Good morning. Hope all is well. We couldn’t get our forecast our for yesterday due to a data issue. We seem to had a moderate forecast for Monday with 4 out of the 7 pairs going in our way. USDCAD, EURJPY and the two Oceanic Pairs were the good guys. As we had thought we did have a sidelined US Dollar due to the bank holiday in the US. US Dollar pairs are on our watch list due to our fundamental watch today, we have three news items that are coming out that could fuel these markets. Today we could be in for strong US Dollar while Japanese Yen could be on the weak side. Adding two hedged pairs to offset the trading risk. Happy Trading!
Forecasts Outlook
US Dollar: Strong
Today we're expecting the EURUSD to proceed Short below the barrier levels of 1.36258 and 1.36557.
Fundamental Watch
- Prelim GDP q/q
- Unemployment Claims
- Pending Home Sales m/m
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Editors’ Picks
AUD/USD on the backfoot, slides below 0.6700
The Australian Dollar registered losses of 0.37% against the US Dollar on Monday, amid rising US Treasury yields that underpinned the Greenback. An upbeat market sentiment could not boost the high-beta Aussie Dollar, which tumbled below the 0.6700 figure. As the Asian session begins, the AUD/USD trades around 0.6668.
EUR/USD eased from 1.0880 on Monday as looming rate differential weighs
EUR/USD eased back from 1.0880 on Monday as talking points from Fed officials weighed on otherwise quiet market flows. Broader markets are keenly anxious for signs of a rate cut from the Fed, but central planners continue to force down expectations with a tricky inflation outlook hobbling the Fed’s options on rate moves.
Gold price retreats after hitting record high at $2,450
Gold price extended its gains on Monday, yet it trades slightly below the all-time high of $2,450 reached during the Asian session amid increasing expectations that major central banks, including the Federal Reserve, might ease policy during 2024.
Digital asset weekly inflows jump over 600% following response to CPI report
Coinshares weekly report of digital asset flows shows that crypto assets witnessed more than a 600% increase in net inflows last week after US Consumer Price Index saw a softer-than-expected inflation increase.
Will the commodity boom last?
The gold and copper price both hit fresh record highs on Monday. The market is sensitive to these two metals because gold is considered an inflation hedge and a safe haven, and because copper is a metal that is linked to global growth.