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Stocks are pointing to a modestly higher start as earnings continue to roll in. However, gains could be limited after stronger-than-expected US durable goods orders revived concerns over the Fed keeping rates high for longer. Tesla is set to open 12% higher despite missing both earnings and revenue estimates. The market was more impressed by the news of an acceleration in the production of affordable EV models. Meta will report after the close.

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.

AUD/USD is charging higher, powered by a hotter-than-expected Australian March quarter consumer price inflation report that has seriously dented the case for rate cuts from the Reserve Bank of Australia this year.

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.

If you’re waiting for economic events outside the United States to spark the next wave of currency market volatility, you’re looking in the wrong place. Because in the absence of a black or grey-swan type event, it will almost certainly come from within the United States.

There has been a shakeup at the top for gold, which opened the week at the high and closed the day at the low during its worst day in two years. We also look at a potential swing trade long on WTI crude oil.

Whether you want to call it a bullish hammer, dragonfly doji, false break or morning star, the price action on the AUD/USD daily suggests the path of least resistance is higher in the near-term.

GBP/USD remains in “sell rallies” mode, so bullish readers will want to be nimble against a broader backdrop that favors more downside from here.

Crude oil demand outlook will come into a sharp focus this week with the release of the global manufacturing PMI data, US GDP and the Fed’s preferred measure of inflation this week. Still, Middle East tensions remain the key driver of short-term price action. Meanwhile, WTI technical analysis suggests the longer-term trend is still bullish.

US stocks are set to open higher after steep losses across the previous week. The S&P500 fell over 3% last week and the Nasdaq 6% amid expectations that the Fed will keep rates high for longer. Attention this week is turning to tech earnings, with Tesla, Meta, Alphabet, and Microsoft reporting earnings. US core PCE and Q1 GDP data later in the week will also be in focus.

US GDP, Core PCE and BoJ policy are among the risk events this week for the USD/JPY currency pair, as the focus turns to sticky inflation and elevated interest rates narrative from Middle East concerns for now. USD/JPY technical analysis point to a potential rally above 155.00.

EUR/USD rises, but gains could be limited with ECB President Lagarde’s speech in focus. Oil falls as Middle East tensions ease & the demand outlook deteriorates.

Divergent economic and monetary policy outlooks for the US and UK continue to weigh on GBP/USD, making the case for downside a far easier sell than for upside right now.

EUR/USD futures traders are on the cusp of flipping to net-short exposure, and managed funds are increasing their short exposure to gold and crude oil.