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GBP/USD outlook: Currency Pair of the Week - May 20, 2024

Our GBP/USD outlook remains bullish, mainly due to our bearish US dollar forecast. On the GBP side of the equation, the Bank of England is getting closer to cutting interest rates, although the market seems to be looking past this. Domestically, the focus this week is on UK inflation data, which is expected to cool, potentially cementing expectations that the central bank will cut rates in June.

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Today 05:00 PM
Yen, Euros and dollar currency bills and notes

Euro Forecast: EUR/USD Coiling Just Below Key 1.0900 Level

EUR/USD is rangebound for now but a break above 1.0890 could herald another leg up to 1.1000

EURUSD Outlook: FOMC Minutes and Flash PMI on the Horizon

EURUSD Outlook: Following the slight cooling of U.S inflation, markets embraced a euphoric sentiment. Will the upcoming FOMC minutes calm it down or amplify it further?

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S&P500 Forecast: SPX set for a quiet start ahead of Fed minutes, NVDA earnings

US stocks point to a muted open after record highs last week, as investors look ahead to FOMC minutes and Nvidia earnings later in the week. Today's economic calendar is quiet; instead, the focus will be on several Fed speakers. Recent Fed officials have supported the view that rates need to stay high for longer to combat inflation.

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Today 02:17 PM

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Gold and Silver forecast: Metals hit fresh 2024 highs

Our gold and silver forecast remains positive and reckon new records could be on the way for the former and fresh 2024 gains for the latter, following last week's big silver rally. Precious metals have found additional support from a weaker US dollar.

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GBP/USD, Oil forecast: Two trades to watch

GBP/USD rises ahead of inflation data later in the week. Oil rises with the Middle East in focus.

Forex trading

USD, CAD, Gold, Copper, VIX, Wall Street analysis: COT report

Asset managers reached a record level of net-short exposure to VIX futures, days before prices fell to a record low. Traders also remain net-long USD despite losses in recent weeks.

Market chart showing uptrend

Silver extremely overbought after bullish break, resistance zone looms on the horizon

Having taken out its 2021 high on Friday, silver has extended the bullish break on Monday, powering its way above $32 per ounce on the back of big gains in Chinese commodity futures. Given the speed of the rally, silver is fast approaching $35, a level it struggled to overcome in the early 2010s.

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USD/JPY: Difficult for Fed to abandon higher for longer with no new data for guidance

With no new information for the Fed to consider this week, it’s difficult to see their narrative shifting from it still being far too soon to consider rate cuts. That points to upside risks for USD/JPY in the days ahead.

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Today 12:39 AM
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AUD/USD weekly outlook: 4-Month high for AUD, yet resistance looms

Whilst flash PMIs, FOMC and RBA minutes are on the menu this week, the success of AUD/USD is likely to come down to how the US dollar performs.

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Yesterday 09:00 PM
    Energy

    Crude oil weekly forecast: WTI range under threat as bullish momentum builds

    Monday could set the tone given the bullish price action seen across the commodities complex on Friday as China announced a rescue package for its troubled property sector. If the momentum can be maintained, there’s every chance WTI may break downtrend resistance dating back to the highs set in April.

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    Yesterday 03:00 PM
    Multiple pound notes £5, £20 and £50 Pound Sterling

    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.

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    May 18, 2024 09:00 PM
    Gold nuggets

    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.

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