Ether price near $4,861 record high amid flurry of corporate buying
The Japanese Nikkei index extended previous session’s sharp rally in Thursday's early trade. The USD/JPY is steady on 99.41, and continues to lick at the magic 100 level. The EUR/USD is 1.3046, up 50 points from yesterday when the Euro dipped under 1.30. The weak picture inside the eurozone points towards the ECB'sinterest rate cut next week. Both New York (NYMEX) and Brent crude are up. Brent trades at 102.18. Gold jumps 20 dollars to 1447 an ounce in Asian trading.
The Japanese rally is driven by expectations that yen weakness will spur strong earnings for local firms. Nikkei is up 0,3% to 167.10. The Asian Pacific, MSCI-index is also up 0,3%, mostly on the belief that weak global economic data will encourage central banks to keep their monetary easing policies. U.S. durable goods orders for March were disappointing, weighing in on the strength of the dollar which is weaker towards the euro, yen and other major currencies.
The growing expectations for an ECB interest rate cut helped offset the growth concerns highlighted by U.S. durable goods. Durable goods orders posted its biggest drop in seven months in March. Together with a survey highlighting increasing pessimism among German business leaders in April, future forecasts are bearish. The sentiment in Europe is somewhat strengthened by falling bond yields in indebted countries such as Italy and Spain. A possible end to the two months political deadlock in Italy, has further strengthened the currency. A 47 year old has been appointed as Italy's new Premier and the tenure for their 87 year old President has been extended.
On Friday, the U.S. government will present its GDP report. The report is expected to show that the economy grew at a 3% per annum rate in the first quarter. An expansion of 1,5% is expected for the current quarter. Raising oil and copper prices indicate a turn towards more positive market sentiment. Gold fell to USD 1322 after losing 250 dollars in two days, and then made a strong recovery to 1447.
The Japanese rally is driven by expectations that yen weakness will spur strong earnings for local firms. Nikkei is up 0,3% to 167.10. The Asian Pacific, MSCI-index is also up 0,3%, mostly on the belief that weak global economic data will encourage central banks to keep their monetary easing policies. U.S. durable goods orders for March were disappointing, weighing in on the strength of the dollar which is weaker towards the euro, yen and other major currencies.
The growing expectations for an ECB interest rate cut helped offset the growth concerns highlighted by U.S. durable goods. Durable goods orders posted its biggest drop in seven months in March. Together with a survey highlighting increasing pessimism among German business leaders in April, future forecasts are bearish. The sentiment in Europe is somewhat strengthened by falling bond yields in indebted countries such as Italy and Spain. A possible end to the two months political deadlock in Italy, has further strengthened the currency. A 47 year old has been appointed as Italy's new Premier and the tenure for their 87 year old President has been extended.
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On Friday, the U.S. government will present its GDP report. The report is expected to show that the economy grew at a 3% per annum rate in the first quarter. An expansion of 1,5% is expected for the current quarter. Raising oil and copper prices indicate a turn towards more positive market sentiment. Gold fell to USD 1322 after losing 250 dollars in two days, and then made a strong recovery to 1447.
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