EUR/USD stays in negative territory below 1.0650

EUR/USD stays in negative territory below 1.0650

EUR/USD stays under bearish pressure and trades in negative territory below 1.0650 on Monday. The data from the Eurozone showed that the consumer sentiment improved slightly in April but failed to help the Euro rebound.

EUR/USD News

GBP/USD drops amid increasing rate cut expectations by the BoE

GBP/USD drops amid increasing rate cut expectations by the BoE

The Pound Sterling lost ground against the US Dollar and dropped to its lowest level since November last year as investors began to price in a more dovish Bank of England. A scarce economic docket in the UK, left GBP/USD traders adrift to market mood and dynamics linked to the buck. Therefore, the pair trades at 1.2350, down 0.12%.

GBP/USD News

Gold pressures $2,330.00, risk of a steeper correction

Gold pressures $2,330.00, risk of a steeper correction

Gold trades on the back foot and loses over 2% on the day below $2,340. Easing geopolitical tensions cause XAU/USD to stage a deep correction, while the resilience of the US Treasury bond yields further weighs on the pair.

Gold News

XRP jumps above $0.50 as Ripple is set to file opposition brief in SEC lawsuit

XRP jumps above $0.50 as Ripple is set to file opposition brief in SEC lawsuit

XRP price climbed to a high of $0.54 on Monday, hours before Ripple files its response to the Securities and Exchange Commission (SEC) remedies-related opening brief. 

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Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium

Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out

While it is hard to predict when geopolitical news erupts, the level of tension is lower. This week's US figures are set to shape the Fed decision next week – and the BoJ may struggle to halt the Yen's deterioration. 

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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

XAU/USD pressures $2,330.00, risk of a steeper correction Premium

XAU/USD pressures $2,330.00, risk of a steeper correction

Spot Gold is under intense selling pressure at the beginning of the week, and XAU/USD trades near a daily low of $2,329.51, its lowest in a week. The bright metal left a small bearish gap at the opening at $2,399.59, as relief sent investors into high-yielding assets. Asian stocks advanced amid easing tensions in the Middle East, while European and American indexes followed the lead.

The US Dollar trades mixed against its major rivals, particularly weak vs commodity-linked currencies, although activity is well-contained ahead of first-tier data scheduled throughout the week. The focus is on the United States (US) as the country will publish the first estimate of the Q1 Gross Domestic Product and the March Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve´s (Fed) preferred inflation gauge. Additionally, the Bank of Japan will announce its monetary policy decision, while S&P Global will unveil the preliminary estimate of the April PMIs for most major economies.

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CRYPTOCURRENCIES

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over 3,000 MKR tokens in the past day. Maker supply on exchanges climbed between April 20 and Monday. MKR price declined by nearly 2% on Monday. 

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XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

Ripple prepares to file the opposition brief against the SEC on Monday. Ripple will respond to the SEC’s demand for $2 billion in fines requested in its remedies-related opening brief.

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Crypto AI token comeback likely after Apple's potential on-device LLM

Crypto AI token comeback likely after Apple's potential on-device LLM

Artificial Intelligence (AI) crypto tokens Render (RNDR), Bittensor Tao (TAO), The Graph (GRT), AIOZ Network (AIOZ), Golem (GLM), OriginTrail (TRAC) and RSS3 (RSS3) prices rally on Monday. 

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Enjin Coin provides high-reward, low-risk buy-the-dip opportunity Premium

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity

Enjin Coin (ENJ) price has been on a downtrend since the 2021 peak and shows signs of slowing down. The more than 50% crash noted in the past four weeks suggests a potential buy-the-dip opportunity. 

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THE STOCK OF THE DAY

SMCI slides 22%, and no one is quite sure why Premium

SMCI slides 22%, and no one is quite sure why

Super Micro Computer stock has plunged over 22% to $723.50 late in Friday’s session. The semiconductor and server software company is experiencing its worst session since August 9, 2023, when it lost more than 23%. The interesting part is that no one is certain why SMCI stock is down so hard. 

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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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