🇪🇺 The European Central Bank cuts the benchmark rate 25bps to 2.25% ECB Press Conference now underway

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$XauUsd heading into blow-off top territory Not suggesting it's a good short, or even that price will dramatically collapse, but this current move is unsustainable near term Getting/holding above $3,500 will likely be a struggle

This is why I think sentiment is becoming a bit too bearish on $Dxy & US assets These tariffs can be removed overnight. It's like holding a ball underwater before releasing it

US Consumer Sentiment collapsing as inflation expectations hit the highest level since 1991 The primary driver is the trade war with China, so Consumer Sentiment could rebound quite quickly if the tariffs are rolled back in the near future

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Forex markets have been unusually quiet in the last week or so. Is it the bank holidays or are they bracing for this today? Big downside miss projected in Q1 GDP (-2.7%) by the Atlanta Fed & the first big official data print indicating US might already be in a recession

🇺🇸 US US GDP (QoQ) (Q1) -0.3% vs +0.2%(Est.) vs +2.4% (Prev.)

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🇺🇸 US Unemployment Rate (April) 4.2% vs 4.2% (Est.) vs 4.2% (Prev.)

NFP's Beat

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FED Holds as expected

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$Dxy 🚀

Slight downside surprise on US CPI

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RBA debated a 50bps cut in today's meeting $AUD short is still one of the best themes in Forex currently

Markets now expect only 1 rate cut this year from the Bank of England after today's upside surprise in UK CPI