Bitcoin Rallies Up Again

Bitcoin traded higher on Wednesday’s session, thus shrugging away previous 20 percent losses and return to recent peak. The cryptocurrency moved away from concerns over the fallout from China’s crackdown on individuals and businesses who normally use Initial Coin Offerings (ICOs) to raise funds. Bitcoin edged up by 4.84 percent to trade at $4,586.6, as it seeks to return to its peak of $4,911.80. On Monday, the People’s Bank of China said it had completed investigations into ICOs and it will take severe actions in the future. Meanwhile, Ethereum traded up by 6.53 percent to $336.68.

source:Investing.com, Economic Times/

The euro inches higher ahead of the European Central Bank (ECB) policy decision as investors remain hopeful that the ECB could shed light on the currency’s strength and what may influence the policy outlook. The ECB will communicate its interest rate decision at 11:45 GMT and it will hold its press conference at 12:30 GMT. President Mario Draghi will speak and answer questions at the press conference and the Central Bank may provide information about the money printing program. This could weaken or support the euro currency and thus deserves much attention.

McDonald’s introduces its line of bottled coffee beverages and like Starbucks, it is also adding coffee house faves to its expanding menu. Last year, the fast-food giant announced plans to overhaul its McCafe by “implementing sustainably-sourced coffee beans and upgrading to a more serious espresso machine.” Elsewhere, the EIA releases the U.S. crude oil inventories at 15:00 GMT, while Japan is set to release its second quarter GDP at 23:50 GMT today.

Technical Analysis

DXY

DXY

The U.S. dollar index is seen trading much lower compared to last week’s trading session, presumably the asset is pressured by geopolitical tensions caused during the weekend. It started losing value in Wednesday session as from 19:00 GMT where it was quoted at the 92.29 level, to close its session on a negative note at 23:00 GMT. Today, it started tumbling around 01:00 GMT and it could follow a bearish trend through today.

EUR/GBP

EUR/GBP

On Tuesday, the EUR/GBP pair shed losses on the foreign exchange market, thus moving away from previous gains. The asset successfully gained some strength in yesterday’s early trade session as from 02:00 GMT but later shifted towards a volatile trend. On Thursday, the asset is seen fluctuating on the market and it is expected to maintain the same trend through the day. Investors are thus advised to make use of the 60 Seconds trading for this one.

USD/JPY

USD/JPY

Yesterday, as from 11:00 GMT, the pair of USD/JPY traded with much volatility throughout the day and ended its session on a negative note at 23:00 GMT. Today, the currency pair started off on a bearish note at 00:00 GMT at 109.160 yen, dragged by pullbacks till it reached 109.062 by 04:00 GMT. A look at its graph depicts a downtrend through the rest of the day, consider using the Limits Trading for this one today.

Things to watch on the market

Tip 1

Cryptocurrencies such as Bitcoin, Ethereum, and several pairs are available for trade with the FX/CFD tool.

 

Tip 2

It is advisable to trade on currency pair such as the EUR/USD, EUR/GBP, EUR/JPY and the DAX index, pertaining to today’s rate decision.

 

Tip 3

Consider trading on stocks of McDonald’s as these can be affected by its recent announcement. Also consider the USD/JPY, EUR/JPY, GBP/JPY, and the brent crude oil-apr16.