![How to use forex correlations in your trading [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/world-currencies-53475296_XtraSmall.jpg)
EUR/USD climbs to daily highs near 1.0770 on Dollar selling
EUR/USD manages to regain extra upside traction on the back of the renewed sell-off in the Greenback, reaching fresh daily highs in the 1.0770 region, or. two-day peaks.
GBP/USD hovers around 1.2500 post-BoE
GBP/USD alternates gains with losses around the 1.2500 neighbourhood amidst extra weakness in the Dollar, while market participants continue to digest the BoE event.
Gold poised to resume its advance
XAU/USD now gathers fresh steam and advances to the highest level in many sessions north of the $2,330 mark per troy ounce on the back of further selling pressure hurting the Greenback as well as mixed US yields.
Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
Solana-based meme coins TREMP and BODEN post nearly 125% and 7% gains on Thursday. Former US President Donald Trump says his campaign will likely accept crypto donations.
Bank of England inches one step closer to a summer rate cut
The Bank of England is undoubtedly turning more optimistic, but it’s keeping its options open amid some uncertainty surrounding the near-term inflation numbers. We still narrowly expect the first rate cut in August.
DEEPER DIVE
Like there’s no tomorrow: Unpacking consumer credit
The recent run-up in revolving debt combined with the much higher financing costs raises doubts about the ability of credit to continue to make up for the shortfall between modest real income growth and aspirational spending.
Inventories are quiet, a little too quiet
The economy is in the midst of an unusually calm stretch with respect to inventory investment. It is like the point in the scary movie when someone points out that all the forest creatures have gotten quiet.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the United States appears to be in solid shape. Although real GDP growth came in well below consensus expectations and amounted to just 1.6% annualized in Q1-2024.
FXS Signals
Technical Confluences Detector
Gold flirts with $2,320 as USD demand losses steam Premium
Gold price flirts with $2,320 in the American session, trimming early losses that sent XAU/USD to a weekly low at $2,303.60. The US Dollar lost momentum after Wall Street's opening despite the poor performance of American indexes. The DJIA posts some modest gains, although the Nasdaq Composite and the S&P 500 trade in the red.
Financial markets continue to struggle for direction in a week marked by the absence of relevant macroeconomic data. Speculative interest tries to take clues from Fed officials' words, but so far, none provide fresh clues that could spur some directional price action.
CRYPTOCURRENCIES
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Report shows nearly 140 new meme token debuts
April recorded the addition of 138 new meme coins to CoinMarketCap. The actual number could be even higher as analyst Crypto Koryo notes that CoinMarketCap reportedly lists only 10% of all tokens.
XRP close to support at $0.50 as traders digest SEC vs. Ripple lawsuit proceedings
XRP is ranging below $0.53 on Thursday as investors continue to digest the recent developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC).
Fetch.ai Price Forecast: FET unlikely to recover, more downside possible Premium
Fetch.ai price performance in the first quarter was nothing short of magical. The market value of FET rose by 587% between February 5 and March 28, a climb that is now facing exhaustion and could lead to further downside moves.
Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
A Solana-based meme coin Doland Tremp posted over 100% gains on Thursday, before pulling back to $0.6750. The price rally likely occurred after former US President Trump asked pro-crypto voters to vote for him and said his presidential campaign will accept crypto donations.
THE STOCK OF THE DAY
SHOP stock gets massacred as market scoffs at bare beat Premium
Shopify checked most of the boxes during its first-quarter earnings results late Tuesday, but that just wasn’t enough for the market’s outsized ambitions. The eCommerce solution has traded down more than 20% on Wednesday morning as the broader market tumbles in tandem.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Optimism prevailed, hurting US Dollar demand Premium
The EUR/USD pair advanced for a third consecutive week, accumulating a measly 160 pips in that period. The pair trades around 1.0760 ahead of the close after tumultuous headlines failed to trigger a clear directional path.
GBP/USD: Recovering ahead of BoE, UK GDP data Premium
The British Pound (GBP) extended its march north against the US Dollar (USD) throughout the week, motivating GBP/USD to break above the 1.2600 figure for the first time since mid-April.
US Dollar: Less-hawkish Fed, Nonfarm Payrolls miss weigh on the Greenback Premium
A marked pullback during the week prompted the US Dollar (USD) to retreat to the area of three-week lows in the mid-104.00s when tracked by the USD Index (DXY) soon after the US NFP came in below expectations in April.
Gold: XAU/USD bears take action on mixed signals from US economy Premium
Gold (XAU/USD) price fell more than 2% for the second consecutive week, erased a small portion of its losses but finally came under renewed bearish pressure. The near-term technical outlook points to a loss of bullish momentum as the market focus shifts to Fedspeak.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.
![The anatomy of a correction [Video]](https://editorial.fxstreet.com/images/Psychology/creativity-concept-iStock_000046019806_XXXLarge_XtraSmall.jpg)
![The biggest trading myth [Video]](https://editorial.fxstreet.com/images/TechnicalAnalysis/Sentiment/Frustrated-trader-candles-chart_XtraSmall.jpg)
