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Gold Forecast: XAU/USD Nears Record Highs as “Year of Metals” Continues
Gold remains in a clearly bullish structure, with all eyes on XAU/USD's record highs in the $2420-30 zone.
GBPUSD Analysis: April Highs Set a Weekly Ceiling
GBPUSD Analysis: with the upcoming BOE statement, CPI metrics, and Flash PMI results, April highs are challenged for further bull runs
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.
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.
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.
EUR/USD, DAX Forecast: Soft US Data Drives EUR/USD Higher and DAX to Record
The 1-2 combination of soft CPI and retail sales has driven EUR/USD higher and sent the DAX to fresh record highs.
Crude Oil Analysis: Stuck Between US Inflation, OPEC Policies, and Chinese Demand Potential
Crude Oil Analysis: supply and demand metrics lie at a critical juncture with OPEC meeting expectations leaning towards an unchanged policy
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.
EURUSD Forecast: Charts Gear up for U.S. CPI Volatility Week
EURUSD Forecast: EURUSD price levels brace for volatility with the upcoming speech from Fed Powell, U.S CPI metrics, and ECB Financial Review.
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.
EUR/USD: High bar for US economic data creates asymmetric upside risks
it’s now up to incoming data and news flow to continue fuelling the bullish USD narrative, otherwise it risks sparking a reversal. We may be seeing the inception of such a move in EUR/USD right now.
Oil, EUR/USD Forecast: Two trades to watch
Oil struggles after mixed China data and on Fed rate cut uncertainty. EUR/USD inches higher with Fed speakers & US CPI data in focus.
Futures traders reduce yen speculation after BOJ intervention: COT report
With asset managers and large speculators trimming long and short exposure to yen futures, their appetite to speculate on the currency appears to be waning after BOJ interventions.
Nikkei 225, Hang Seng forecast: Tables are turning for Asia’s stock market giants
Japan’s Nikki 225 and Hong Kong’s Hang Seng have been like chalk and cheese coming out of the pandemic. As one surged, the other floundered. But the tide looks to be turning, and fast.
Equities weekly forecast: Walmart, Home Depot, Alibaba earnings previews
The health of the consumer will be in focus next week, with US inflation data, retail sales, and the start of retailers' earnings. Walmart and Home Deport will update the market. Meanwhile, Chinese e-commerce and cloud giant Alibaba will also release earnings, along with Chinese retail sales figures later in the week,
Gold, silver and copper eyeing upside, US inflation report key to US dollar impact
The stronger US dollar has acted as a handbrake on commodity prices, limiting what may have been otherwise a spectacular rebound to start 2024. Imagine what may happen if the dollar were to break down?
EUR/USD, AUD/USD, gold look set to take advantage of US dollar weakness
The US dollar snapped its 3-day winning streak and formed a bearish outside day, helping gold reach our upside target. EUR/USD and AUD/USD are now eyeing a move towards key resistance levels.
Crude oil analysis: Have oil prices formed a low?
WTI formed a bullish signal Wednesday after the DoE reported a drop in stockpiles, while the uptick in refinery utilization rate was welcome news ahead of the US driving season. Meanwhile, oil prices may also be closer to bottom as investors have now mostly priced out the risk of a wider conflict in the Middle East.
Shorting crude oil could be getting ‘long’ in the tooth
Oil bears have been busy over the past few weeks helping to send crude oil prices over 12% lower since the April highs. Yet recent price action suggests it could be set for a bounce.