The EUR/USD is set to finish the week almost flat, though with a minimal loss, Risk-aversion boosted the appetite for the greenback, though it weighed on the EUR/USD. EUR/USD Price Forecast: To consolidate in the 1.0627-1.0787 range, but downside risks remain. The EUR/USD edges lower as the New York session winds down, trimming some of
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The employment report released on Friday showed a gain in payrolls of 390K, above the 325K of market consensus. According to analysts at Wells Fargo, the report “lands in a sweet spot for the Fed”. They point out that while the labor market remains clearly tight and is adding to inflationary pressures, improving labor supply
US dollar strengthens on Friday amid risk aversion and higher US yields. Positive employment report partially offset by a weaker reading of ISM Service PMI. EUR/USD flat for the week at around 1.0700. The EUR/USD failed to recover the 1.0750 zone and pulled back during Friday’s American session toward the 1.0700 area. It is about
GBP/USD is trading lackluster as investors have reduced volume ahead of the US NFP. Poor ADP Employment Change numbers have trimmed the forecasts of the payrolls data. The BOE needs to continue elevating its interest rates aggressively to contain the runaway inflation. The GBP/USD pair is auctioning back and forth in a 1.2565-1.2590 range. It
The US official employment report will be released on Friday. Analysts at TD Securities look for a slowdown in payroll in May to 300K, the lowest number since April. They consider the impact on the greenback to be limited. Martet consensus is for an increase of 325K in payrolls. Key Quotes: “We look for payrolls
The Chinese yuan depreciated slightly against a weaker US dollar in May. The USD/CNY pair is set to trade within a 6.50-6.90 range in the short-term, economists at MUFG Bank report. USD/CNY likely remain volatile “We shall see a sequential negative GDP growth in Q2. We expect a sustained but gradual recovery in Q3 and Q4.
Analysts at MUFG Bank forecast the Indian rupee will weaken gradually versus the US dollar over the next months. They see USD/INR at 78.500 by the end of the second quarter and at 79.500 by year-end. Key Quotes: “The Indian rupee plunged to a new record low of 77.928 against the US dollar in May
AUD/USD gained some traction in reaction to the better-than-expected Australian GDP print. Some follow-through USD buying, global growth concerns continued acting as a headwind. A positive risk tone helped limit the downside as traders eye US data for a fresh impetus. The AUD/USD pair attracted some buying during the early part of trading on Wednesday,
After hitting the highest level since March 2020, the Mexican peso reversed sharply. US dollar recovers ground on Tuesday as the rally in Wall Street ends. USD/MXN volatile, without clear signs. With a 0.82% gain, the USD/MXN is having the best day in three weeks. On Monday, it bottomed at 19.41, the lowest since March
Here is what you need to know on Tuesday, May 31: The greenback is staging a rebound against its rivals early Tuesday as US Treasury bond yields push higher following the three-day weekend in the US. Eurostat will release the preliminary Harmonised Indices of Consumer Prices (HICP) data, the European Central Bank’s inflation gauge, for May
Canadian dollar among top performers during the American session. USD/CAD drops below the 200-day Simple Moving Average. Canadian Q1 GDP on Tuesday, BOC on Wednesday, and NPF on Friday. The USD/CAD continued to decline during the American session and printed a fresh one-month low at 1.2649. It is hovering near the lows, holding onto daily
GBP/USD pares intraday gains as buyers struggle to keep reins at monthly high. 200-SMA, rising wedge’s support challenge bears amid market’s indecision. Firmer RSI, not overbought, hints at further upside towards recent top. GBP/USD retreats from daily high as bulls take a breather around one-month top heading into Monday’s London open. Even so, the cable
GBP/USD Weekly Forecast: The pound has room to rise in the NFP week The US dollar’s retracement from two-decade highs alongside a positive shift in risk sentiment emerged as the key catalysts that helped GBP/USD extend its recovery rally. Dip-buying remains the underlying theme for cable traders, as they head into a holiday-shortened US Nonfarm
The Australian dollar extends its weekly rally to two straight weeks, up 1.68%. The AUD/USD rises on positive Australian and US economic data as recession fears wane and expectations for a non-aggressive US Fed. Next week, the US economic docket will be busy and will feature releases of ISM PMIs, Fed speakers, and employment data
The shared currency is about to finish the week with 1.66%. US Core PCE rose by 4.9% YoY, lower than March’s 5.1% reading; will the Fed diminish the speed of rate hikes? EUR/USD Price Forecast: Its long-term bias remains bearish, but a rally towards 1.0800 in the near term is on the cards. The EUR/USD
US dollar continues to pullback across the board. Yen loses momentum in the market amid risk appetite. USD/JPY fails to benefit from the rally in Wall Street. The USD/JPY is about to end the week trading around 127.00. The pair bottomed on Tuesday at 126.35, the lowest level in five weeks and then rebounded finding
The USD/INR is about to end the week modestly lower, pulling back from record levels. The chart shows the primary trend is bullish and strong. According to analysts at Wells Fargo, the rupee will continue to decline versus the US dollar, at a gradual pace. Key Quotes: “The Indian rupee recently hit an all-time record
EUR/AUD was around 1.56 on the eve of Russia’s invasion of Ukraine. Its slide extended to near 1.43 by April. Economists at Westpac believe that the pair could race higher towards 1.52/53 in the short-term before turning back lower to the 1.45 area by the third quarter. EUR/AUD could push up to 1.52/53 near-term “Markets