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AUD/USD tests weekly lows below 0.6600 amid risk-aversion
AUD/USD extends its losing streak for the fourth successive session early Friday, possibly driven by risk aversion. The pair experiences a downside as the US Dollar advances on hawkish sentiment surrounding the Federal Reserve of maintaining higher policy rates for an extended period.
USD/JPY holds ground above 157.00 after softer Japan's inflation data
USD/JPY holds the fort above 157.00 in the Asian session on Friday, consolidating the previous gains even as markets remain risk-averse. The pair capitalizes on softer Japanese National CPI data, which weighs on the Japanese Yen. US data are next in focus.
Gold price remains on the defensive on hawkish Fed
Gold price edges lower to a two-week low on Friday amid renewed US Dollar demand. The diminishing bets of a rate cut in September from the US Fed exert some selling pressure on the precious metal. Nonetheless, the safe-haven flows amid the rising geopolitical tensions in the Middle East might lift the gold price.
Why is Pepe meme coin rallying? What’s next after PEPE’s ATH? Premium
Pepe price shows signs of continuing its uptrend, but it might come after a correction. This short-term pullback could be used by sidelined buyers to accumulate PEPE for the next leg up.
US economy slowing slipping into recession, but not there yet
The recent spate of economic data continues to point to a weakening economy, but one that is not yet precipitously falling into recession. The Philly Fed Index was released late last week. The diffusion index for current general activity declined 11 points to 4.5 in May.
DEEPER DIVE
Like there’s no tomorrow: Unpacking consumer credit
The recent run-up in revolving debt combined with the much higher financing costs raises doubts about the ability of credit to continue to make up for the shortfall between modest real income growth and aspirational spending.
Inventories are quiet, a little too quiet
The economy is in the midst of an unusually calm stretch with respect to inventory investment. It is like the point in the scary movie when someone points out that all the forest creatures have gotten quiet.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the United States appears to be in solid shape. Although real GDP growth came in well below consensus expectations and amounted to just 1.6% annualized in Q1-2024.
FXS Signals
Technical Confluences Detector
Gold eyes $2,310 support, as rising wedge remains in play Premium
Gold price is nursing losses while flirting with two-week lows near $2,327 in the Asian session on Friday. Gold price extends its losing streak into the fourth straight day, remaining on track to book the first weekly loss in three weeks.
US PMI data and Fed Minutes spell doom for Gold price
Following the downtrend induced by the hawkish Minutes of the US Federal Reserve’s May policy meeting, Gold price witnessed another down day, courtesy of stronger-than-expected business PMI data from the United States (US).
CRYPTOCURRENCIES
Why is Pepe meme coin rallying? What’s next after PEPE’s ATH? Premium
Pepe (PEPE) price shows signs of continuing its uptrend, but it might come after a correction. This short-term pullback could be used by sidelined buyers to accumulate PEPE for the next leg up.
Grayscale launches new investment vehicles for NEAR and STX
Grayscale announced the creation and launch of Near Protocol (NEAR) and Bitcoin Layer 2 Stacks (STX) single asset trusts. The company stated that the launch is an attempt to satisfy increased investors' demands for diversified crypto-asset exposure.
Ethereum on the brink of 75% rally as SEC approves ETH ETFs
Ethereum (ETH) bounced back after a brief dip on Thursday as the Securities & Exchange Commission (SEC) approved spot ETH ETFs in a shocking U-turn. US lawmakers had earlier penned a letter to Chair Gary Gensler, urging him to approve the ETFs.
XRP set for rally after Coinbase listing in New York
Coinbase's Chief Legal Officer announced the listing of XRP for its New York clients. XRP was initially removed from the exchange in January 2021 due to an SEC lawsuit on claims of the asset breaking securities regulation.
THE STOCK OF THE DAY
XPeng earnings show that Chinese EV market is shifting into higher gear Premium
XPeng (XPEV) stock spiked more than 26% at Tuesday’s open following the Chinese electric vehicle (EV) maker’s quarterly earnings. XPeng showed there was definitive light at the end of a dark tunnel for the Chinese EV sector.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Could FOMC Minutes provide fresh clues? Premium
The EUR/USD pair advanced for a fourth consecutive week, comfortably trading around 1.0860 ahead of the close. Progress had been shallow, as the pair is up roughly 250 pips from the year low of 1.0600 posted mid-April.
GBP/USD: Upcoming UK inflation will put the rally to the test Premium
The British Pound (GBP) exhibited a bullish trend throughout the week and managed to advance to fresh five-week peaks around 1.2700 against the US Dollar (USD).
US Dollar: More Fedspeak and rate cut bets in the spotlight Premium
A dreadful week for the Greenback saw the USD Index (DXY) retreat to the area of five-week lows in the 104.00 neighbourhood, managing to regain some composure in the latter part of the week.
Gold: XAU/USD looks to extend uptrend once it confirms $2,400 as support Premium
Gold (XAU/USD) price continued to push higher this week and rose above $2,400 on Friday, gaining nearly 2% for the week. Investors will continue to scrutinize comments from Federal Reserve (Fed) officials next week.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap. No fireworks expected from RBNZ policy decision.
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