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Sterling ended the week a touch lower versus the US dollar, down -0.2% and snapping a two-week bullish phase. As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could be on the table.
Long-Term Picture
Price...
Upcoming Earnings Release:
Baidu, Inc. ADS (ticker: BIDU) is scheduled to report earnings on 16 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.90. The reported EPS for the same quarter a year prior was $1.81.
Bulls Starting to Show Ahead of Earnings
There is some interesting price action on the daily...
Wage Growth in Focus Following Dovish BoE
UK employment and wage data will be widely watched this week on Tuesday at 6:00 am GMT. Last week, the Bank of England (BoE) claimed a large part of the spotlight; albeit leaving the Bank Rate unchanged at 5.25% (16-year peak), a dovish shift was delivered in the shape of MPC votes. In a 7-2 vote to hold the Bank Rate...
Control changed hands in the gold space (XAU/USD) last week; buyers strengthened their grip, adding +2.5% and snapping a two-week losing streak a whisker off all-time highs of $2,431.
Technicals Favouring Buyers
Last week’s move was (technically) aided by support on the daily timeframe coming in from $2,280, a level which the Research Team were watching...
Europe’s shared currency eked out a marginal gain of +0.1% versus its US counterpart last week, marking a fourth straight week in positive territory for the major currency pair. This will be a watched market ahead of Wednesday’s US CPI print, with technicals suggesting a move higher in EUR/USD from short-term support.
Long-Term Picture
There is little change...
Upcoming Earnings Release:
Walmart Inc. (ticker: WMT) is scheduled to report earnings before the market opens on 16 May. The consensus EPS estimate for the fiscal quarter ending April 2024 is $0.52, while the reported EPS for the same quarter a year prior was $0.49.
Strong Technical Evidence Supporting Buyers
Ahead of next week’s earnings, Walmart is offering...
