Optimistically focus on U.S. GDP

Major stock market in Asia opened mixed on Thursday following Wall Street. Early morning today Nikkei may hold steady await Bank of Japan monetary policy, economic report and press conference. I think BoJ may keep interest rate unchanged at -0.1%. Therefore, USD/JPY may swing following U.S. factors such as bond yield and economic data.
The local trend of GBP/USD is bearish but pound may try to hold above 1.390 await first quarter GDP of the United Kingdom at 15.30 p.m. The forecast is lower - at 0.3%. From my point of view, if U.K. GDP releases lower than the forecast, pound may fall lower than 1.3800 dollar. Investors focus on U.S. first quarter’ GDP at 19.30 p.m. positively because Fed changed forecast from 1.9% to 2.0% in middle of April. I also suggest listening Bank of England chair’s speech at 21.00 p.m. to pay attention to the recent economic sentiment, inflation and Brexit.
The CEO of Nasdaq suggested Wednesday that the company could open a cryptocurrency exchange in the future but Nasdaq is unlikely to launch such a service anytime soon. Bitcoin price fell lower than 9,000USD on Wednesday and try to hold above 8,600 USD on Thursday. I think if bitcoin does not fall lower than 8,600, it may retest the resistance line at 10,000USD again.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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