Timing of US budget release itself has significance – Goldman Sachs

Anil Panchal FXStreet

Amid the chatters over US President Joe Biden’s $6.0 trillion proposal for budget, Goldman Sachs came out with a client note suggesting the timing of the announcement is key considering the long weekend.

“The budget looks likely to be released at 1:30 pm tomorrow (May 28). Traditionally, the Treasury's Green Book follows shortly after the White House budget,” said Goldman.

The report also highlights the White House rejection to follow traditional timeline for budget release while saying, “The White House has decided to release what is arguably the most important policy document of the year on a Friday afternoon before a 3-day weekend at the start of a congressional recess, when it is likely to receive little attention, rather than the traditional Monday morning release when Congress is in session. “

It’s worth mentioning that the US budget will join the Core Personal Consumption Expenditure (PCE) Price Index for April to increase the importance of Friday.

Read: US PCE inflation preview: Gold remains key asset to watch

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Ethereum Price Forecast: BitMine's holdings reach 4.42 million ETH as Fundstrat predicts 87% win-ratio

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped up 51,162 ETH last week, marking its largest purchase since December.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.