Forex Today: Spotlight turns to Britain’s consumption trends
Source Fxstreet
The renewed selling pressure prompted the Greenback to set aside two daily advances in a row on Thursday as investors remained apathetic regarding any real progress on the US-China trade tensions.
Here is what you need to know on Friday, April 25:
The US Dollar Index (DXY) traded on the defensive and receded to the low-99.00s amid the widespread retracement in US yields across different time frames. The final Michigan Consumer Sentiment print will close the US docket.
EUR/USD saw its buying bias revitalised following the recent test of the 1.1300 neighbourhood. The ECB will release its Consumer Inflation Expectations survey, while member Buch is also due to speak.
GBP/USD regained composure, leaving behind two straight daily declines and reclaiming the area above 1.3300 the figure. Retail Sales will take centre stage, seconded by the GfK’s Consumer Confidence measure.
USD/JPY faced the resurgence of the downside pressure and eased from recent peaks north of the 143.00 barrier. The Tokyo’s Inflation Rate is next on tap on the Japanese calendar.
AUD/USD managed to pick up pace and leave behind part of the recent pullback, coming in close to the key hurdle at 0.6400. Next release of note in Oz will be the quarterly Inflation Rate and the RBA’s Monthly CPI Indicator on April 30.
WTI prices recouped part of Wednesday’s pullback and revisited the area beyond the $63.00 mark per barrel on renewed tariff concerns.
Gold prices reversed course and clocked decent gains, retesting the $3,370 zone per troy ounce on the back of bargain hunting mood and tariff uncertainty. Silver prices could not sustain Wednesday’s strong rebound, coming under renewed pressure and approaching the $33.00 mark per ounce.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
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