AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold: Strength of $2,300 support is an encouraging sign for bulls
Gold price started last week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.
DEEPER DIVE
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture.
Building the future
There is a construction boom underway that is quietly transforming the production capabilities and other aspects of the US economy. The fastest-growing category within nonresidential construction in recent years has been manufacturing.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
Gold holds around $2,330 after dismal US data Premium
Spot Gold remains confined to familiar levels, trading at around $2,330 in the American afternoon. XAU/USD experienced some volatility following the release of US macroeconomic data, which put a sour taste in traders’ mouths.
Furthermore, the BEA reported that the PCE Price Index rose at a 3.4% annualized pace for the quarter, much higher than the previous 1.8% and the biggest gain in a year. In a few words, growth slowed, but the economy continued expanding while inflation picked up. Such a scenario further delays a potential rate cut from the Fed.
CRYPTOCURRENCIES
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
THE STOCK OF THE DAY
Rubrik scores successful IPO as backer MSFT dips before earnings rally Premium
Rubrik (RBRK), a cybersecurity firm backed by Microsoft (MSFT), saw its stock ignore the broad market downturn on Thursday to become the bright spot in a melancholy landscape. RBRK stock closed its first session at $37.00 for a 15.6% gain.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium
The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level. The US Dollar lost its appeal following discouraging United States (US) macroeconomic data indicating tepid growth and persistent inflationary pressures. The data became more relevant ahead of the Federal Reserve (Fed) monetary policy decision next week, exacerbated by the blackout period that prevents Fed officials from making comments on the matter ten days before the event.
GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium
The Pound Sterling (GBP) rebounded firmly against the US Dollar (USD), with the GBP/USD pair snapping two weekly declines in a row.
US Dollar: Decline expected to moderate ahead of Fed and NFP Premium
A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
Gold: Strength of $2,300 support is an encouraging sign for bulls Premium
Gold (XAU/USD) price started the week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory. The US Federal Reserve’s (Fed) monetary policy announcements and April labor market data from the US could drive XAU/USD’s action next week.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the euro. Chinese PMIs and New Zealand employment to be watched too.