Forex Signals Brief May 29: Can Upbeat Nvidia, Salesforce Q1 Earnings Send Nasdaq Up Today?
Nasdaq closed cautiously lower yesterday as investors awaited Nvidia and Salesforce earnings, which were upbeat, so we might see a bullish..

Quick overview
- Nasdaq closed lower as investors awaited earnings from Nvidia and Salesforce, which ultimately exceeded expectations.
- The US dollar strengthened amid rising Treasury yields, while the Federal Reserve's cautious tone raised recession concerns.
- Gold prices regained momentum, testing resistance levels amid ongoing geopolitical tensions and inflation pressures.
- Bitcoin surged over 6% to a new record high, driven by concerns over U.S. fiscal health and global instability.
Live BTC/USD Chart
Nasdaq closed cautiously lower yesterday as investors awaited Nvidia and Salesforce earnings, which were upbeat, so we might see a bullish open today.
In today’s session, the US dollar edged higher, supported by a rise in Treasury yields. The 2-year yield climbed 4.3 basis points to 3.992%, while the 10-year yield moved up by the same margin to 4.475%. Investors appeared defensive ahead of key earnings reports from major tech players.
US equities closed the day lower, with the major indices finishing near session lows. This pullback came despite anticipation for results from Nvidia and Salesforce, two heavyweights in the tech space. After hours, both companies beat expectations—Nvidia rallied 4%, while Salesforce saw a modest dip despite a strong earnings print.
Meanwhile, the Federal Reserve’s May 6–7 meeting minutes revealed a notably more cautious tone. Fed staff now view a recession as nearly as likely as the baseline economic outlook, a clear shift from March’s more optimistic assessment. The Federal Open Market Committee (FOMC) emphasized rising uncertainty, which helped justify the decision to hold rates steady at 4.25%–4.50%.
Interestingly, despite this cautious stance, market participants continue to price in two rate cuts during the second half of 2025, showing little change in expectations following the release of the minutes.
Today’s Market Updates
Today, many countries will observe Ascension Day, leading to lighter market activity. In the U.S., we’ll get the release of preliminary GDP q/q and unemployment claims. The second GDP reading is expected to remain unchanged at -0.3% for Q1, while the Prelim GDP Price Index is expected to also remain unchanged at 3.7%. The jobless claims are expected at 229K while ending Home Sales are expected to show a -0.6% decline for April.
Last week, markets were slower than what we’ve seen in recent months, with gold retreating as a result, the EUR/USD falling below 1.11, 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 Returns to $3,000
Gold prices have regained upward momentum, boosted by a shift in the Federal Reserve’s tone, ongoing geopolitical tensions, and broader market caution. After climbing near $3,200, gold briefly tested resistance at $3,500—a level not seen since April. Though it failed to establish a firm breakout beyond that point, sentiment among investors remains upbeat. Bullion continues to serve as a hedge against inflation and rising systemic risks, reaffirming its status as a core safe-haven asset.
The broader macroeconomic backdrop—marked by uncertainty, inflation pressure, and conflict—has pushed demand for safe-haven assets higher. Market participants are now closely watching gold’s next move, with attention on whether it can successfully retest and push above recent highs. The resistance at $3,500 remains a psychological and technical barrier, and how gold navigates this level could shape sentiment heading into the next quarter.
Currency Markets Defy Rate Logic as Yen Weakens
In a surprising move, the U.S. dollar strengthened against the Japanese yen this week even as U.S. interest rates declined—bucking the typical inverse relationship between the two. The USD/JPY pair advanced from 143.40 to 144.31. Analysts suggest this divergence may be tied to broader asset reallocation strategies amid rising global risk, alongside sustained capital outflows from Japan. This unorthodox behavior underscores the complexity of today’s market drivers and the shifting patterns of currency flows in response to geopolitical and economic shifts.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Sellers Tests the 20 SMA
Digital assets emerged as the week’s top performers. Bitcoin surged more than 6%, breaching a new record high above $110,000. Its rise has been fueled by concerns over U.S. fiscal health, ballooning government debt, and persistent global instability. Bitcoin’s strong five-day rally points to its evolving role as a store of value in times of macro uncertainty.
BTC/USD – Weekly chart
Ethereum Tries Breaking Above MAs Again
Ethereum, meanwhile, experienced an even stronger rally—climbing over 20% from its April lows. The move has been energized by the release of its latest upgrade, known as “Pectra,” which enhances staking functionalities and streamlines wallet integration. These improvements have helped revive interest in Ether from both institutional and retail investors, adding momentum to the broader digital asset market.
ETH/USD – Weekly Chart
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