As trade tensions ease, risk appetite is increasing — already visible in the gains on Wall Street and declines in gold. The coming week could bring another wave of excitement. Early in the week, we’ll get the Reserve Bank of Australia’s rate decision, followed by PMI reports from major global economies and key macroeconomic data for the UK. For these reasons, it’s worth closely watching instruments like AUDUSD, GOLD, and EURGBP.
AUDUSD
The Reserve Bank of Australia (RBA) is expected to cut its main interest rate by 25 basis points to 3.85% during its May 20 meeting. Further cuts are likely later this year as core inflation weakens and global trade tensions weigh on growth prospects. Economists are forecasting as much as 100 basis points of easing in total, which could put downward pressure on AUDUSD. Crucial here will be the remarks by RBA Governor Michele Bullock during the press conference following the decision.
GOLD
The recent geopolitical de-escalation, which had supported safe-haven assets for months, has dampened sentiment around GOLD. The reduction of tariffs from extreme levels (125% → 10% and 145% → 30%) has calmed financial markets, although the final outcome of negotiations remains uncertain. The easing of the trade war, the agreement with China, and the U.S. deals with the Middle East have increased investor appetite for risk. As a result, gold’s historically record-breaking rally is now in question.
EURGBP
The EURGBP pair has nearly erased all its gains since Donald Trump declared “Liberation Day” at the start of April. The decline accelerated after last week’s UK–U.S. trade agreement. In the coming week, we’ll get key reports on the British economy, including the CPI, retail sales, and PMI data. Any major surprise in these figures could trigger a spike in volatility on this pair.
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