Good morning. Hope everyone had a great week end! A good start to the week as our last forecast was a good one with 5 out of the 7 pairs conforming to our prediction. Over the weekend the US Dollar has strengthened by a few points while Japanese Yen let off some steam. Currencies to keep an eye out for today would be Euro and US Dollar due to our fundamental watch. Today we could be looking at a weak US Dollar while Japanese Yen may gather some steam. Adding one hedged pair 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 1.32343 and 1.32647.
Fundamental Watch
- German Ifo Business Climate
- New Home Sales
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Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD remains on the defensive around 1.2500 ahead of BoE
The constructive tone in the Greenback maintains the risk complex under pressure on Wednesday, motivating GBP/USD to add to Tuesday's losses and gyrate around the 1.2500 zone prior to the upcoming BoE's interest rate decision.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.