Quick Look: USD Resilience: The US Dollar advanced despite post-Fed retracement and risk-off sentiment, highlighting its safe-haven status. EUR/USD Decline: The Euro fell below 1.0800 against the USD, driven by risk aversion rather than euro-specific data. GBP/USD Low: The British Pound hit four-week lows despite a BoE rate cut, with future rate cuts uncertain. USD/JPY …
USD Strengthens Despite Market Jitters on August 2 Read More »
Quick Look: Federal Reserve hints at potential rate cuts, leading to higher opportunity costs for holding the US dollar. The euro has risen 2.1% against the dollar, marking gains in 13 of the last 15 trading days. The British pound approaches $1.30, benefiting from positive UK economic indicators and a weakening dollar. The forex market …
Forex Market Shifts: Dollar Declines, Euro Up 2.1% Read More »
Quick Look: GBP/USD surged, driven by robust UK economic data and softer US inflation. The Labour Party’s election victory bolstered investor confidence in the pound. UK GDP growth and high core inflation boosted GBP sentiment. UK inflation data release and Bank of England’s interest rate decision anticipated. GBP/USD crossed vital resistance levels, indicating a continued …
GBP/USD Hits Highest Since July, Driven by UK Data Read More »
Quick Look: The US Dollar Index (DXY) dipped below the December trend line to hover around 104.80, challenging dollar bulls. Reclaiming the 104.80 level could signal a bullish reversal, potentially targeting levels like 105.10. Despite the decline, the DXY remains above the crucial 104.00 support level, making short positions on the USD risky. A strong …
Quick Look: UK’s GDP showed no growth in April 2024, with declines in manufacturing, industrial production, and construction sectors. PM Rishi Sunak’s Conservative Party faces pressure ahead of the July 2024 elections amid economic and cost of living issues. The GBP/USD pair found support at 1.2736. Upside targets at 1.2800 and 1.2895, influenced by US …
GBP/USD Faces Uncertainty Ahead of US CPI & FOMC Read More »
Quick Look: The pair trades mid-1.3700s, slightly down from recent highs, influenced by rising crude oil prices boosting CAD. The upcoming US CPI report and FOMC decision will significantly impact market direction and sentiment. The USD/CAD currency pair is trading in the mid-1.3700s, experiencing a slight retreat from a recent one-month high. Multiple factors have …
Quick Look: The short-term trend remains bullish, with GBP/USD Price at 1.2718 with a slight daily decline of 0.03%. Support at 1.2688/1.2654, resistance at 1.2800/1.2970, 21-day EMA at 1.2712, bullish MACD and RSI above 50. UK Employment Data expected job contraction of 100,000; wage growth at 6.1%, impacting inflation. The strong US Dollar impacts GBP/USD, …
GBP/USD Trading at 1.2718 with 0.03% Daily Decline Read More »
Quick Look: Market Opening: USD/CAD opened at 1.3694 and closed at 1.3626, with WTI oil at $72.77 and gold at $2330.35. Oil Prices and the Loonie: Falling oil prices pressured the Canadian dollar despite initial support from OPEC’s production cuts. US Treasury Yields: A drop in the 10-year yield weakened the US dollar, impacting USD/CAD …
USD/CAD Closes at 1.3626 Amid Oil Drop and Yield Decline Read More »
Quick Look: GBP/USD fell to new weekly lows due to increased US Treasury yields and Fed rate cut expectations. Michael Saunders and Neel Kashkari discussed potential rate cuts and the cautious stance of MPC and Fed. The “Evening Star” pattern suggests a bearish trend with key support at 1.2634, 1.2580, and 1.2539. The GBP/USD exchange …
GBP/USD Drops to 1.2711, Eyes Further Decline to 1.2700 Read More »
Quick Look: GBP/USD Rally: Driven by higher-than-expected UK CPI inflation, trading near 1.2720. FOMC Minutes: Fed maintains restrictive policy, but markets doubt quick inflation control. UK Election Impact: Political uncertainty from PM Sunak’s election announcement affects GBP. On Wednesday, the Federal Open Market Committee (FOMC) minutes revealed ongoing concerns about stubborn inflation. Fed Chair Jerome …
Quick Look: GBP/USD rallied to 1.2710 in the early Asian session, reflecting anticipation rather than economic developments. Modest gains of 0.04%; cleared resistance levels indicate buyer momentum, yet downside risks remain. Resistance at $1.26 and $1.25; analysts see potential short-term rallies but overall downward pressure to $1.20. The GBP/USD pair trades positively around the 1.2710 …
GBP/USD Rallies to 1.2710 as Investors Eye Key Data Read More »
Quick Look: Surge: GBP rose 3.25% from its yearly low, nearing critical resistance. Key Resistance: 1.2731 (yearly open), 1.2773-1.2781 (Feb 2019 low), 1.2857 (yearly high-day close). Support Levels: 1.2575 (March low), 1.2535-1.2540 (200-day MA), 1.2423 (Dec 2022 high-day close). Events: Upcoming UK CPI and retail sales are pivotal for market sentiment. The British Pound has …
GBP/USD Climbs 3.25%, Nears Critical Resistance at 1.2731 Read More »
Quick Look: BoE has decided to keep the interest rate unchanged at 5.25%. 7 out of 9 members supported the decision. GBP/USD saw fluctuations, trading between 1.2600 and 1.2500, with a slightly bearish market sentiment. The BoE signals caution in future rate cuts, dependent on inflation trends and economic data. In its latest policy meeting, …
BoE Holds Interest Rate at 5.25%, Awaiting Economic Shifts Read More »
Quick Look: GBP struggles at 1.2430 against USD, down 3.7% from March highs. CPI, retail data influence GBP/USD amid Fed and BoE rate speculations. Fed maintains firm stance on rates, BoE signals potential easing. GBP/USD faces critical support at 1.2337; traders adjust strategies amidst uncertainty. The British pound is currently on the back foot against …
Quick Look: USD Index drops to 104.00, weakened by subpar economic indicators, hinting at investor unease. Euro and Pound gain on optimism, breaking key technical levels. WTI crude >$86/bbl, Gold nears $2,300/oz, Silver >$27/oz. Influences market sentiments with varied forecasts for major currencies. The USD Index (DXY), a barometer for the U.S. dollar’s strength against …
