The cryptocurrency market cap is currently just over $2.13 trillion, up nearly 7% yesterday, as the market turned a sea of green on heavy buying

Following the recent successful launch of more than ten Bitcoin ETFs, the investment community has turned its attention to the second-largest cryptocurrency by market capitalization, Ethereum (ETH).

The weekly gold candle shows a restrictive range of just $25 as the precious metal looks for a driver to help break its current lethargy

The German economy remains weak and the single currency is starting to struggle against the US dollar and Sterling

The US economy remains in good health despite the slight slowdown seen in the dominant services, data showed today. Up next, a handful of US Fed speakers give their latest views on the US economy.

The latest UK S&P PMIs suggest that the economy is growing by 0.2-0.3% in Q1 2024, confirming the BoE’s view that the UK’s recession is likely to be short-lived.

USD/JPY is trading on either side of 150 on a marginally weaker Japanese Yen after balance of trade data showed Japanese exports booming.

The single currency is pushing ahead against a marginally weaker US dollar and British Pound, but further progress may prove difficult.

Gold is opening the week on the front foot and continuing last week’s rally. Price action may be limited today however with US markets closed for the Presidents’ Day holiday.

Inflation in the US remains sticky at both producer and consumer level but US indices are seemingly ignoring these price pressures and remain near recent multi-year highs.

The ECB is looking increasingly likely to the be the first major central bank to start cutting interest rates, and this will affect the value of the single currency

Gold is picking up a small bid around $2,000/oz. after mixed US economic data pushes the precious metal one way and then another

Bitcoin has rallied by over 20% already this month as buyers continue to dominate the market. A short-period of consolidation could lead to further gains as the ‘halving’ draws closer.

Bitcoin halving is a scheduled event that occurs approximately every four years, or after 210,000 blocks have been mined.

After a neutral ECB meeting on Thursday, next week sees some heavyweight EU economic data hit the screens including GDP, Inflation, and Jobs.

The Pound and the Dollar will both look to their respective central banks this week. Market rate pricing probably poses the biggest risk.

The ECB left its monetary policy unchanged yesterday, and reiterated that rates cuts were data dependent, but the market seems to have different ideas.

The European Central Bank (ECB) played a straight bat at today’s policy announcement, leaving all rates unchanged and giving little away. A currently lackluster EUR/USD needs another driver.

Netflix and Alibaba drive early risk-on move, UK PMIs beat expectations boosting Sterling.

UK services activity continues to pick up, according to the latest S&P Global PMIs, and that is giving Sterling a boost in the FX market

Pared back US rate cut expectations continue to dampen the outlook for gold and silver. Will US data spark a revival in the precious metals?

USD/JPY is trading around 147.50 in early European trade after the Bank of Japan left all policy dials untouched at its latest meeting but gave a slight hint that inflation may be moving higher.

US equity markets continue to power ahead as the latest FOMC meeting draws closer

The US dollar is opening the week on the backfoot as the Fed blackout period starts ahead of the January 31st FOMC meeting. Core PCE data later this week will be of interest to the Fed.

US equities have shaken off their poor start to the year and are now posting fresh multi-year and all-time highs. Growing expectations of a soft landing and falling inflation in the US is driving the latest move higher.

The ECB policy meeting on Thursday is the ideal place for central bank President Christine Lagarde to start to outline a rate cut timetable. Trouble is the meeting will likely follow the familiar ‘let’s wait and see the data’ script.

USD/JPY is a nearing levels that may prompt the Bank of Japan to start talking intervention. Tuesday’s rate decision and the Quarterly Outlook Report remain key for the Yen’s next move.

Fed and ECB board members have been on the wires this week trying to temper elevated market rate cut expectations, and this is hitting the price of gold and silver.

The US dollar remains firm, the Japanese Yen continues to weaken, while ECB President Lagarde is pushing back against market rate cut expectations.

Financial markets continue to price in an aggressive round of US interest rate cuts this year, yet this is not currently feeding fully through into the price of gold.