AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP

AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP

AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release. 

AUD/USD News

USD/JPY finds its highest bids since 1990, near 155.50

USD/JPY finds its highest bids since 1990, near 155.50

USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday. 

USD/JPY News

Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data

Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data

Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.

Gold News

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.

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Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium

Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance

This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.

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Cyclical outlook: Known unknowns

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

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

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.

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Technical Confluences Detector

Gold closes below key $2,318 support, US GDP holds the key Premium

Gold closes below key $2,318 support, US GDP holds the key

Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold price find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter Gross Domestic Product (GDP) due later on Thursday.

Will US GDP data rescue Gold price?

Risk-off sentiment remains in full swing in Asia this Thursday, as market participants sulk following Meta’s weak revenue guidance even though the company’s first-quarter earnings results topped estimates. Meta shares plunged 16% in post-market trading after the company said it expects sales in the second quarter of $36.5 billion to $39 billion, below analysts’ estimate of $38.3 billion.

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CRYPTOCURRENCIES

Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment

Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment

Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.

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Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.

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US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet

US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet

CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.

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Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon

Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon

Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.

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THE STOCK OF THE DAY

Tesla Q1 Earnings: What you need to know Premium

Tesla Q1 Earnings: What you need to know

As soon as the closing bell rang on Tuesday, Tesla (TSLA) was out with its first-quarter results. They were nearly as bad as expected, but the TSLA share price disregarded the miss, rising more than 5%. 

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WEEKLY FORECAST

EUR/USD: Euro touches five-month low on growing expectations that ECB will ease before Fed Premium

EUR/USD: Euro touches five-month low on growing expectations that ECB will ease before Fed

EUR/USD managed to counter a poor start of the week and reverse course despite the European currency slipping back to the 1.0600 key support against the US Dollar (USD), or five-month lows.

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GBP/USD: More downside for Pound Sterling remains on cards Premium

GBP/USD: More downside for Pound Sterling remains on cards

The Pound Sterling (GBP) accelerated its south run against the US Dollar (USD), knocking the GBP/USD pair to levels unseen since late November 2023.

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US Dollar: Holding up gains amid hawkish Fed, geopolitical tensions Premium

US Dollar: Holding up gains amid hawkish Fed, geopolitical tensions

The Greenback ended the week barely changed after the sharp increase recorded in the previous one, despite hitting new five-month peaks in the boundaries of 106.50 when tracked by the USD Index (DXY) on April 16.

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Gold: Will geopolitics continue to drive XAU/USD? Premium

Gold: Will geopolitics continue to drive XAU/USD?

Gold (XAU/USD) price fluctuated in a relatively narrow range this week following the record-setting rally. Investors will continue to pay close attention to headlines surrounding the Iran-Israel conflict and scrutinize key macroeconomic data releases from the US next week.

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Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

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Week ahead – US GDP and BoJ decision on top of next week’s agenda

Week ahead – US GDP and BoJ decision on top of next week’s agenda

US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap. Earnings season heats up as tech giants report.

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