The Week Ahead: May 22nd - 26Th

IronFX Cyprus IronFX

BoC policy meeting, OPEC & non-OPEC gathering, FOMC minutes, key data in focus

Next week’s market movers

The Bank of Canada is expected to stand pat once again. We see the case for policymakers to shift to an even more cautious tone than previously, in light of the recent tariffs from the US.
In Vienna, major OPEC and non-OPEC producers will meet. The latest comments suggest that November’s oil output-cut deal is very likely to be extended by 9 months.
In the US, the minutes from the latest FOMC meeting could shed some light on whether the Committee is indeed set to hike in June should economic data hold up.
We also get key economic data from Germany, Eurozone, the UK, the US, and Japan.

Download The Full Economic Indicators

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IronFX Cyprus

IronFX

IronFX is the award-winning Global Leader in Online Trading, with 10 trading platforms and more than 500 tradable instruments in forex, spot metals, futures, shares, spot indices and commodities.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.