Forex Signals Weekly Brief: Ferrari, AMD, SMCI and BP Q1 Earnings Next

Quick overview

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Today we have more Q1 earnings from major names, such as BP, Ferrari, AMD, SMCI etc, which will keep markets on their toes again.

The U.S. dollar weakened against most major currencies on Monday, as better-than-expected economic data failed to lift sentiment amid broader risk volatility.

The U.S. dollar ended the trading session broadly lower compared to its major currency counterparts, with the exception of the USD/CAD, which finished virtually unchanged. The largest mover was the USD/JPY pair, falling sharply by 0.83% as risk sentiment weighed on the greenback and briefly favored the safe-haven yen—though that support faded quickly.

Despite the softer USD, the day’s economic data provided a mixed yet interesting narrative. The ISM Services PMI for April rose to 51.6, surpassing expectations of 50.2 and improving from March’s 50.8. The underlying components also pointed toward moderate expansion: new orders climbed to 52.3 (from 50.4), employment edged higher to 49.0 (from 46.2), while prices paid surged from 60.9 to 65.1, signaling growing input cost pressures and potential inflationary persistence.

In commodities, WTI crude oil declined by $1.16 to $57.13 per barrel. While the drop seemed modest, market tone was cautious following OPEC+’s weekend signal that production increases would continue until compliance from lagging members like Iraq and Kazakhstan was achieved. The fact that oil prices stayed above the key April low of $55.12 suggested some resilience, but sentiment remains fragile—any move below that level could trigger more aggressive selling.

In the bond market, U.S. yields inched higher: the 2-year yield rose by 1.2 basis points to 3.83%, the 5-year increased by 2.4 bps to 3.94%, and the 10-year climbed nearly 4 bps to 4.35%, reflecting a cautious but steady rise in rate expectations.

Today’s Market Outlook, Key Earnings to Watch: AI, EVs, Energy, and Consumer Trends in Focus

Today the forex calendar is light, but comments from ECB, FED, the EU and the White House will keep coming. The Ivey PMI from Canada is the most important release, although the trade comments from US and Canadian officials will decide the fate of USD/CAD .

Besides that, we have more Q1 earnings reports from major corporations today.

Earnings Preview – Tuesday, May 6

Pre-Market Reports:

• Celsius Holdings (CELH):
  Expected to report strong year-over-year revenue growth, driven by expanding shelf space in U.S. retail stores and increasing international penetration. Analysts will focus on sell-through data and distribution partnerships.
• Datadog (DDOG):
  Set to provide key insights into enterprise software spending and the state of cloud infrastructure demand. Commentary around AI integration and client retention metrics will be closely watched, especially amid a mixed macro backdrop for tech.
• Ferrari (RACE):
  Offers a unique glimpse into global luxury consumer sentiment. Investors will examine order backlogs, pricing power, and demand from China and the U.S., particularly as economic uncertainty lingers.
• BP (BP):
  With oil price fluctuations and geopolitical tensions ongoing, BP’s Q1 earnings will reflect broader energy market dynamics. Investors will monitor upstream performance and any updated guidance related to capital spending or renewables.
• Marriott International (MAR):
  As a bellwether for travel and hospitality, Marriott’s report will shed light on global travel recovery trends, particularly in Asia-Pacific and Europe. Group bookings, occupancy rates, and RevPAR will be in sharp focus.

After-Hours Reports:

• Super Micro Computer (SMCI):
  A high-volatility report expected, with strong investor interest in AI server growth. Analysts will look for clarity on supply chain constraints, backlog fulfillment, and whether demand is outpacing production capacity.
• Advanced Micro Devices (AMD):
  AMD’s earnings will be a critical read for the AI chip race against Nvidia. Growth in the data center and AI accelerator businesses, as well as updates on its MI300 chips, will take center stage. Investors also await guidance on gaming and PC segments.
• Rivian (RIVN):
  Market focus will be on vehicle production and delivery volumes. Cost control and margin improvement efforts will be key, as the EV startup faces rising competition and macro headwinds in consumer discretionary spending.

Last week, markets were slower than what we’ve seen in recent months, with gold retreating as a result, the EUR/USD falling to 1.13, and stock markets continuing upward. The moves weren’t too big, but we opened 37 trading signals in total, finishing the week with 25 winning signals and 12 losing ones.

Gold Surges $100 A Day Once Again

Precious metals saw renewed strength as geopolitical uncertainty boosted safe-haven demand. Gold prices soared by $92, or 2.85%, to settle at $3,332.88 after briefly touching a record high of $3,444. Despite a subsequent pullback to around $3,200 last week, inflation worries and macro instability have kept buyers engaged. By Monday’s close, gold had reclaimed upward momentum, closing near session highs at $3,337. Silver followed suit, gaining 1.50% to finish at $32.47.

Yen Buyers Return

Despite the yen’s initial gains, the USD/JPY pair rebounded from near the critical 140.00 zone, supported technically near its 100-month moving average. Still, the yen’s outlook remains highly sensitive to global risk trends and the broader path of the U.S. dollar.

USD/JPY – Daily Chart

Cryptocurrency Update

Crypto Momentum Continues—Bitcoin in Focus

Bitcoin showed little change, hovering just under $95,000 after breaking its 100-day moving average, indicating solid technical strength and sustained investor interest.

BTC/USD – Weekly chart

XRP Chart Weekly – Ripple Finds Support at the 20 SMA

XRP also remained firm, trading at the higher end of its recent range after rebounding from key support levels between $1.80 and $2.20. As long as it holds above its 50-day moving average, upside potential remains intact—especially if broad crypto sentiment stays positive.
XRP/USD – Daily Chart