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Market Focus Today
GBP Gross Domestic Product
EUR Consumer Price Index
Expect High Volatility in
USD pairs Consumer confidence
EURUSD German Unemployment Rate
USDCAD Gross Domestic Product
NEWS ROUNDUP
UK GfK consumer confidence came in overnight showing the UK consumer buoyant about their prospects for the year ahead.
Iran nuclear talks Negotiators tried to reach an agreement on limiting Iran’s nuclear programme. Although, even if a deal is announced today, some of the toughest issues will remain unresolved until late June, such as the pace at which sanctions would be lifted.
Steep price for EU referendum David Cameron has guaranteed a referendum on Britain’s membership of the EU if he is re-elected but with polls suggesting another hung parliament (with Labour marginally ahead), it may not be in his choice. The Liberal Democrats, part of the governing coalition, are expected to attach the condition that EU nationals living in the UK can vote on the issue.
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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.