Welcome to Thursday! Today, the return of American traders to the market is expected to increase volatility. The trading day started with New Zealand's GDP slightly exceeding expectations. Just now, the Swiss National Bank surprised everyone by cutting interest rates from 1.5% to 1.25%, contrary to expectations of no change. This unexpected move has caused the Swiss franc to lose some of its recent gains, making it the weakest currency of the day.
Looking ahead, the Bank of England's interest rate decision is due later, with no changes anticipated. We also have U.S. unemployment claims and the Philly Fed Manufacturing Index on the schedule. Currently, indices are showing strength, with the Nasdaq hitting all-time highs and European markets attempting to climb. In the currency market, the Australian, New Zealand, and American dollars are leading in strength, while the Swiss franc remains weak.
In commodities, there's a positive trend. Precious metals like gold and silver continue their upward movement from yesterday, while oil has recently broken through a downtrend line and a key resistance level at $80, trading significantly higher. Technically, notable movements include the Euro and American dollars rising against the Japanese yen, highlighting the yen's weakness and the reversal in the Swiss franc. Keep an eye on these developments as the market reacts to the economic data and rate decisions.