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GBP/USD analysis: Cable on verge of big breakout
In the week ahead, we have key UK inflation numbers and global PMI data to trigger the next move. Our GBP/USD analysis remains bullish because of our bearish view on the dollar.
Silver analysis: precious metal takes out $30
Our silver analysis suggests that the precious metal could potentially rise far beyond the $30 level, if the recent gains by gold and copper are anything to go by and in light of the big technical breakout from a multi-year consolidation pattern.
EUR/USD, AUD/USD outlook: Forex Friday - May 17, 2024
Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week’s report, we will discuss the US dollar, euro and Aussie, and look ahead to the next week.
USD/CNH, USD/JPY, AUD/USD: China’s spluttering economy weighs on Asian currencies
China’s fledgling economic recovery suffered another setback in April with activity indicators mostly disappointing, especially regarding the beleaguered property sector. The news weighed on the Chinese yuan and other Asian currencies, such as the Japanese yen and Australian dollar.
Be cautious chasing COMEX copper higher with big bears lurking above $5
The upside in copper flagged last week has played out nicely, delivering a fresh contract high for the red metal on COMEX futures. However, the price action over the latter parts of this week has not been convincing, warning of growing near-term downside risk.
AUD/USD, ASX 200 eye a solid close for the week: Asian Open
AUD/USD and the ASX 200 have flourished this week thanks to renewed bets of Fed cuts, even though softer employment and wages data for Australia rekindled hopes of a lower RBA cash rate.
USD/CAD outlook dims as US data deteriorates further
The USD/CAD was back at the point of origin of Wednesday’s breakdown at 1.3630-1.3650 area. Could we see the Loonie head lower from here? This week’s disappointing US data certainly point to a dimmer USD/CAD outlook.
EURUSD Forecast: ECB Financial Review Meets April Highs
EURUSD Forecast: the pair is back up to April highs; are March highs next in sight?
EUR/USD outlook remains positive, likely heading to 1.10
Despite the slow start to today’s session, the recent price action and improving eurozone sentiment suggests the EUR/USD outlook remains positive, with the exchange rate on course to potentially head towards the 1.10 handle.
USD/JPY, DAX Forecast: Two trades to watch
USD/JPY falls post-CPI & with jobless claims up next. DAX reaches record high as US CPI euphoria spreads.
GBP/USD: Trade setups for today’s important US jobless claims update
US jobless claims data will garner far more interest than usual later Thursday as traders assess whether last week’s unusually large increase was an anomaly or start of a new trend. Testing a key level on the charts, two-way risk created by the data makes GBP/USD a pair to keep on the radar.
Bitcoin bounces in style as Wall Street hits new highs
On Tuesday I outlined a bullish case for bitcoin futures whilst prices remained above $60k. One soft US CPI and retail sales report later, bullish range expansion has most certainly kicked in.
AUD/USD, AUD/JPY: Soft jobs report extinguishes risk of further RBA rate hikes
With unemployment spiking and broader measures of labour market slack increasing, the risk of strong wages growth sparking renewed inflationary pressures looks to have past.
AUD/USD breaks out, USD/JPY rolls over amidst worst day of 2024 for USD
The US dollar suffered its worst day of the year and Fed fund futures now imply with near certainty that the Fed will cut by September. And that saw AUD/USD breakout in style and USD/JPY roll over, breaking below two handles on Wednesday.
Silver analysis: Precious metal about to break $30 barrier
Following the release of more disappointing US data, silver now looks poised to hit that key $30 level and potentially rise far beyond that level, if the recent gains by gold and copper are anything to go by.
Gold forecast boosted by weaker US dollar ahead of CPI
How is the metal likely to react to today’s CPI data? Well, it may not be quite straight forward as I have explained in this article. CPI is expected to have moderated in April to 3.4% y/y from 3.5% previously.
EUR/USD, USD/JPY Forecast: Two trades to watch
EUR/USD rises ahead of US inflation data, Eurozone GDP figures. USD/JPY falls with US data in focus & on intervention warnings.
USD could rally if CPI doesn’t soften from elevated levels: EUR/USD, AUD/USD
The US dollar continued to weaken ahead of today's US CPI report, helping EUR/USD and AUD/USD move towards key resistance levels. Yet traders will require a soft set of inflation figures for the pairs to stand any chance of breaking resistance.
USD falters ahead of US CPI, ASX set to track Wall Street higher? Asian Open
The USD was weaker despite higher producer prices, as traders placed greater emphasis on last month's figures being revised lower. And that now sees a 51% chance of a September Fed cut, according to Fed Fund futures.
Nikkei 225 faces crucial technical test as USD/JPY correlations go AWOL
Japan’s Nikkei 225 faces an important technical test today, pushing back to towards a resistance zone it’s been unable to break for weeks. With risk appetite rampant and softer yen helping to juice the earnings outlook for exporters, if bulls can’t reclaim the ascendancy today, when will they ever?
AUD/USD forecast: Bullish break on the cards – Technical Tuesday
The AUD/USD forecast is turning somewhat positive, both from a macro perspective and technical viewpoint.
EUR/USD analysis: Attention turns to key US inflation data
The EUR/USD analysis is currently looking positive, and the bulls would love to see weaker US inflation data this week to inspire a potential breakout above the key 1.08 resistance level.
GBP/USD, DAX Forecast: Two trades to watch
GBP/USD unmoved as traders shrug off wage data. DAX eases from record high ahead of German ZEW economic sentiment & US PPI.