Market covered in this weeks Weekly Forex Forecast:
DXY, EurUsd, AudUsd, NzdUsd, UsdChf, UsdJpy, GbpUsd, WTI, UsdCad, CadChf, CadJpy, AudChf, AudJpy, NzdChf, NzdJpy, SPX, NDX, Nifty, XauUsd, XagUsd & BTCUSD!
Weekly Notes
Currency markets are warning of a Deflationary outlook with Risk Off set ups apparent accross the board. The Chf & Usd look particularly strong this week with the Jpy also looking to provide good long opportunities.
Commodity currencies look to be the most exposed this week with Aud, Nzd & Cad looking to provide good short opportunities.
With Crude Oil recently rolling over last week the Canadian Dollar looks particularly exposed to weakness with UsdCad longs & CadChf plus CadJpy shorts looking like good set ups.
With this in mind, AudChf, NzdChf, AudJpy and NzdJpy all look set for further declines and are some of my top picks this week alongside their counter parts AudUsd and NzdUsd.
Stocks are still holding their current uptrend structure but broad Risk Off moves in Forex markets may point to a bumpy road ahead for Stocks over the next month or so.
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Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.