AUD/USD weakens amid anti-risk flow; bearish USD could limit losses
AUD/USD drifts lower on Friday, although it remains confined within a multi-week-old trading range below the YTD high. Trade-related uncertainties and rising tensions in the Middle East weigh on investors' sentiment and the risk-sensitive Aussie. The downside, however, seems limited amid the USD slump to a multi-year low.
USD/JPY seems vulnerable amid geopolitical risks, BoJ rate hike bets
USD/JPY prolongs its downtrend for the third straight day on Friday. The global risk sentiment takes a hit amid an escalation of geopolitical tensions in the Middle East, which boosts the JPY's safe-haven status. The USD plummets to a two-year low amid rising Fed rate cut bets and contributes to the decline.
Gold consolidates its gains near $3,380
Gold maintains its weekly rebound well in place, now trading in the sub-$3,400 region per troy ounce in response to the persistent selling bias in the US Dollar, declining US yields across the curve and growing geopolitical tensions.
Circle plunges nearly 10% as XRP Ledger integrates USDC, EVM sidechain to launch in Q2
Stablecoin issuer Circle saw a 9.1% decline on Thursday after it revealed that it has integrated USDC on the XRP Ledger, making it available for businesses and users on the remittance-based token's blockchain.
DEEPER DIVE
Bessent is rumored to head the Fed. Is the central bank's independence threatened?
Scott Bessent, the current US Treasury Secretary and a close associate of US President Donald Trump, is being considered as a potential successor to Jerome Powell as head of the Federal Reserve (Fed).
Gold overtakes the Euro in reserves: A historic turning point
For the first time since the end of Bretton Woods, Gold has overtaken the Euro (EUR) to become the world's second-largest reserve asset behind the US Dollar (USD), according to a report by the European Central Bank (ECB).
Worst UK employment level in four years: Rachel Reeves' taxes in the crosshairs
The latest UK employment report is unequivocal: the labor market is deteriorating rapidly. Employment data indicate a marked slowdown in hiring activity, with companies becoming increasingly reluctant to recruit or replace departing employees.
CRYPTOCURRENCIES
Tether acquires 32% stake in Canadian-listed Gold mining company Elemental
Tether Group, the issuer of the world’s largest stablecoin USDT through its affiliate Tether Investments, has completed the acquisition of a 32% stake in Elemental Altus Royalties Corp. (Elemental).
Crypto Today: Bitcoin, Ethereum, XRP risk further decline amid softer volumes and profit-taking
Bitcoin extends losses below $108,000 amid subdued trading volume, a decline in funding rates, and a drop in open interest. Ethereum’s uptrend fails to gain strength and falters, nearing support at $2,700 despite surging spot ETF inflows.
Shiba Inu Price Forecast: Correction looms amid whale sell-off and falling supply in profit
Shiba Inu's supply in profit drops significantly as whales offload SHIB amid low performance. Optimism wanes in Shiba Inu derivatives as Open Interest and the Long/Short ratio decline.
STOCKS
Rigetti Computing surges following equity offering, Nvidia CEO comments Premium
Rigetti Computing (RGTI) stock has rallied as much as 20% on Wednesday after the company completed a $350 million at-the-market equity offering that was fully subscribed.
![Microsoft surges to record high, sustaining bullish momentum [Video]](https://editorial.fxsstatic.com/images/i/windows-01_Medium.jpg)
Microsoft surges to record high, sustaining bullish momentum [Video]
Microsoft (MSFT) has demonstrated remarkable resilience, fully recovering from losses incurred during the tariff war sell-off. The stock has even achieved a new all-time high. This performance underscores the stock’s persistent bullish trend.
WEEKLY FORECAST
EUR/USD: More Trump drama and less data in the docket Premium
The EUR/USD pair flirted with the 1.1500 threshold in the first week of June, finally settling at around 1.1400, erasing a good bunch of its latest gains.
GBP/USD: Pound Sterling bulls eye break above 1.3600 amid data-driven week Premium
The Pound Sterling (GBP) crawled higher against the US Dollar (USD) as the GBP/USD pair hit the highest level since February 2022, briefly above the 1.3600 mark.
Forecasting the upcoming week: US inflation data takes center stage Premium
The Greenback heads into a tense week that will prominently feature US Consumer Price Index (CPI) inflation data, and the Dollar Index is struggling to keep its head above the 99.00 handle.
Gold Weekly Forecast: Trade talks, US inflation data to drive near-term action Premium
Gold started the week on a strong footing but failed to gather further bullish momentum. The lack of clarity on the US trade relations with its partners makes it difficult for the pair to make a decisive move in either direction as market focus shifts to May inflation data from the US.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
Week ahead – US CPI to take centre stage as Fed rate cut bets gather pace
US inflation may edge up in May but unlikely to dent Fed rate cut bets. Focus also on trade negotiations and US appeals court tariff decision. Chinese trade data eyed amid tariff war. UK employment and GDP also on the agenda.
