EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.
DEEPER DIVE
Cyclical outlook: Known unknowns
In the US, the latest Survey of Professional Forecasters (SPF) of the Federal Reserve Bank of Philadelphia paints a rather upbeat picture of the economic outlook. A similar survey of the ECB points towards a gradual pickup in growth this year.
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 ends Q1 2024 at record highs, what’s next? Premium
Gold price is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States (US) are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
All eyes on US Core PCE inflation for next Gold price move
However, traders keenly await the US Personal Consumption Expenditures (PCE) Price Index due later on Friday to gauge the market’s pricing of a potential US Fed interest rate cut in June.
CRYPTOCURRENCIES
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
THE STOCK OF THE DAY
AMC sheds 14% after offering to sell $250 million in common stock
AMC Entertainment stock is at it again. The heavily indebted cinema chain and once-loved meme stock is heading to the market to sell another $250 million worth of shares in order to pay down its strangling debt load obtained during the heights of the covid pandemic.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: US Dollar gains to continue amid a strong US economy Premium
The EUR/USD pair fell for a second consecutive week, ending Friday just above the March low of 1.0796. The pair peaked at 1.0942 early on Thursday, in the aftermath of the Federal Reserve (Fed) monetary policy announcement, but turned south afterwards.
GBP/USD: Dovish BoE voting pattern weighs on Pound Sterling Premium
The Pound Sterling (GBP) failed to hold its upswing against the US Dollar (USD), as the GBP/USD correction from seven-month highs of 1.2894 regained traction in the central banks’ bonanza week.
US Dollar: Inflation returns to the fore Premium
Throughout another notably productive week, the US Dollar (USD) successfully regained more stability, concluding its second consecutive week with gains and managing to reclaim the area beyond the 104.00 barrier when tracked by the US Dollar Index (DXY).
Gold: Record-setting rally loses steam on USD resilience Premium
Gold turned south following a record-setting upsurge on Wednesday and erased the majority of its weekly gains, as the upbeat data releases from the US offset the negative impact of the Fed’s policy decisions on the USD's valuation.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.