Author
John Fortune
Get Me Trading
John Fortune is a professional trader and Head Analyst at Get Me Trading. John has over a decade worth of experience in the Financial Markets and produces a Weekly Forex Forecast covering over 30 markets each weekend.
GBP/USD adds to Friday’s advance, briefly hitting three-month tops near 1.3570 before edging lower on Monday. Fading expectations of a Fed rate hike in September weigh on the Greenback, helping Cable to keep its bullish momentum ahead of the release of the UK jobs report on Tuesday.
EUR/USD consolidates its daily gains well north of the 1.1500 hurdle following the closing bell on Wall Street on Monday. The pair’s multi-day bounce comes on the back of renewed selling pressure on the US Dollar investors continue to trim bets of Fed rate hikes. Moving forward, Germany’s ZEW prints are due on Tuesday alongside a slew of US hard data.
Gold remains well within striking distance of its highest level since June 5, touched last week, as the US Dollar hangs near a two-month low amid diminishing odds of imminent Fed rate hikes, underpinning the non-yielding bullion. However, rising oil prices keep inflation jitters on the table, which, along with the US-Iran standoff, help the USD hold above a two-month trough, set on Monday, and could cap the commodity.
A large majority of economists expect the Federal Reserve (Fed) to keep interest rates unchanged in September and for the rest of this year, according to a Reuters poll conducted between August 12 and 17.
![Weekly forex forecast – EUR/USD, Oil, XAU/USD, XAG/USD [Video]](https://editorial.fxsstatic.com/images/i/EURUSD-neutral-line.png)
