Good morning. Hope all is well. We have had a really good forecast for yesterday with 6 out of the 7 pairs conforming to our predictions. As expected the US Dollar weakened by a point on our scale while Japanese Yen gained in strength by a point. For today we have many fundamental news items coming out that could affect currencies like the US Dollar, British Pound, Canadian and New Zealand Dollar pairs. With most emphasis on US Dollar as six of the news items are related to this currency. Both US Dollar and Japanese Yen could continue their weak and strong moved through the day. Not adding any hedged pairs to offset the risk. Happy Trading!
Forecasts Outlook
US Dollar: Weak
Today we're expecting the EURUSD to proceed Long above the barrier levels of 1.24820 and 1.25097.
Fundamental Watch
– Average Earnings Index 3m/y
– Claimant Count Change
– MPC Official Bank Rate Votes
– Wholesale Sales m/m
– CPI m/m
– Core CPI m/m
– FOMC Economic Projections
– FOMC Statement
– Federal Funds Rate
– FOMC Press Conference
– GDP q/q
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.