EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.
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 eyes daily close above $2,200 for a sustained uptrend Premium
Gold price is duplicating the move seen in Wednesday’s Asian trading, as it edges lower below $2,200 early Wednesday. Gold price capitalizes on sustained US Dollar (USD) strength and a rebounding US Treasury bond yields struggle, as traders take account of the latest hawkish US Federal Reserve (Fed) commentary.
Gold price slips on Fed Waller’s hawkish comments
Earlier in the Asian session, Fed Governor Christopher delivered a hawkish message while speaking about monetary policy at the Economic Club of New York. His comments fuelled a fresh uptick in the US Treasury bond yields and added to the US Dollar upside while weighing on the non-interest-bearing Gold price.
CRYPTOCURRENCIES
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
THE STOCK OF THE DAY
MPW continues rising afterhours following 18% gain
Medical Properties Trust (MPW) stock settled 18.6% higher, reaching a new range high on Wednesday, after a long-time, non-paying customer decided to sell their physician network to UnitedHealth Group (UNH).
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: US Dollar gains to continue amid a strong US economy Premium
The EUR/USD pair fell for a second consecutive week, ending Friday just above the March low of 1.0796. The pair peaked at 1.0942 early on Thursday, in the aftermath of the Federal Reserve (Fed) monetary policy announcement, but turned south afterwards.
GBP/USD: Dovish BoE voting pattern weighs on Pound Sterling Premium
The Pound Sterling (GBP) failed to hold its upswing against the US Dollar (USD), as the GBP/USD correction from seven-month highs of 1.2894 regained traction in the central banks’ bonanza week.
US Dollar: Inflation returns to the fore Premium
Throughout another notably productive week, the US Dollar (USD) successfully regained more stability, concluding its second consecutive week with gains and managing to reclaim the area beyond the 104.00 barrier when tracked by the US Dollar Index (DXY).
Gold: Record-setting rally loses steam on USD resilience Premium
Gold turned south following a record-setting upsurge on Wednesday and erased the majority of its weekly gains, as the upbeat data releases from the US offset the negative impact of the Fed’s policy decisions on the USD's valuation.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.
Quiet week ahead in the markets
Compared to last week’s bumper slate of event risk, this week will be considerably more subdued, influenced not only by limited global asset drivers but also by liquidity thinning ahead of the long Easter weekend.