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EUR/USD retreats below 1.0850 ahead of Fedspeak
EUR/USD stays under modest bearish pressure and trades in negative territory slightly below 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD stays under modest bearish pressure near 1.2650
GBP/USD edges lower toward 1.2650 after posting marginal losses on Thursday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to gain traction. Fed policymakers are scheduled to speak later in the day.
Gold holds steady above $2,380, Fed speakers in focus
Gold trades with a positive bias on Friday and holds above $2,380. The benchmark 10-year US Treasury bond yield stays flat near 4.4% following Thursday's rebound, allowing XAU/USD to keep its footing ahead of speeches from Fed officials.
XRP steadies at $0.51 as Ripple plans to expand XRP Ledger, custody services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US SEC and amid new commitments from the firm to expand its services in Africa.
Disputes and De-risking: US-China trade dispute changes trade flows
The bilateral trade dispute between the US and China is entering a new round and is leading to renewed discussions about the deglobalisation of global trade in goods.
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 price gains ground, with Fed speakers in focus
The Gold price trades with a positive bias on Friday. The bullish move of precious metals in the previous sessions was bolstered by the softer-than-expected US inflation data in April, which triggered hope for rate cuts from the US Fed.
Technical Analysis: Gold price’s upside remains intact
The Gold price trades on a positive note on the day. According to the four-hour chart, the precious metal has formed an ascending trend channel since May 2. The constructive outlook of gold remains intact, as it is above the 100-period Exponential Moving Average (EMA).
CRYPTOCURRENCIES
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
THE STOCK OF THE DAY
With 7% gain, BABA reaches six-month high Premium
Alibaba closed up 7.1% on Thursday as the ecommerce giant benefited more from JD.com’s earnings beat than its own. This gain, the best since January 23, puts Alibaba stock in striking distance of an important resistance band on the daily chart as it trades at a six-month high.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: A better mood puts pressure on the US Dollar Premium
The EUR/USD pair seesawed in a tight range just above the 1.0700 threshold for most of the week, with the US Dollar (USD) finally giving up and extending its slide while heading into the weekly close.
GBP/USD: Pound Sterling loses strength as BoE opens door to summer rate cut Premium
The British Pound (GBP) traded in a choppy fashion and struggled to extend gains seen in the previous couple of weeks against the USD, prompting GBP/USD to recoup ground lost in the first half of the week and flirt with the key 200-day SMA around 1.2540 on Friday.
US Dollar: Greenback regains strength, snapping two straight weeks of losses Premium
A tepid recovery during the week led to a bounce of the US Dollar (USD) to the area beyond the 105.00 barrier when gauged by the USD Index (DXY), reversing two consecutive weeks of negative price action.
Gold: Bulls return and aim for record highs Premium
Spot Gold price (XAU/USD) heads into the weekly close posting solid gains and changing hands at around $2,360 a troy ounce. XAU/USD struggled for direction, spending most of the week hovering between $2,300 and $2,330.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.
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