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Gold Price slips from five-week highs as Fed set to hike rate aggressively. The US dollar, yields soar on the Fed expectations and risk-off flows. XAUUSD remains exposed to more downside ahead of the Fed decision. Gold Price is correcting sharply from five-week peaks of $1,879, reversing most of Friday’s strong rally. The inverse correlation
As investors expect an aggressive US Fed, USD/CHF rallies 0.80% post US hot inflation. Elevated US Treasury yields lifted the greenback and weighed on stocks. USD/CHF Price Forecast: The pair is upward biased and would aim towards parity if buyers achieve a daily close above 0.9885. The USD/CHF rallies sharply following a US inflation report
Financial Japanese authorities met regarding a weaker JPY and accorded to act if the yen continues weakening. Despite falling on threats of an FX intervention by Japan, the GBP/JPY gained 1.30% weekly. GBP/JPY Price Analysis: To continue falling towards 164.25 before resuming to the upside. The GBP/JPY plunged on Friday and trimmed weekly gains of
On Friday, the USD/JPY climbs 0.11%, and in the week, 2.80%. Risk-aversion initially weighed on the USD, but late in the North American session, higher US Treasury yields lifted the USD/JPY. USD/JPY Price Analysis: The USD/JPY might retrace as intervention looms, towards 131.00s. The USD/JPY is registering gains close to 2.80% during the week, and
Next week, the Bank of England will have its monetary policy meeting. Analysts at MUFG Bank consider it poses some upside risk for the pound but they warn any rally should be short-lived in light of the still unfavourable UK cyclical backdrop. Key Quotes: “The GBP has been consolidating at weaker levels after correcting lower
The GBP/USD tanks close to 180 pips after elevated US inflation data. Consumer sentiment in the US has collapsed to a 5-decade low. GBP/USD Price Forecast: In the near term will test the YTD low at 1.2155. The GBP/USD plummets following a hotter than expected US inflation report and extends its losses in the week,
USD/CAD scaled higher for the third straight day and shot to a fresh two-week high on Friday. Softer oil prices undermined the loonie and extended support, despite subdued USD demand. Traders await the US CPI report and Canadian monthly jobs data for a fresh directional impetus. The USD/CAD pair built on the previous day’s strong
The NZD/USD slumps to fresh three-week lows, despite the RBNZ’s beginning of its QT program. US initial Jobless Claims rose more than expected, but market players are focused on US inflation data. The RBNZ will begin its Quantitative Tightening (QT) program at an NZ $5 billion rate. The New Zealand dollar slides for the fifth
EUR/USD comes under pressure near 1.0700. German 10y Bund yields approach 1.40%. The ECB is expected to keep the policy rate unchanged. The single currency wobbles between gains and losses and motivates EUR/USD to trade within a volatile note around the 1.0700 region on Thursday. EUR/USD focuses on the ECB EUR/USD trades in an unresolved
What you need to take care of on Thursday, June 9: Trading was choppy across the FX board, with most major pairs holding on to familiar levels, except for the USD/JPY pair, which surged to a fresh 20-year high of 134.47. The imbalance between the US Federal Reserve and the Bank of Japan boosted the
The Bank of Japan (BOJ) will consider downgrading its assessment on factory output at the June policy meeting due to supply disruptions caused by China’s covid lockdowns, Reuters reports, citing sources with the central bank’s thinking. The BOJ is expected to maintain the view that Japan’s economy is picking up as a trend, noting that
The price is running into monthly resistance but prior highs near 102.80 will be eyed if the bulls stay with the course. The yen is suffering a central bank divergence blow and a potential paradigm shift. At 95.89, AUD/JPY is strong and rising over 1% on the day following a surprise move and hawkishness from the
Here is what you need to know on Tuesday, June 7: With the benchmark 10-year US Treasury bond yield rising above 3% on Monday, the greenback gathered strength against its rivals at the start of the week. The US Dollar Index extended its rebound early Tuesday and climbed to its highest level in two weeks.
Gold begins the week with losses of close to 0.50%. US Treasury yields and an upbeat sentiment weigh on the yellow metal. Gold Price Forecast (XAU/USD): Neutral biased, though a daily close below the 200-DMA might open the door for additional losses. Gold spot (XAU/USD) is tumbling, weighed by rising US Treasury yields and an
DXY comes under pressure and revisits 102.00. US yields extend the monthly recovery on Monday. 3-month/6-month Bill Auctions will be on tap later in the NA session. The greenback starts the trading week on the defensive and drags the US Dollar Index (DXY) back to the 102.00 neighbourhood. US Dollar Index looks to yields, cautious
The yellow metal would finish the week on the defensive, losing 0.28%. Sentiment remains negative, as US equities fall between 1.02% and 2.57%. Fed’s Mester supports 50 bps hikes in June and July; September is still open for 50 or 25 bps increases. Gold Price Forecast (XAU/USD): Failure at $1889.91, exacerbates a fall towards $1800.
The USD/CHF bounces off weekly lows and is back above 0.9600. Risk appetite remains dampened, US equities tumble, and the greenback rise, underpinned by elevated US Treasury yields. USD/CHF Price Forecast: The major is upward biased, though a daily close above 0.9660 would exacerbate a rally towards the 20-DMA. On the week’s last trading day,