News and analysis

Stocks got rocked on Friday despite an abysmal PMI print, which suggests that the door may be opening for rate cuts later this year. Perhaps more concerning to the matter is the USD/JPY sell-off.

Euro rebounded off multi-month downtrend support with EUR/USD bulls threatening a larger recovery. Battle lines drawn on the EUR/USD weekly technical chart.

GBP/USD carves a series of higher highs and lows to register a fresh monthly high (1.2679).

As we saw with the US equity markets on Friday, markets can go up as well as down, and when sentiment turns, even the mighty gold will not escape a swift sell-off. With gold and the S&P having a positive correlation in recent years, we could see the metal drop should the sell-off continues in the week ahead. So, the short-term gold outlook could easily turn negative if we see the breakdown of some key support levels.

USD/CAD put in a massive reversal move in early-February, but tariffs were merely delayed for a month and that topic comes back into the headlines next week.

EUR/USD sellers have had an open door to drive towards parity in 2025 but they’ve continually failed to take advantage, begging the question as to whether bullish reversals may soon show.

After reaching a new all-time high in the $2,954 per troy ounce area, gold has entered a phase of constant neutrality, with movements in the last three sessions remaining below 1%.

We have seen stronger-than-expected UK retail sales, services PMI, CPI and wage growth this week. Therefore, the near-term GBP/USD forecast remains modestly bullish.

USD/CAD trades near the monthly low (1.4151) despite the looming Trump tariffs for Canada.