Forex Signals Brief April 8: Coinbase and Shopify Earnings Close the Season

Quick overview

Markets remain delicately balanced as investors weigh Federal Reserve caution, geopolitical developments, and more earnings reports today.

Mixed Market Response to Fed Tone

Following the Federal Reserve’s interest rate decision, the U.S. dollar posted modest gains, climbing by approximately one cent. In contrast, key commodities and assets saw declines. Crude oil slipped by $1.20, or 2%, to settle around $58 per barrel. Gold also pulled back, falling $70 to $1,367 per ounce, while Bitcoin declined by $500 to approximately $96,500.

The Federal Reserve maintained a slightly hawkish stance despite acknowledging an increased risk of rising unemployment. Chair Jerome Powell, in his May 7 news conference, struck a careful tone—emphasizing that while the economy remains fundamentally strong, both consumer and business sentiment have sharply declined. He noted that many economic participants are delaying major decisions, though the labor market remains broadly in line with maximum employment goals.

Powell reiterated that monetary policy is well-positioned to respond if necessary but emphasized that there is no urgency to change rates just yet. Market reaction during the press conference was volatile, with equities swinging in both directions before slipping lower toward the close.

Trump’s Chip Export Decision Boosts Sentiment

Later in the session, sentiment received a lift from a Bloomberg report that President Trump would not move forward with proposed AI-related chip export regulations. This reversal provided a late boost to semiconductor stocks, which helped lift broader indices into positive territory.

Today’s Market Outlook, Key Earnings to Watch: Shopify and Coinbase Earnings Close the Season

Canadian Labor Data in Focus

The Canadian labor market took center stage in foreign exchange markets today. Recent signs of strain have emerged since the implementation of U.S. tariffs in March. Employment has dropped for a second consecutive month, and the participation rate continues to fall, pushing the unemployment rate up to 6.7%.

The key data point on today’s calendar is Canada’s Employment Report. Economists expect a rebound in jobs with a forecasted change of 24,500, compared to last month’s loss of 32,600 positions. Any surprise in this figure could drive volatility in the Canadian dollar.

Thursday Pre-Market Earnings Preview

• Peloton (PTON):
  Investors will be watching for signs of continued progress in Peloton’s turnaround strategy. Expect updates on restructuring efforts, particularly how the shift in subscription pricing and services is affecting user engagement and churn. Margins and connected fitness product outlook will be key.
• Shopify (SHOP):
  The focus is on whether Shopify can maintain momentum after several quarters of post-pandemic normalization. Analysts will assess growth in merchant solutions, payment volume, and how international expansion is faring amid a slowing global e-commerce trend.
• ConocoPhillips (COP):
  With oil prices fluctuating, ConocoPhillips’ results will offer insight into energy sector resilience. Look for commentary on production levels, capex plans, and how the company is positioning itself in the face of global demand shifts and geopolitical tensions.

🌙 Thursday After-Hours Earnings Highlights

• Trade Desk (TTD):
  Seen as a barometer for the digital advertising market, Trade Desk’s earnings will highlight trends in programmatic ad spending, especially across connected TV. Investors will gauge how ad budgets are being adjusted amid cautious corporate spending.
• Coinbase (COIN):
  As always, closely tied to crypto market volatility and trading volume. With Bitcoin and Ethereum price swings prominent in recent weeks, analysts will focus on revenue from transaction fees, institutional flows, and any regulatory commentary from management.
• Warner Bros. Discovery (WBD):
  The spotlight is on streaming performance, especially subscriber numbers and profitability of Max. The company’s debt load and progress on content cost management will also be under scrutiny as it tries to stabilize earnings post-merger.
• DraftKings (DKNG):
  Results will provide a snapshot of the online sports betting market. Analysts will look for user growth, engagement metrics, and guidance ahead of the NFL season. Expect attention on state-by-state market share and promotional spending trends.

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 to New Highs Amid Inflation Concerns

After briefly pulling back to near $3,200 last week, gold rebounded sharply. On Monday, the precious metal jumped by $92, or nearly 2.9%, to close at $3,332.88 after touching a record intraday high of $3,444. Renewed interest was driven by persistent inflation concerns and global macroeconomic uncertainty. Silver also joined the rally, gaining 1.5% to end at $32.47.

USD/JPY Buyers Return

In currency markets, the Japanese yen remains under pressure despite a mild technical recovery. The USD/JPY pair bounced from the key 140.00 level, supported by its 100-month moving average. Nevertheless, the yen’s vulnerability to global risk sentiment and U.S. dollar momentum remains intact.

USD/JPY – Daily Chart

Cryptocurrency Update

Crypto Momentum Continues—Bitcoin in Focus Edges Toward $100K

Cryptocurrency markets showed resilience. Bitcoin maintained a tight range just below $97,000, reflecting strong investor engagement and technical stability. The digital currency continues to show strength as it edges closer to the psychological $100,000 threshold.

BTC/USD – Weekly chart

XRP Continues to Consolidate in Tight Range

XRP also held firm, trading near the top of its recent range following a solid recovery from the $1.80–$2.20 support zone. The token appears to retain upside potential as long as it remains above its 50-day moving average, especially if broader crypto sentiment continues to improve.
XRP/USD – Daily Chart

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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