Good morning! Hope all is well. Today we could be in for some action as there are many fundamental news items coming out that could affect many currencies such as Euro, US Dollar, Canadian Dollar and New Zealand Dollar. We seem to have had a good forecast for yesterday with the US Dollar weakening and Japanese Yen being sidelined. Our blue zones on some pairs seems to very big, hence it is a bit hard to judge a direction, however through the course of today we could see a weak US Dollar and a strong Japanese Yen. Adding one hedged pair to offset the trading risk. Happy Trading!
Forecasts Outlook
US Dollar: Weak
Today we're expecting the EURUSD to proceed Long above the barrier levels of 1.38121 and 1.37862.
Fundamental Watch
- French Flash Manufacturing PMI
- German Flash Manufacturing PMI
- MPC Asset Purchase Facility Votes
- MPC Official Bank Rate Votes
- Core Retail Sales m/m
- New Home Sales
- Official Cash Rate
- RBNZ Rate Statement
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Editors’ Picks
AUD/USD appreciates amid hawkish RBA ahead of policy decision
The Australian Dollar continued its winning streak for the fifth consecutive session on Tuesday, driven by a hawkish sentiment surrounding the Reserve Bank of Australia. This positive outlook reinforces the strength of the Aussie Dollar, offering support to the AUD/USD pair.
USD/JPY extends recovery above 154.00, focus on Fedspeak
The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows.
Gold price extends recovery as markets react to downbeat jobs data
Gold price extends its recovery on Tuesday. The uptick of the yellow metal is bolstered by the weaker US dollar after recent US Nonfarm Payrolls (NFP) data boosted bets that the Federal Reserve would cut interest rates later this year.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
RBA expected to leave key interest rate on hold as inflation lingers
Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.