EUR/USD, AUD/USD and USD/CAD forecast – Forex Friday
In this week’s edition, we discuss the EUR/USD, AUD/USD and USD/CAD forecast and look forward to the macro events in the week ahead.
USD/CAD outlook: US dollar drops as June hike bets trimmed
The sell-off has been trigged by broad US dollar weakness ahead of the US nonfarm jobs report on Friday. Consequently, the USD/CAD outlook has turned bearish, at least in the short-term anyway.
EUR/USD analysis: Cooler inflation fails to shift ECB hike bets
Investors’ focus now turns back to US data as speculation over whether the Fed will hike in June continues. Watch out for fresh EUR/USD analysis from the team as the data could shift Fed bets again.
S&P 500 analysis: Stocks fall as growth worries intensify
The short-term S&P 500 analysis appeared bearish but confirmation was needed to tip the balance in the bears’ favour.
DAX outlook: Stocks drop on China
Thanks to weakening Chinese manufacturing data, we have seen fresh falls in crude oil and some base metals, hurting energy stocks and miners. Our short-term DAX outlook is therefore bearish given growing worries over the health of the world's second largest economy.
DAX outlook: Stocks drop on China – Technical Tuesday
In this week’s report, we are getting technical on the DAX outlook as the German index has sold off to create a bearish-looking price candle on its chart.
Gold outlook: Metal rebounds as dollar and yields fall
While the short-term gold outlook remains murky, there is little doubt in my mind that the longer-term gold forecast is positive...
Dow forecast: Debt limit impasse and bear trend continue
As a debt deal still remains elusive and macro concerns are on the rise, the Dow forecast doesn’t look great, with the index breaking the 200-day average today.
Crude oil outlook: WTI struggles despite OPEC+ cuts, stronger US economy
Chinese concerns are offsetting OPEC cuts and strength in US demand. Given these mixed influences, the short-term crude oil outlook remains as clear as mud.
S&P 500 forecast: Stocks could fall even further
Sentiment has turned negative on fears about the health of the China and fears about the US debt ceiling. The S&P 500 forecast remains bearish, as things stand.
EUR/USD forecast: Sentiment sours ahead of FOMC minutes
Thanks to hawkish rhetoric from ECB, traders are not so keen to slam EUR hard despite stock sell-off. A close above 1.0850 would enhance the EUR/USD forecast.