Forex pairs & markets covered in this week’s Weekly Forex Forecast & Forex Analysis:
USD (DXY), EUR, GBP, CHF, JPY, CAD, AUD & NZD.
EURUSD, EURJPY, GBPUSD, AUDUSD, NZDUSD, NZDCHF, NZDJPY, Crude Oil (WTI), CADJPY, AUDJPY, GBPCHF, GBPJPY, EURCHF, SPX (S&P 500), Russell 2000, Nasdaq, Dow Jones, Nifty, XAUUSD (Gold Analysis), XAGUSD (Silver Analysis), BTCUSD (Bitcoin Analysis) & more!
Weekly notes
All eyes are focused on todays FOMC meeting in what is a busy week for economic data.
Recent Inflation data out of the US will increase the pressure on the FED to strike a Hawkish tone in todays meeting. With US Consumer, Manufacturing and Services data coming out strong recently in the US, this may give the FED additional confidence to turn up the Hawkish rhetoric today. All things considered further upside in the USD remains the next higher probability move.
Conversely, UK GDP and Employment data came out poor recently, adding pressure on the Bank of England to once again delay a Rate Hike in tomorrows meeting. With the GBP scoring as the weakest currency and the best short this week in the Forex complex, it seems the market is also betting on a delayed Rate Hike tomorrow as well.
The AUD and NZD continue to underperform and score as the next best shorts after the GBP this week. Safe haven currencies such as the CHF and JPY remain the highest scoring Longs this week once again.
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Editors’ Picks
EUR/USD trades at yearly lows below 1.0500 ahead of PMI data
EUR/USD stays on the back foot and trades at its lowest level since October 2023 below 1.0500 early Friday, pressured by persistent USD strength. Investors await Manufacturing and Services PMI surveys from the Eurozone, Germany and the US.
GBP/USD falls to six-month lows below 1.2600, eyes on key data releases
GBP/USD extends its losses for the third successive session and trades at a fresh fix-month low below 1.2600. This downside is attributed to the stronger US Dollar (USD) as traders continue to evaluate the Fed's policy outlook following latest data releases and Fedspeak.
Gold rises toward $2,700, hits two-week top
Gold continues to attract haven flows for the fifth consecutive day and rises toward $2,700. XAU/USD continues to benefit from risk-aversion amid intensifying Russia-Ukraine conflict. Investors keep a close eye on geopolitics while waiting for PMI data releases.
Ripple surges to a new yearly high; XRP bulls aim for three-year high of $1.96
Ripple extends its gains by around 10% on Friday, reaching a new year-to-date high of $1.43 and hitting levels not seen since mid-May 2021. The main reasons behind the rally are the announcement that the US SEC's Chair Gary Gensler will resign and the launch in Europe of an XRP ETP by asset management company WisdomTree.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
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