Forex Today: PM Johnson to set the tone for the Asian session

FXStreet Team FXStreet

What you need to know on Monday, May 11th:

UK PM Johnson will offer a speech this Sunday at 18:00 GMT and is expected to announce plans to lift the kingdom’s lockdown. He repeatedly expressed his concerns about a possible second wave, which may result in plans for a slow economic comeback, which may have a negative effect on the Pound.

The EUR remains among the weakest currencies, undermined by dismal local data and the latest German Constitutional Court ruling on the ECB’s QE stimulus program from 2015. Investors are concerned the central bank may hesitate to add additional stimulus from here on.

Tensions between the US and China take their toll on the market’s mood, although on Friday, representatives from both economies held phone talks and vowed to keep the phase one of the trade deal alive.

Gold prices retreated on Friday with spot ending the week at $1,700.00 a troy ounce, undermined by profit-taking and a return to high-yielding assets at the end of the week.

Crude oil prices ranged on Friday, ending the day with modest gains. WTI settle some cents below $25.00 a barrel.

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EUR/USD holds above 1.1750 after mixed EU PMI data

EUR/USD manages to hold above 1.1750 but struggles to gather recovery momentum on Friday, following the mixed February PMI figures from Germany and the Eurozone. In the second half of the day, Q4 GDP, December inflation and February PMI data from the US will be watched closely by market participants.

GBP/USD recovers further toward 1.3500 after UK PMI data

GBP/USD is recovering ground further toward 1.3500 in European trading on Friday, helped by a modest uptick in the Pound Sterling after stronger-than-expected UK January Retail Sales and February PMI data. However, the pair's further upside could be limited amid persistent US Dollar strength as the focus turns to key US data.

Gold sticks to positive bias above $5,000 ahead of US data

Gold gains some positive traction for the third consecutive day on Friday. holding above $5,000. Traders now look forward to the key US macro releases – the Advance Q4 GDP report and the Personal Consumption Expenditures (PCE) Price Index – for fresh trading impetus.

US GDP growth expected to slow down significantly in Q4 after stellar Q3

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Iran tensions and AI fears at the forefront ahead of key US data

Thursday’s scorecard shows major US Stock benchmarks closed modestly in the red amid mounting US-Iran tensions and AI disruption worries. The S&P 500 shed 19 points (0.3%) to 6,861, the Nasdaq 100 lost 101 points (0.4%) to 24,797, and the Dow Jones Industrial Average dropped 267 points (0.5%) to 49,395.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.