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EUR/USD hold comfortably above 1.0750 as USD recovery loses steam
EUR/USD clings to small daily gains above 1.0750 in the early American session on Monday. In the absence of high-tier data releases, the US Dollar finds it difficult to gather recovery momentum and helps the pair hold its ground.
GBP/USD struggles to find direction, holds near 1.2550
GBP/USD stays under modest bearish pressure and trades near 1.2550 on Tuesday. The neutral risk mood, as reflected by the mixed action seen in US stocks, doesn't allow the pair to make a decisive move in either direction. The Bank of England will announce policy decisions on Thursday.
Gold rebounds to $2,320 as US yields edge lower
After falling to $2,310 in the early European session, Gold recovered to the $2,310 area in the second half of the day. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% and helps XAU/USD find support.
Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions
Ripple lawsuit’s latest development is SEC filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.
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 holds on to modest gains around $2,320 Premium
Spot Gold turned positive at the beginning of the week, with XAU/USD reaching an intraday high of $2,331.88. The US Dollar weakened throughout the first half of the day, although trading conditions were thin amid holidays in Japan and the United Kingdom. The market mood remained upbeat in Asia and Europe, undermining demand for the American currency.
XAU/USD picked up following mixed comments from Federal Reserve (Fed) officials, as Richmond Fed President Thomas Barkin, voting member of the Federal Open Market Committee (FOMC), said inflation this year has been disappointing, adding policymakers' job is not yet done.
CRYPTOCURRENCIES
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Bitcoin gains could fuel recovery in DOGE, SHIB, BONK
Prices of meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) are broadly steady on Tuesday, as the broader crypto market recovers on the back of Bitcoin’s recent gains. BTC climbed to a high of $64,400 on Tuesday, catalyzing gains in altcoins.
XRP holders to see redacted versions of SEC reply in Ripple lawsuit on Wednesday
Ripple (XRP) lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
Polygon launches zk-based Ethereum scaling solution Miden on testnet, fuelling Layer 2 war
Polygon (MATIC), the largest Ethereum scaling solution, announced on Monday the launch of its zero-knowledge (zk) based “Miden”, a scaler to boost Ethereum chain’s capabilities.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
THE STOCK OF THE DAY
PLTR advances 6% ahead of quarterly results Premium
Palantir (PLTR) stock is widely expected to best Wall Street expectations when it posts first-quarter results after the close on Monday, May 6. That is why the stock has garnered a 6% increase in value at this week’s session open.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Optimism prevailed, hurting US Dollar demand Premium
The EUR/USD pair advanced for a third consecutive week, accumulating a measly 160 pips in that period. The pair trades around 1.0760 ahead of the close after tumultuous headlines failed to trigger a clear directional path.
GBP/USD: Recovering ahead of BoE, UK GDP data Premium
The British Pound (GBP) extended its march north against the US Dollar (USD) throughout the week, motivating GBP/USD to break above the 1.2600 figure for the first time since mid-April.
US Dollar: Less-hawkish Fed, Nonfarm Payrolls miss weigh on the Greenback Premium
A marked pullback during the week prompted the US Dollar (USD) to retreat to the area of three-week lows in the mid-104.00s when tracked by the USD Index (DXY) soon after the US NFP came in below expectations in April.
Gold: XAU/USD bears take action on mixed signals from US economy Premium
Gold (XAU/USD) price fell more than 2% for the second consecutive week, erased a small portion of its losses but finally came under renewed bearish pressure. The near-term technical outlook points to a loss of bullish momentum as the market focus shifts to Fedspeak.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.
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