Weekly Forecast
The EUR/USD pair settled around 1.1600 for a third consecutive week, unable to find a clear way despite key macroeconomic headlines. The pair held within a tight 100-pip range for the second week in a row, as speculative interest awaits the Federal Reserve (Fed) monetary policy announcement scheduled for Wednesday.
Gold (XAU/USD) struggled to shake off the bearish pressure as US Treasury bond yields climbed higher this week. Investors gear up for the Federal Reserve’s (Fed) critical policy meeting, which could trigger the next directional action in the precious metal.
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
There was no respite to the downward trend for the US Dollar (USD) this week, which added to the prior week’s retracement and at some point flirted with the area of four-month lows.
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In-Depth Analysis
The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.
The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.
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