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EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold slumps below $2,300 as US yields rebound
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.
DEEPER DIVE
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
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
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.
FXS Signals
Technical Confluences Detector
Gold needs to reclaim $2,340 for a sustained recovery Premium
Gold price is consolidating Wednesday’s rebound in Asian trading on Thursday, as buyers await more employment and wage inflation data from the United States (US) for fresh trading impetus. Traders also digest the US Federal Reserve (Fed) interest rate decision and Chair Jerome Powell's words delivered late Wednesday.
Gold price jumps as the Fed upholds rate cut bets
Gold price staged an impressive comeback from four-week lows of $2,282 on Wednesday, as the US Dollar and the US Treasury bond yields got sold off into Fed Chair Powell’s dovish signals on the interest rate outlook.
CRYPTOCURRENCIES
AAVE proposes a slew of upgrades and expansions in plan for 2030
Aave has proposed a Unified Liquidity Layer, V4, and solutions to enhance and compete with zero-knowledge networks in its plan for 2030 and beyond. The proposal states that Aave aims to implement its plan together with the community within the next three years.
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Recovery likely if Bitcoin freefall ends
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) look primed for recovery, according to technical indicators, despite the broader crypto market correction prompted by the sharp drop in Bitcoin (BTC) price.
XRP tests $0.52 resistance while XRP Ledger developers propose lending protocol on the blockchain
Ripple has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance. XRP holders digested the news of US Securities and Exchange Commission’s response to Ripple in its filing that addressed the issue of “expert testimony.”
Pepe whales buying spree could trigger 55% rally Premium
Pepe price shows signs of a potential comeback as it retest the a declining resistance level. A successful breakout could kick-start a 56% move to the upside as whales continue to accumulate on dips.
THE STOCK OF THE DAY
Caffeine crash hits investors as SBUX slides 16% Premium
Starbucks (SBUX) stock has collapsed on Wednesday following quarterly earnings that show a major slowdown in consumer spending in the US and China. Shares caved 16% at the start of the Wednesday session.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action next week Premium
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.
GBP/USD: Pound Sterling recovers after two straight weeks of losses Premium
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.
US Dollar: Decline expected to moderate ahead of Fed and NFP Premium
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.
Gold: Strength of $2,300 support is an encouraging sign for bulls Premium
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.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
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.
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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