Forex Signals May 5: AMD, HSBC, Shopify, Strategy Inc Earnings Preview

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HSBC Holdings, Advanced Micro Devices, and Shopify Inc. headline Tuesday’s earnings calendar, spanning tech, banking, and digital commerce.

Geopolitical Tensions Escalate in the Strait

This week’s market volatility was triggered by conflicting reports about Iran allegedly firing on or targeting a U.S. frigate in the Strait of Hormuz. Later updates suggested warning shots were fired, though details remain unclear.

President Donald Trump stated that U.S. forces sank seven Iranian fast boats, a claim Iran denied. At the same time, Iran reportedly launched a surprise attack on an alternative U.S. oil route bypassing the Strait, signaling broader disruption risks.

Oil Spikes, Stocks Slide

Following the escalation, WTI Crude Oil surged to a session high of $107.48, while equities dropped to session lows.

Despite the tension, Trump appeared to downplay the incident, though the possibility of retaliation remains. Iran’s stance suggests continued resistance to shipping through the Strait, even under U.S. escort efforts.

Gold and Bonds Under Pressure

The prolonged conflict, with no clear resolution, weighed on safe-haven assets. Gold fell toward the $4,500 level amid heavy selling, partly driven by concerns that emerging markets may liquidate reserves to cover rising energy costs or stabilize currencies.

Meanwhile, U.S. 30-year Treasury yields climbed above 5% for the first time since August.

Currency Markets React

In foreign exchange, the U.S. dollar saw moderate strength. Volatility was particularly evident in USD/JPY, which briefly dropped to 155.91 before quickly rebounding, raising speculation of possible intervention.

Earnings Calendar Highlights Tuesday

Tuesday’s earnings lineup brings a diverse mix of sectors, offering insight into global banking trends, AI-driven tech demand, and consumer activity. AMD will likely be the focal point, given elevated expectations in the semiconductor space, while HSBC and Shopify provide a read on macroeconomic and consumer conditions.

Overall, with valuations high in several sectors, market reactions could be sharp—especially if results or guidance fall short of expectations.

HSBC Holdings plc – Q1 2026 Earnings (BMO)

• Expected EPS: 2.16
• Market Cap: $315.36B
• Interest margins, Asian market exposure, and loan growth remain key investor themes.

Advanced Micro Devices, Inc. – Q1 2026 Earnings (AMC)

• Expected EPS: 1.29
• Market Cap: $587.8B
• AI chip demand, data center growth, and guidance for the rest of 2026 will be the key focus areas.
• Markets are also watching competition with Nvidia and Intel in high-performance computing.

Shopify Inc. – Q1 2026 Earnings (BMO)

• Expected EPS: 0.33
• Market Cap: $165.76B
• Investors will monitor merchant growth, e-commerce demand, and profitability trends.

Strategy Inc. – Q1 2026 Earnings (AMC)

• Expected EPS: -18.98
• Market Cap: $64.42B

Key considerations:

• Exposure to crypto markets and balance sheet volatility
• Impact of digital asset price swings on earnings
• Long-term strategy and capital allocation
• Results may be highly sensitive to movements in Bitcoin

Gold Returns to $4,500

Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. In December, gold jumped above $4,380 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20o daily SMA (red) held as support this week and buyers returned and pushed XAU above the $4,800 and above the 100 SMA (green).

USD/JPY Rebounds

USD/JPY – Daily Chart

Cryptocurrency Update

Bitcoin Returns Above $80K

Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green). A rebound followed, sending BTC near $100 is the first major text for Bitcoin buyers. However BTC returned lower and fell below $80K, breaking below the but the 100 weekly SMA (green) but the decline stopped at the $60K support where the 200 weekly SMA (purple) stands and rebounded above $76K but returned to $70K again.

BTC/USD – Daily Chart

Ethereum Returns to $2,000

Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned n d pushed the price above $2K again.

ETH/USD – Weekly 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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