Good morning. Hope all is well. We seem to have had a moderate forecast for yesterday with 4 out of the 7 pairs behaving as predicted. This was due to US Dollar strengthening slightly instead of weakening as we had thought. Also Japanese yen gained a bit of strength instead of weakening. Euro, USD Dollar and Australian Dollar pairs are on our watchlist for today due to our fundamental watch. Both US Dollar and Japanese Yen could be on the weak site today. Adding two hedged pairs to offset the trading risk. Happy Trading!
Forecasts Outlook
US Dollar: Weak
Today we're expecting the EURUSD to proceed Short below the barrier levels of 1.34328 and 1.34030.
Fundamental Watch
- German Prelim CPI m/m
- ADP Non-Farm Employment Change
- Advance GDP q/q
- FOMC Statement
- Building Approvals m/m
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Editors’ Picks
AUD/USD could extend the recovery to 0.6500 and above
The enhanced risk appetite and the weakening of the Greenback enabled AUD/USD to build on the promising start to the week and trade closer to the key barrier at 0.6500 the figure ahead of key inflation figures in Australia.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
Bitcoin (BTC) price strength continues to grow, three days after the fourth halving. Optimism continues to abound in the market as Bitcoiners envision a reclamation of previous cycle highs.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Federal Reserve might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.