Gonçalo Moreira, CMT
Independent Analyst
Summary
Bitcoin is under bad news recently but none of them changes the big macro picture. Some altcoins are still outperforming, a sign that retailers are taking advantage of this drop in BTC. Then we have the change of heart of a major player in the field regards to Bitcoin and adding to the panic, the news that China reiterated that digital tokens cannot be used as a means of payment, a repeat of old news.
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AUD/USD: Next on the upside comes the 200-day SMA
AUD/USD left behind Tuesday’s retracement and clocked decent gains on Wednesday, reclaiming the 0.6400 barrier and beyond on the back of easing US-China trade tensions and despite another solid performance of the US Dollar.
EUR/USD: Further weakness likely below 1.1300
EUR/USD’s selling pressure picked up pace on Wednesday, sending the pair to the area of weekly lows near 1.1320. The move lower in spot came in response to extra strength in the Greenback despite disappointing results from the US Q1 GDP figures and the ADP report.
Gold reclaims the $3,300 mark and beyond
Gold remains under pressure on Wednesday, trading around $3,300 as receding US-China trade tensions continues to weigh on safe-haven demand. At the same time, the US Dollar keeps the bid bias intact following stronger-than-expected headline PCE inflation and despite a weaker first-quarter GDP growth print.
Bitcoin ETFs to see institutional inflows from Big Four wirehouses: Bitwise
Bitcoin ETFs are expected to witness a surge in demand from Wall Street in 2025, Bitwise CIO Matt Hougan said in a note to investors on Wednesday.
May flashlight for the FOMC blackout period – Waiting for the fog to lift
We expect the FOMC will leave its target range for the federal funds rate unchanged at 4.25-4.50% at its upcoming meeting on May 6-7, a view widely shared by financial markets and economists. Market pricing currently implies only a 9% probability of the FOMC cutting the fed funds rate by 25 bps.
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