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AUD/USD drops toward 0.6500 after dismal Aussie Retail Sales, mixed China's PMIs
AUD/USD is extending losses toward 0.6500, hit by an unexpected drop in the Australian Retail Sales for March while China's NBS April PMI data came in mixed. Upbeat China's Caixin Manufacturing PMI data failed to lift the Aussie Dollar amid a softer risk tone and the US Dollar rebound.
USD/JPY holds rebound to 157.00 after Monday's suspected intervention-led crash
USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan's authorities. Poor Japan's jobs and Retail Sales data weigh on the Yen.
Gold prices soften as traders gear up for Fed monetary policy decision
Gold price snaps two days of gains, yet it remains within familiar levels, with traders bracing for the US Fed's monetary policy decision on May 1. The XAU/USD retreats below the daily open and trades at $2,334, down 0.11%, courtesy of an improvement in risk appetite.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin price is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price ahead of Binance executive Changpeng Zhao sentencing on Tuesday, April 30.
FX market still on intervention watch
Asian foreign exchange traders will be particularly attentive to any signs of Japanese intervention on Tuesday, following reports of Tokyo's involvement in the market on Monday. This intervention action propelled the yen upward from its 34-year low of 160 per dollar, setting off shockwaves of volatility.
DEEPER DIVE
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture.
Building the future
There is a construction boom underway that is quietly transforming the production capabilities and other aspects of the US economy. The fastest-growing category within nonresidential construction in recent years has been manufacturing.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
XAU/USD advances for a third consecutive day Premium
Gold trades with a positive tone on Monday, now hovering around $2,345 a troy ounce, as the US Dollar eases on the back of a better market mood that also sees stock markets advancing and government bond yields retreating. Speculative interest, however, maintains major pairs confined to familiar levels ahead of first-tier events scheduled for this week.
On the one hand, the United States (US) Federal Reserve (Fed) will hold its monetary policy meeting and announce the outcome on Wednesday. Chair Jerome Powell and co. are widely anticipated to keep interest rates on hold while delivering a hawkish message that will probably harm the US Dollar. US data released this past month showed slowing growth alongside stubbornly high inflation.
CRYPTOCURRENCIES
Avalanche set to gain wider reach with its Stripe integration
Stripe makes another move by integrating AVAX and Core into its platform. Users can purchase AVAX directly on Stripe, along with dapps and NFTs. The partnership may stir traffic into the Avalanche ecosystem and cause more interest in web3.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin (BNB) price, like most altcoins, is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price.
EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation
EigenLayer announced it would launch season one of its airdrop on May 10. EIGEN tokens would play a key role in the recently introduced "intersubjective forking." Some crypto community members have expressed dissatisfaction with the airdrop vesting schedule.
Ethereum erases weekend gains as yearlong SEC investigation comes to light
Ethereum (ETH) began the week by posting losses of 4.2% on Monday after recent filings from Consensys revealed that the Securities & Exchange Commission (SEC) began formal investigations into ETH's security status since March 2023.
THE STOCK OF THE DAY
GOOGL stock adds 10% on healthy margins, new dividend, $70 billion buyback scheme Premium
Alphabet, the parent of Google and YouTube, is clinging to a 10% gain midway through Friday after posting spectacular first-quarter results. For the quarter ending March 31, Alphabet posted revenue of $80.5 billion compared with a consensus of $78.7 billion. This amounted to a 15% growth rate from a year prior.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium
The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level. The US Dollar lost its appeal following discouraging US macroeconomic data indicating tepid growth and persistent inflationary pressures.
GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium
Pound Sterling witnessed a negative start to the week despite the return of risk appetite on ebbing fears over a wider regional conflict in the Middle East.
US Dollar: Decline expected to moderate ahead of Fed and NFP Premium
A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
Gold: Strength of $2,300 support is an encouraging sign for bulls Premium
Gold (XAU/USD) price started the week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the euro. Chinese PMIs and New Zealand employment to be watched too.
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