This is what you need to know to trade today Thursday May 20:
Cryptocurrencies are rebounding after Wednesday’s scourge that had broader implications. The dollar is holding on to most of its gains after the Fed dropped the first hint in cutting its easing program. US unemployment claims and central bank speeches are in the spotlight Thursday.
The Bitcoin has been recovering from the drop to $ 30,000 and is trading around $ 40,000 in the early hours of Thursday. Unfavorable comments on digital assets from the Chinese central bank added to Tesla’s abandonment of BTC and triggered a rapid decline. The sell-off reduced other cryptocurrencies by dozens of percentage points and led to outages at Coinbase, Binance, and others.
The decline also affected broader markets, weighing on some stocks and dominating the conversation in the financial media. The recovery came quickly, but most digital assets remain below their pre-crash levels.
The Federal Reserve Meeting Minutes April included the most subtle hints about the possibility of reducing the number of bonds that the bank buys. Several participants wanted to start this discussion in the next meetings. While the upbeat attitude was minimal, it sent the dollar higher Wednesday night.
April FOMC Minutes: First Clue Appears
On the other hand, Atlanta Fed Chairman Raphael Bostic declined to have a premature conversation about slowing down the current $ 120 billion a month buying pace or rate hikes, sticking to the message that the economy has a long way to go. Weekly jobless claims are due on Wednesday and are expected to show another decline after the previous week’s figures stood at 473,000.
The EUR/USD it is trading below 1.22, moving away from the highs despite the gradual reopening of Europe. EU members adopted a resolution easing travel restrictions across the continent.
The GBP/USD it hovers above 1.41 as concerns about virus variants fade in the UK and the vaccination campaign reaches out to the very young.
The oro it is trading below $ 1,880, weighed down by rising US yields. The crude petróleo WTI it has recovered from the lows it reached after reports from Vienna suggested that a nuclear deal with Iran is imminent.
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