Good morning. Hope all is well! We have had a bit of a turmoil on our forecast for yesterday with only three pairs conforming to our predictions. This was mainly due to the mixed stance that we had taken on the US Dollar strength/weakness. On the other hand as expected the Japanese Yen weakened by 3 points on our scale. Euro, Canadian Dollar and US Dollar are currencies to keep a watchful eye on due our fundamentals. We could be in for a strong US Dollar and a Strong Japanese Yen through the day. Not adding any hedged pair to offset the risk. Happy Trading!
Forecasts Outlook
US Dollar: Strong
Today we're expecting the EURUSD to proceed Long above the barrier levels of 1.27426 and 1.27880.
Fundamental Watch
– ECB President Draghi Speaks
– Manufacturing Sales m/m
– Unemployment Claims
– Industrial Production m/m
– Philly Fed Manufacturing Index
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Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
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EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.