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AUD/USD slips below 0.6700 amid hawkish Fed stance despite RBA’s minutes
The Australian Dollar registered losses of 0.03% against the US Dollar as Federal Reserve officials hitting the wires were reluctant to hint at when rate cuts begin. Consequently, US Treasury bond yields fell, while the Greenback stood tall, flat at around 104.62. The AUD/USD trades at 0.6668 as Wednesday’s Asian session begins.
EUR/USD flattens out near 1.0850 as data looms
EUR/USD stuck closely to familiar levels on a sedate Tuesday market session. Talking points from Fed officials dominated headlines, but provided little new information for investors to digest, keeping risk appetite suppressed and stapling bids close to opening prices.
Gold retreats from peak high amid Fed wary stance
Gold price retraces during Tuesday’s North American session after hitting an all-time high of $2,450. Yet it retreated below the April 12 high of $2,431 as the Greenback recovers some ground. The XAU/USD trades around $2,418, after reaching a high of $2,433.
DeFi and Layer 2 coins rally following Ethereum's rise
Ethereum ecosystem tokens have surged following ETH's recent rally after optimism that the Securities & Exchange Commission would approve spot ETH ETFs.
RBNZ expected to keep key interest rate on hold as inflation pressures persist
The Reserve Bank of New Zealand is widely anticipated to maintain the OCR at 5.50%. The language in the policy statement is expected to remain hawkish. The New Zealand Dollar has room to extend its bullish momentum.
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 steadies around $2,420 ahead of FOMC Minutes Premium
Spot Gold trades marginally lower on Tuesday as the US Dollar benefited just modestly from a sour market mood. XAU/USD hovers around $2,420 after posting an intraday low of $2,406.10. Asian and European indexes edged lower as investors took profit ahead of earnings reports while lacking fresh catalysts. The macroeconomic calendar had nothing relevant to offer on Tuesday, with another batch of speeches from Federal Reserve (Fed) officials failing to impress.
Meanwhile, the Fed Board issued its Economic Well-Being of US Households in 2023 report, which examines the financial circumstances of US adults and their families. The document showed that overall, “financial well-being was nearly unchanged from 2022 as higher prices remained a challenge for most households and workers continued to benefit from a strong labor market.”
CRYPTOCURRENCIES
Cardano Price Forecast: ADA's recent breakout could trigger 15% rally
Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.
Ondo price poised to break ATH of $1.04
Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.
Shiba Inu price flashes buy signal, 25% rally likely Premium
Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.
THE STOCK OF THE DAY
NVDA advances ahead of Wednesday’s Q1 results Premium
Nvidia (NVDA) is set to unveil its first-quarter fiscal 2025 results on Wednesday after the close, and that’s the main thing on the docket for equity traders this week. Nvidia stock jumped more than 2% at Monday’s open.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Could FOMC Minutes provide fresh clues? Premium
The EUR/USD pair advanced for a fourth consecutive week, comfortably trading around 1.0860 ahead of the close. Progress had been shallow, as the pair is up roughly 250 pips from the year low of 1.0600 posted mid-April.
GBP/USD: Upcoming UK inflation will put the rally to the test Premium
The British Pound (GBP) exhibited a bullish trend throughout the week and managed to advance to fresh five-week peaks around 1.2700 against the US Dollar (USD).
US Dollar: More Fedspeak and rate cut bets in the spotlight Premium
A dreadful week for the Greenback saw the USD Index (DXY) retreat to the area of five-week lows in the 104.00 neighbourhood, managing to regain some composure in the latter part of the week.
Gold: XAU/USD looks to extend uptrend once it confirms $2,400 as support Premium
Gold (XAU/USD) price continued to push higher this week and rose above $2,400 on Friday, gaining nearly 2% for the week. Investors will continue to scrutinize comments from Federal Reserve (Fed) officials next week.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap. No fireworks expected from RBNZ policy decision.
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