Trade ideas

EUR/USD looks tired ahead of key inflation and GDP data from the continent later Tuesday, struggling to hold the gains which took it to two-week highs on Friday.

The Nasdaq 100 is poised to snap a 5-month winning streak by Tuesday's close, which begs the question as to if the old adage "sell in May and go away" arrived a month early.

The growth engine of the Chinese economy unexpectedly decelerated last month while Australian retail sales are growing at the weakest pace on record outside one-off economic shocks, putting AUD/USD under renewed pressure on Tuesday.

Despite the MOF's best attempts, USD/JPY is holding above 155 - a level traders are clearly watching. AUD/USD shows the potential to extend gains into 66c, but having risen for 6 days already then perhaps the upside potential it limited.

Japanese officials had been warning for months that speculative moves in the Japanese yen would not be tolerated without elaborating on what exactly constituted a ‘speculative’ move. We may have just been provided the answer.

USD/JPY analysis: FX intervention causes big moves in popular trading pair. FOMC, NFP and PMI data among key macro highlights this week for US dollar. USD/JPY technical levels to watch include 155.00 support.

Gold analysis: Metal remains fundamentally support, so we could see a renewed rally. This week’s macro highlights include FOMC policy decision, NFP and ISM PMIs. Gold technical analysis shows prices respecting the 21-day exponential moving average.

WTI Crude Oil Outlook: From pipelines to policies, mapping Crude Oil market trends amid Fed rate decisions, employment indicators, and PMI results

Disparity between US and Eurozone PMI data bodes well for euro. For now, the US dollar has rebounded slightly ahead of GDP and core PCE data. EUR/USD technical analysis shows rates testing a pivotal area circa $1.07 - a potential break above here would be ideal for the bulls.

DAX rises with German IFO business sentiment data in focus. USD/JPY inches higher despite intervention threats and ahead of US durable goods orders.

It’s not just AUD/USD and the RBA interest rate outlook that have been shaken up by Australia’s hot March quarter inflation report with the Australian dollar gaining sharply against the crosses, especially those currencies whose central banks are still expected to ease monetary policy this year.

Momentum may have turned higher for bitcoin this week, yet it lacks the trading volumes usually associated with a strong rally.

The US 2-year bond yield remains support, which is capping the yield at 5% and weighed on the US dollar. And that helped AUD/USD rise for a second day ahead of a key AU CPI report.

It has been a risk-on session so far, with equity indices rising sharply for the second consecutive day ahead of Tesla’s earnings tonight and other big tech companies reporting this week. Also on the rise today have been markets such as crude oil, the EUR/USD and even the GBP/USD. Sentiment was lifted by stronger PMI data from the services sector in Europe and UK, alleviating growth concerns even if the manufacturing sector PMI continued to remain depressed.

Has gold selling already or nearly done? Gold remains fundamentally supported in the long term, although there is room for further correction. Gold technical analysis shows prices are no longer as overbought as a couple of weeks ago.

FTSE rises to a record high as the GBP struggles around a 5-month low. EUR/USD looks to PMI data.

The US dollar rally has stalled, and the longer is fails to extends its gains the greater the odds of a pullback. For today, flash PMIs have placed GBP/USD and EUR/USD into focus.