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EUR/USD consolidates recovery gains above 1.0650
EUR/USD stays in a consolidation phase following Wednesday's rebound and trades in a narrow range above 1.0650. The improving risk mood doesn't allow the US Dollar to gather strength as markets await mid-tier data releases.
GBP/USD clings to moderate gains above 1.2450
GBP/USD is clinging to recovery gains above 1.2450 in European trading on Thursday. The pair stays supported by a sustained US Dollar weakness alongside retreating US Treasury bond yields. Fed policymakers will speak later in the day.
Gold shines amid fears of fresh escalation in Middle East tensions
Gold trades in positive territory near $2,380 on Thursday after posting losses on Wednesday. The precious metal holds gains amid fears over tensions in the Middle East further escalating, with Israel responding to Iran's attack over the weekend.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.
DEEPER DIVE
Cyclical outlook: Known unknowns
In the US, the latest Survey of Professional Forecasters (SPF) of the Federal Reserve Bank of Philadelphia paints a rather upbeat picture of the economic outlook. A similar survey of the ECB points towards a gradual pickup in growth this year.
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 appears a ‘buy-the-dips’ trade on simmering Israel-Iran tensions Premium
Gold price is replicating the tepid recovery mode seen in Wednesday’s Asian trading early Thursday, having faced rejection just shy of $2,400 for the second day in a row.
Will geopolitical tensions support Gold price?
The US Dollar (USD) licks its wounds in tandem with the US Treasury bond yields after witnessing a sharp corrective decline from multi-month highs in the second half of Wednesday’s trading, as an early risk rally on Wall Street indices dampened the safe-haven appeal of the Greenback.
CRYPTOCURRENCIES
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
THE STOCK OF THE DAY
US stock markets bounce from our buy levels
Emini S&P June futures headed lower as predicted to my target & strong support at 5050/40. We made a low for the day exactly here as predicted. Emini Nasdaq if you were short on the break below 18,000 or managed to short on the bounce towards this level.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: The return of King Dollar Premium
The USD soared this week, sending EUR/USD to its lowest since November. Hotter-than-anticipated inflation in the United States (US) was the main reason behind the renewed strength of the USD, although it was not the only one.
GBP/USD: Pound Sterling extends losses on mounting geopolitical tensions, BoE-Fed divergence Premium
The Pound Sterling (GBP) resumed its downside against the US Dollar (USD), sending the GBP/USD pair to the lowest level in four months below 1.2500.
US Dollar: Touching five-month highs as Fed rate cuts are likely to be delayed again Premium
The Greenback advanced for the third consecutive session on Friday, taking the USD Index (DXY) just beyond the 106.00 barrier, an area last traded in early November.
Gold: XAU/USD pays no mind to USD rally, sets historic highs Premium
Gold price (XAU/USD) looked like it was on the verge of a deep correction on Wednesday but it gathered bullish momentum in the second half of the week, advancing to a fresh all-time high above $2,400.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.
Week ahead – More inflation data on the way as rate cut bets thrown into disarray
CPI numbers due in the UK, Japan, Canada and New Zealand. China to also come into the spotlight as Q1 GDP eyed. US retail sales to kickstart the week as earnings season gets underway.
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