Blueprint FX Desk
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Market focus today
USD Personal Income & Spending
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Medium Volatility for USD pairs
News Roundup
No immediate relief for Greek government Negotiations in Athens continued over the weekend haggling, in this case with creditors over economic reforms, but there appeared to be little success. Creditor nations are demanding Greece implements reforms in order to access EUR7.2bn in undisbursed bailout funds but Athens is resisting at what it calls “recessionary measures” like cutting pensions or relaxing labour laws. The money is due to run our April 20th…
UK election campaigning David Cameron will travel to Buckingham Palace today to notify the Queen of the dissolution of parliament, officially starting the 2015 election campaign. Paul Mason argues that the coming election will be dominated by geopolitical divides– “Scandi-Scotland, the asset-rich southeast and rump-post-industrial Britain”.
Iranian officials took nuclear talks to the wire, raising a further obstacle by saying that they are no longer willing to ship their atomic fuel out of the country – a critical element of a proposed deal and one with which Iran had previously indicated it had agreed to.
TENSIONS are also rising elsewhere in the Middle East, as Arab leaders drew up plans for a joint military force, underlining Middle Eastern Sunni nations’ determination to challenge Iran’s expanding influence in the region. However, immediate tensions in the Yemen seemed to have receded, at least for the time being.
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Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s 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.