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EUR/USD stays weak near 1.0700 ahead of key EU inflation, GDP data
EUR/USD is keeping the red near 1.0700, undermined by a broad US Dollar rebound and a mixed market mood early Tuesday. Germany's Retail Sales rebound fail to impress the Euro ahead of key Eurozone inflation and GDP data releases.
GBP/USD remains pressured toward 1.2500 on US Dollar rebound
GBP/USD is extending losses toward 1.2500 in European trading on Tuesday. A cautious risk tone and a decent US Dollar comeback weigh negatively on the pair. The focus now shifts to mid-tier US data amid a data-light UK docket.
Gold struggle with $2,330 extends, as focus shifts to Fed decision
Gold price is looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Federal Reserve (Fed) interest rate decision due on Wednesday.
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.
Data fuels China optimism
China's factory activity has expanded for a second consecutive month, marking the best streak in over a year and fueling optimism for the sustainability of the world's second-largest economy's recovery.
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
Gold struggle with $2,330 extends, as focus shifts to Fed decision Premium
Gold price is looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Fed interest rate decision due on Wednesday.
Gold price stays weak, awaiting key US events
Besides, a cautiously optimistic market mood and a broad USD rebound exert downward pressure on Gold price, as markets digest reports of a probable truce talks. CNN News reported on Tuesday that Hamas is considering a new framework proposed by Egypt that calls for the group to release as many as 33 hostages kidnapped from Israel in exchange for a pause in hostilities in Gaza.
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
TSLA accelerates 15% on Monday after FSD approval Premium
Tesla stock rocketed up 15.3% on Monday. CEO Elon Musk took a trip to China over the weekend. Tesla received Chinese approval for its semi-autonomous driving software. TSLA stock could make a run for the $235-$240 range based on daily chart.
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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