Good morning. Hope all is well! We seem to have a good forecast for yesterday with a 71% accuracy on our predictions. Could be in for a busy day today with many fundamental news items coming out that can affect most major currencies in the trading world. Euro, Canadian, New Zealand and US Dollar pairs are in the watch list. Both US Dollar and Japanese Yen could let out some steam through the course of today. Adding two hedged pairs to offset the risk. Happy Trading!
Forecasts Outlook
US Dollar: Weak
Today we're expecting the EURUSD to proceed Long above the barrier levels of 1.13512 and 1.13198.
Fundamental Watch
– BOC Gov Poloz Speaks
– RBNZ Gov Wheeler Speaks
– HSBC Flash Manufacturing PMI
– BOE Gov Carney Speaks
– Fed Chair Yellen Testifies
– New Home Sales
– ECB President Draghi Speaks
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Editors’ Picks
EUR/USD trades above 1.0700 after EU inflation data
EUR/USD regained its traction and climbed above 1.0700 in the European session. Eurostat reported that the annual Core HICP inflation edged lower to 2.7% in April from 2.9% in March. This reading came in above the market expectation of 2.6% and supported the Euro.
GBP/USD recovers to 1.2550 despite US Dollar strength
GBP/USD is recovering losses to trade near 1.2550 in the European session on Tuesday. The pair rebounds despite a cautious risk tone and broad US Dollar strength. The focus now stays on the mid-tier US data amid a data-light UK docket.
Gold price remains depressed near $2,320 amid stronger USD, ahead of US macro data
Gold price (XAU/USD) remains depressed heading into the European session on Tuesday and is currently placed near the lower end of its daily range, just above the $2,320 level.
XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Mixed earnings for Europe as battle against inflation in UK takes step forward
Corporate updates are dominating this morning after HSBC’s earnings report contained the surprise news that its CEO is stepping down after 5 years in the job. However, HSBC’s share price is rising this morning and is higher by nearly 2%.