U.S. unemployment rate in April was lowest since January 2001 so it seems the United State labor market is very strong combined with high U.S. bond yield supported U.S. dollar held steady on Monday. In my opinion, investors keep focusing on next interest rate rise so they may collect the FOMC member views before next meeting. Fed chair will speak today at 14.15 p.m. and Jerome Powell may express his opinion about U.S. current economy as well as he may signal how Fed will do next.
Asian major stock markets may hold steady await Chinese trade balance. In my view, U.S. job openings in March may decline lower than forecast because of the upset nonfarm payroll in March. But U.S. dollar may get support by Powell’s speech, if he may signal the rate hike. While Aussie dollar may fall lower than 0.7480 early in morning today, if retail sales at 08.30 a.m. will decrease than 0.3%. The local trend of AUD/USD is bearish and it may fall to 0.7400, if U.S. dollar has good supporting factors.
The biggest bank in the United State - JP Morgan Chase which CEO Jamie Diamon commented that Bitcoin and Cryptocurrency is scam and crypto-market will tumbledown. In contrast, now JP Morgan Chase is applying a patent of Blockchain. In my opinion, financial industry may change faster than people can imagine by Blockchain technology. While Bitcoin hold steady above 9,000USD, it may wait to arise above 10,000USD again.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.