expect support as long as 3329 holds.
XAUUSD 1 HOUR CHART.
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