However, beware of the large sell orders clustered in the 1.5150/1.5200 region. This is where the trend resistance now lies. Break higher would open the way for a rebound to 1.5500, but it’s clearly too early to discuss a bullish reversal.
Next week we’ll be watching the UK first-quarter GDP on Tuesday. Services and Manufacturing PMI indices showed a rebound over the past months, so some economists expect growth to accelerate from 0.6% in the fourth quarter of the past year. However, there is always room for bearish surprises.
GDP figures matter a lot one week before the May 7 election: strong reading could support Prime Minister David Cameron and his Conservative Party and decrease the market uncertainty. Polls remain unchanged for now: both Conservative and Labour parties were stuck on roughly 34% each.
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EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
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.