The week is off to a shaky start. Financial markets are somewhat jittery following Trump’s comments against Jerome Powell last Thursday and the lower liquidity this Easter Monday is not helping matters. The US president’s scathing attack has raised questions concerning the sovereignty of the Federal Reserve. Can the Fed Chair be replaced at will by the government? Will the Fed remain independent? Such questions will almost certainly be forgotten soon enough, but markets are currently gripped with paranoia. Either way, Jerome Powell’s term ends in May 2026, so the president will get his wish one way or another.
Rough start to the week for Dollar bulls. The DXY shot down over 1% early this morning as investors sought refuge elsewhere. The Euro was the main beneficiary of the move, climbing to $1.15 and further still, but the Swiss Franc and Japanese Yen also continued to appreciate against the Greenback.
As is tradition, gold set another record high earlier today, this time striking $3,385 an ounce. The precious metal’s accolades are becoming almost mundane at this point, with two dozen all-time highs already this year. For once, Bitcoin also captured some attention, gaining around 2.5% to draw closer to $88k. Cryptocurrencies have a long way to go before they start outperforming gold, which is up almost 30% since the start of the year. In contrast, Bitcoin is down 6% over the same time frame, with the broader crypto market faring even worse. Bitcoin dominance is now up to 64%, a share not seen since 2021.
For obvious reasons, there is nothing on the economic calendar today, nor even tomorrow. The remainder of the week is similarly devoid of content, with the sole exception of manufacturing PMI figures from various parts of the world on Wednesday. For those paying attention to the unfolding Fed drama, there will also be a number of speeches from several board members scattered throughout the week.
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