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AUD/USD faces decent resistance near 0.6650
AUD/USD added to the positive tone seen on Monday and rose further north of 0.6600 the figure on the back of the weaker Dollar and positive developments in the commodity complex.
EUR/USD targets the 1.0880 zone ahead of US, EMU data
EUR/USD kept the bullish bias well in place for the second session in a row, leaving behind the 1.0800 barrier and the key 200-day SMA (1.0790) prior to key data releases in the EMU and US on Wednesday.
Gold regains its poise on broad US Dollar’s weakness
Following Monday's decline, Gold stages a rebound toward $2,350 on Tuesday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% after April producer inflation data, allowing XAU/USD to hold its ground.
Bitcoin price defends $61K with GameStop stock resurgence likely to generate renewed appetite for risk assets
Bitcoin (BTC) price tests the patience of traders as it glides along an ascending trendline on the four-hour time frame. Meanwhile, the GameStop saga that has resurfaced after three years distracts the market.
Is the US Dollar headed for a crash?
Ahead of the US CPI & Retail Sales report, I breakdown how to combine forex fundamentals with technicals to determine whether we've seen a US dollar top?
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
XAU/USD regains its poise on broad US Dollar’s weakness Premium
Spot Gold advanced towards the $2,350 region mid-Tuesday, ticking north on the US DollarDollar'sess. XAU/USD picked at $2,356.96 following the release of the United States (US) Producer Price Index (PPI) data. The figures indicated inflationary pressures persist, as the monthly PPI rose 0.5% in April, up from -0.1% in March and above the 0.3% expected. Furthermore, it rose 2.2% YoY, while the core annual reading was 2.4%, unchanged from March. The overall figures were not really worrisome, as they stand just above the desired 2% inflation level, but the monthly uptick spurred concerns as it suggests the increase at wholesale levels will soon show in consumers.
The US will release the April Consumer Price Index (CPI) report on Wednesday. Although the Federal Reserve (Fed) bases its monetary policy decision on a different inflation measure, any deviation will likely trigger action across the FX board.
CRYPTOCURRENCIES
FLOKI rallies 9% on Tuesday, proposal to burn over 15.2 billion tokens is in the voting process
FLOKI holders are currently voting on a proposal to burn over 15.24 billion tokens, with 99% of the voters in favor of the event. The meme coin rallied 9% on the day on Binance.
Top 3 meme coins price prediction Dogecoin, Shiba Inu and Bonk: Memes wipe out gains from GameStop rally
Meme coins Dogecoin, Shiba Inu, and Bonk rallied alongside top meme tokens in response to GameStop’s rally on Monday. As legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, meme tokens rallied, piling gains on Monday.
Arbitrum price sets the stage for 30% recovery rally Premium
Arbitrum (ARB) price is showing signals that suggest the downtrend could be coming to an end. If this development is coupled with improving Bitcoin price outlook, then ARB could be due for a quick move to the upside.
XRP climbs above $0.50 as Ripple files motion to seal documents in connection with SEC lawsuit
Securities and Exchange Commission (SEC) lawsuit against Ripple saw an update as the payment remittance firm filed a motion to narrowly seal documents related to the remedies-phase.
THE STOCK OF THE DAY
GameStop, AMC stocks see 100% swings as meme fever returns Premium
GME, AMC meme stocks gain more than 100% in premarket. Prices descend to +50% to +80% gains in regular market on Tuesday. Keith Gill continues to post video clips on social media, hyping up his retail followers.
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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