Gold, oil prices up as U.S. consumer spending increases
Gold and oil prices were trading higher on Friday, as data showed that consumer spreading had increased.
Figures from the Commerce Department revealed that spending surged by 1.1% in March, despite record inflationary pressures.
Consumer spending currently accounts for more than two-thirds of economic activity in the United States.
Despite this news, many still expect Jerome Powell and the Fed to opt to hike rates during next week’s meeting.
As of writing, XAUUSD is trading at $1,910 following a $22 increase, whilst WTI crude hit a one week highs of $107 per barrel.
Amazon stock sinks, as Q1 earnings miss expectations
Shares in Amazon were down by over 10% on Friday, as markets reacted to the company’s disappointing Q1 earnings report.
The company held its earnings call after yesterday’s closing bell, and it was announced that some headline figures missed expectations.
Amazon reported earnings of $7.38 per share, which fell well below expectations of $8.36 per share.
This comes as advertising income also disappointed, coming in at $7.88 billion vs. $8.17 billion expected.
Overall revenue however came in marginally above expectations, at $116.44 billion vs. $116.3 billion expected.
Information or guidance provided by Sayvio is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material provided by Sayvio or using any information or tools you agree that this is general educational material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Sayvio, its employees, directors or fellow members.
Recommended Content
Editors’ Picks
AUD/USD: Extra advances look likely
AUD/USD briefly advanced to new yearly peaks near 0.6450, although it gave away all that move later in the day along with the firm performance of the US Dollar on the back of diminishing US-China trade jitters. All the attention now shifts to Australian inflation gauges due on Wednesday.
EUR/USD: Weekly gains look capped above 1.1400
EUR/USD failed to build on Monday’s gains and slipped back below the 1.1400 region on the back of the resumption of the upside impulse in the Greenback. Market participants, in the meantime, remained cautious ahead of key US data releases later in the week.
Gold bounces off lows near $3,300
After bottoming out near the $3,300 region per troy ounce, Gold prices approach the $3,330 zone as the US Dollar gives away part of its daily advance and the risk-on mood gathers extra pace.
Australia CPI expected to show inflation eased further in Q1, backing case for more rate cuts
Australia will release multiple inflation figures on Wednesday and financial markets anticipate price pressures easing further at the beginning of 2025, paving the way for additional Reserve Bank of Australia interest rate cuts. The central bank is meant to meet to decide on monetary policy on May 19-20.
May flashlight for the FOMC blackout period – Waiting for the fog to lift
We expect the FOMC will leave its target range for the federal funds rate unchanged at 4.25-4.50% at its upcoming meeting on May 6-7, a view widely shared by financial markets and economists. Market pricing currently implies only a 9% probability of the FOMC cutting the fed funds rate by 25 bps.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.