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Market Insights with Gary Thomson: Oil, US Retail Sales & NFP in Focus

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Market Insights with Gary Thomson: Oil, US Retail Sales & NFP in Focus

In this video, we’ll explore the key economic events and market trends, shaping the financial landscape. Get ready for insights into financial markets to help you navigate the week ahead. Let’s dive in!

In this episode of Market Insights, Gary Thomson breaks down what moved the markets over the past few days and unpacks the strategic implications of the most critical events driving global markets.

👉 Key topics covered in this episode:

✔️ What Happened in the Markets Over the Past Few Days
US-Iran tensions are fueling market uncertainty, with shifting headlines, mixed negotiation signals, and no clear resolution. Oil remains volatile, and equities reflect fragile sentiment rather than a trend. Will markets find direction, or will uncertainty keep prices unstable?

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✔️ US Retail Sales
US Retail Sales data on 1 April could signal shifts in consumer demand, following weak growth in recent months and a decline in January. The US dollar may react sharply if the new figures diverge from expectations. Will retail sales show a rebound, or continue the trend of weakening consumer demand?

✔️ US Nonfarm Payrolls and Unemployment Rate
US Nonfarm Payrolls and the Unemployment Rate on 3 April could reveal whether the labour market is weakening or stabilising, after February’s 92,000-job loss and a rise in unemployment to 4.4%. Will the data show further deterioration, or a surprising rebound in US employment?

In summary, next week markets face a balance between elevated volatility from geopolitical risks and potential direction from upcoming macroeconomic data.

Gain insights to strengthen your trading knowledge.

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Watch it now and stay updated with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Crypto World

Detroit Set to Enter Michigan‘s Battle against Coinbase Prediction Markets

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Coinbase, Law, Detroit, Prediction Markets

Lawyers representing the US city of Detroit plan to file an amicus brief in Coinbase’s lawsuit against Michigan, which argues that federal regulators should have authority in overseeing prediction markets and not states. 

In a Thursday filing in the US District Court for the Eastern District of Michigan related to state officials’ motion for a preliminary injunction, District Judge Shalina Kumar approved an order which will allow Detroit to file a brief supporting state authorities in their lawsuit against Coinbase. Kumar gave Detroit’s lawyers until April 3 to make the filing as the lawsuit continues. 

Coinbase, Law, Detroit, Prediction Markets
Source: US District Court for the Eastern District of Michigan

In December, Coinbase filed its lawsuit against Michigan, as well as gaming authorities in Connecticut and Illinois, more than a month before the crypto exchange announced the launch of its prediction market services on the platform.

The company’s argument is centered on claims that prediction markets fall under the purview of the US Commodity Futures Trading Commission (CFTC) rather than state gambling regulators, challenging Michigan’s enforcement.

Companies offering event contract bets on prediction markets like Coinbase, Kalshi and Polymarket already face state-level lawsuits in multiple jurisdictions. Although the platforms have been supported by efforts from CFTC Chair Michael Selig, who proposed new rules for the commission, it was still unclear as of Friday how the legal battle between state authorities and federal regulators would unfold.

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Related: Federal regulation looms as 11 states go after prediction markets

Where will the chips fall for platforms dealing with state and federal authorities?

“The more the CFTC can do in this space [prediction markets] to put a comprehensive regulatory regime around it, the more likely it is for courts who are looking at the issue to say ‘actually, yes, this is a CFTC jurisdiction issue — this really is not just an end run around sports gambling bans in particular states,’” Stephen Piepgrass, a partner at international law firm Troutman Pepper Locke, told Cointelegraph.

According to Piepgrass, the cases could ultimately end up going back to the US Supreme Court, given its 2018 decision in Murphy v. National Collegiate Athletic Association. That case gave US states the authority to regulate sports gambling, striking down a federal law that attempted to impose a ban on such activities.

US states have largely pushed back against lawsuits over prediction markets, but courts have sided with the platforms in some cases.

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This month, a judge ordered Kalshi to temporarily stop operating in Nevada, and the platform faces criminal charges in Arizona over alleged illegal gambling on sports and elections. However, a Tennessee judge blocked state authorities from enforcing gambling laws against the platform in February.

The Michigan Gaming Control Board reported that casinos based in Detroit casinos generated more than $200 million in revenue for January and February, providing more than $24 million in taxes for the US state.

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