Weekly Forecast
EUR/USD has finally taken a breather after a pretty energetic climb. The pair broke above 1.1680 in the second half of the week, reaching its highest levels in around two months before running into some selling pressure.
The Pound Sterling (GBP) recovery gathered steam against the US Dollar (USD), driving GBP/USD to fresh five-week highs above the 1.3350 level.
Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.
Despite the humble recovery seen in the latter part of the week, the US Dollar Index (DXY) remained well on the defensive, breaking below its 99.00 support to clinch new multi-week troughs. The move has also breached its critical 200-day SMA around 99.50, potentially leading to further losses in the short term.
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In-Depth Analysis
In the major advanced economies, public deficits remain high, particularly in the United States, the United Kingdom and France, where fiscal consolidation is expected to continue.
The silver market is on track for its fifth straight structural market deficit. The recent silver squeeze that pushed the silver price to a record high was partly due to a displacement of metal.
