On 8th -9th June will be a G7 (USA, Canada, Germany, Italy, France, UK and Japan) meeting in Quebec, Canada but this meeting may awkward after Trump taxed the import aluminum and steel from Canada, Mexico and EU last week. The United State president also wants to have a new negotiation of NAFTA. Investor keeps focusing this meeting with the positive hope for world trade. The most stock markets in Asia were trading in green zones on Thursday morning because China agrees to import more U.S. products. Nikkei may hold steady waiting for first quarter GDP of Japan at 06.50 a.m. which forecasts better.
The European Central Bank (ECB) may wind down its QE by year-end as early and ECB would discuss this topic next week. This factor support euro rose up and broke resistant line at 1.17600 dollar on Wednesday. Euro retested 1.1800 on Thursday morning. In my view, the bearish trend of EUR/USD had end and it may build the new trend. In contrast, British pound is processing to reverse its bearish trend because it may need to break the resistant line at 1.3530 dollar. In my view, pound may not able to rise above 1.3500 today because of the lower forecast of manufacturing production in April at 19.30 p.m. as well as the released U.K. economic data mostly were worse than expected.
Meanwhile, loonie may continue moving sideways and it may fall to the support line at 1.2850, if employment changes in Canada at 19.30 p.m. will release more than 17500 positions. The rising volume may support bitcoin price to retest resistant line at 8,000 USD but it needs to rise above 7,800 USD.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.