Investors who believe in the value of gold are celebrating as the price of XAU/USD slowly rises to $2,025, hitting a 13-month high due to a general weakening of the US Dollar. This positive trend is driven by the market's uncertainty over the US central bank's aggressive rate hike policy and its response to hawkish Fed talks. Additionally, concerns over the...
According to economists at ING, the Euro to US Dollar exchange rate (EUR/USD) is likely to be primarily driven by the US Dollar in the near future. The pair may see a surge above the 1.1000 level, but the economists believe that it will be challenging to sustain any further gains. The economists note that if the ISM services reading comes in below consensus, it...
The GBP/JPY pair is poised to experience further weakness below 164.00, despite a promising UK economic outlook. The sentiment among UK businesses has improved as political instability and inflationary pressures appear to be easing. However, any positive impact on Japan's inflation caused by external factors could cause problems for BoJ policymakers. The GBP/JPY...
The bears appear to be in charge of the USD/JPY as the US Dollar lingers close to a 2-month low. The market's focus now shifts to Friday's Nonfarm Payrolls jobs data. The USD/JPY has dropped in Tokyo, reflecting the US Dollar's continued weakness. The pair is currently trading at around 131.50 and has fallen from its earlier high of 131.73 to a low of 131.30. The...
Based on current analysis, it appears that the price of gold is showing some uncertainty as it moves within a pattern known as a "pennant". Despite this, there is still potential for the price to increase, as there are risks that could push it up. In order for this to happen, the price would need to break above a downward trendline at the price of $2,000,...
Based on the analysis of economists, it is expected that the EUR/USD currency pair will reach the 1.10 level before the release of the US Nonfarm Payrolls data. However, some experts suggest that there may be a pause before this anticipated jump, and the pair may find some support around 1.0870/1.0880 due to a potential recovery of the US Dollar and the need for...
The USD/JPY currency pair has declined to 132.20, continuing its retreat from a two-week high. The drop in US Treasury bond yields and softer data, as well as upbeat comments from Japan's Prime Minister Fumio Kishida, may be behind the recent losses. Kishida has pledged more investment to speed up private investment in green transformation bonds to promote...
The EUR/USD pair was expected to surge past the 1.10 mark this week, as per economists' predictions. However, the recently announced production cut by OPEC+ has given the dollar a much-needed boost, causing a delay in the anticipated move to 1.10. While breaking above 1.10 is still a possibility, the OPEC+ cut has had a positive effect on the USD, making it...
The USD/JPY pair has surged to an intraday high near 133.50, close to the highest level in two weeks. The recent rise can be attributed to higher US Treasury bond yields and a stronger US dollar as the market anticipates the release of the crucial Nonfarm Payrolls (NFP) report on Friday. The recent challenges to market sentiment, mainly from the OPEC+ group's...
The GBP/USD currency pair encountered obstacles near 1.2300 following a failed recovery attempt. Meanwhile, S&P500 futures are maintaining their losses from the Asian session, indicating a cautious market sentiment. The USD Index has surged above 103.00, hitting a weekly high due to positive oil prices that have raised expectations for higher US inflation. During...
There may be a potential reversal in the movements of EUR/CAD following the breaking of its dynamic trendline and testing the top at 1.4940. The negative correlation between EUR/CAD and EUR/USD suggests that an increase in EUR/USD and a decrease in EUR/CAD may occur. We are currently waiting for this to happen. Our indicator has already signaled a sell entry,...
GBP/JPY continues its winning streak, with bulls pushing the pair to a new one-month high around 165.50. The positive sentiment driving the rally could be attributed to upbeat news on Brexit, with UK Prime Minister Rishi Sunak announcing a £1.8billion boost as Britain signed up to the Trans-Pacific Partnership. However, the latest Japan inflation data released on...
The NZD/USD pair has climbed for two consecutive days and reached its highest level since February 16. The Kiwi, being sensitive to market risk, has benefited from the current risk-on environment, as the USD remains subdued. However, the bulls are wary and are looking for fresh impetus from the crucial US Core PCE Price Index. The NZD/USD pair has gained positive...
According to the latest economic data, the US Federal Reserve's preferred inflation gauge suggests that the cumulative tightening measures are still curbing inflation. The University of Michigan's Consumer Sentiment was worse than anticipated, but inflation expectations cooled. The GBP/USD Price Analysis shows that the Pound Sterling is trading with decent losses,...
EUR/USD has gradually corrected towards the level of 1.0900, as investors have become anxious prior to the release of the Eurozone HICP and US PCE Price Index data. The Federal Reserve policymakers have continued to support rate hikes to counteract the persistently high US inflation. Additionally, the European Central Bank has announced plans for more rate hikes...
The Canadian economy has rebounded sharply at the start of the new year. In fact, industry-level GDP surpassed market expectations, rising by 0.5% in January. Moreover, there was a broad-based growth in all sectors, leading to new projections of a 0.3% increase in GDP in February. Despite the positive news, the CAD has remained largely stable. This could be due...
The price of gold is fluctuating within a bullish chart pattern that has been in place for the past two weeks. Recently, there has been a lack of momentum, but the decrease in concerns regarding a banking crisis, along with a weaker US Dollar, has led to an increase in demand for gold. This, combined with hopes of positive core inflation data from the Eurozone and...
EUR/USD Reverses Recent Gains as Greenback Gains Strength Ahead of Key Data Releases After four consecutive daily advances, the EUR/USD has given up some ground at the end of the week. The German docket's disappointing results, combined with renewed buying interest in the greenback, have contributed to the reversal of the recent multi-session upside. Despite...