Good morning. Hope everyone had a great week end! This is our first forecast for the week as we had an issue yesterday with gathering data. A good start to the week as our previous forecast last week Friday was a good one with 5 out of the 7 pairs conforming to our predictions. GBPUSD, USDCAD, the Oceanic pairs and Japanese Yen moved in a way very close to what we had thought possible. EURUSD and USDCHF were the odd ones out. Currencies to keep an eye out for today would be British Pound, Australian Dollar and US Dollar due to our fundamental watch. We could be looking at a sidelined day for the US Dollar while Japanese Yen could strengthen. Adding three hedged pairs to offset the trading risk. Happy Trading!
Forecasts Outlook
US Dollar: Mixed Sentiments
Today we're expecting the EURUSD to proceed Short below the barrier levels of 1.33533 and 1.33836.
Fundamental Watch
- Monetary Policy Meeting Minutes
- CPI y/y
- Building Permits
- CPI m/m
- Core CPI m/m
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EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
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.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.