EUR/USD trades above 1.0700 after EU inflation data

EUR/USD trades above 1.0700 after EU inflation data

EUR/USD regained its traction and climbed above 1.0700 in the European session. Eurostat reported that the annual Core HICP inflation edged lower to 2.7% in April from 2.9% in March. This reading came in above the market expectation of 2.6% and supported the Euro.

EUR/USD News

GBP/USD recovers to 1.2550 despite US Dollar strength

GBP/USD recovers to 1.2550 despite US Dollar strength

GBP/USD is recovering losses to trade near 1.2550 in the European session on Tuesday. The pair rebounds despite a cautious risk tone and broad US Dollar strength. The focus now stays on the mid-tier US data amid a data-light UK docket. 

GBP/USD News

Gold price remains depressed near $2,320 amid stronger USD, ahead of US macro data

Gold price remains depressed near $2,320 amid stronger USD, ahead of US macro data

Gold price (XAU/USD) remains depressed heading into the European session on Tuesday and is currently placed near the lower end of its daily range, just above the $2,320 level. 

Gold News

XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response

XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response

Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.

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Mixed earnings for Europe as battle against inflation in UK takes step forward

Mixed earnings for Europe as battle against inflation in UK takes step forward

Corporate updates are dominating this morning after HSBC’s earnings report contained the surprise news that its CEO is stepping down after 5 years in the job. However, HSBC’s share price is rising this morning and is higher by nearly 2%.

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US versus the Eurozone: Inflation divergence causes monetary desynchronization

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

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

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.

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Technical Confluences Detector

Gold struggle with $2,330 extends, as focus shifts to Fed decision Premium

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 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. 

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CRYPTOCURRENCIES

Avalanche set to gain wider reach with its Stripe integration

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.

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BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing

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.

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EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation

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.

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Ethereum erases weekend gains as yearlong SEC investigation comes to light

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.

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THE STOCK OF THE DAY

TSLA accelerates 15% on Monday after FSD approval Premium

TSLA accelerates 15% on Monday after FSD approval

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.

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WEEKLY FORECAST

EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium

EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week

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.

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GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium

GBP/USD: Pound Sterling recovers after two straight weeks of losses

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. 

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US Dollar: Decline expected to moderate ahead of Fed and NFP Premium

US Dollar: Decline expected to moderate ahead of Fed and NFP

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.

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Gold: Strength of $2,300 support is an encouraging sign for bulls Premium

Gold: Strength of $2,300 support is an encouraging sign for bulls

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. 

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Bitcoin: BTC’s next breakout could propel it to $80,000 Premium

Bitcoin: BTC’s next breakout could propel it to $80,000

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. 

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Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too

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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