There are two key data points expected to be released from the US this week which are likely to dominate markets: GDP and PCE. In fact, trading in the first half of the week could be muted in anticipation for what will happen. Both are key components for trying to figure out what the Fed will do later this year, and that in turn affects how the dollar behaves. Of course the more immediate concern is whether the recent uptick that has been seen in headline inflation will be maintained. That would likely force the Fed to keep rates higher irrespective of the other figures. But it’s generally un ..read more

UK 100 drifts lower The UK 100 (FTSE 100) maintained its four-day winning streak as it broke the 8000 level again. The V-shaped rally has put the index back right under this year’s high after bouncing at the 7800 area. A continuation could signal a move to a new all-time high above 8060. However, bulls would need to catch their breath and consolidate their gains. 7920 first assesses follow-up interest with a more profound correction testing 7760 on the 20-day SMA. EURUSD hits support The Euro clawed back losses after sentiment shifted against the dollar. Prices remain resilient after a boun ..read more

Another Correction for Gold! Gold price extended a pullback as global tensions eased over the weekend. With the yellow metal failing to confirm its stance over $2400, will there be another test at a record high this week? Timestamps XAUUSD 00:40 DXY 01:50   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Another Correction for Gold appeared first on Orbex Forex Trading Blog ..read more

There will likely be a lot of focus on tomorrow’s flash April PMI readings from some of the larger economies around the globe. In particular focus will likely be the readings out of Europe, as the market is counting down the weeks until the ECB might cut rates. The sluggish economic situation in Europe is seen as one of the potential deciding factors in whether the Euro will weaken in the coming months or stage a rebound. Economists have been expressing more positivity about the global economic outlook, which could help support risk appetite. That could have a diverse range of impacts on all ..read more

XAUUSD remains elevated Gold increased as global tensions heightened as traders supported the yellow metal. The price continues to push for another record high whilst the daily RSI drops back to the neutral area. Any correction is likely to be driven by profit-taking and the price could be merely probing for support before another leg up. 2350 is the first support in case of a bounce as price action remains in a bullish channel. EURGBP tests resistance The euro attempts another sing high as the choppy consolidation continues. The pair’s third attempt to break 0.8585 shows strong buying inte ..read more

EURUSD finds support with ECB comments The euro began to advance as the ECB reiterated its stance on cutting rates. Unlike the Fed, which stated that if incoming data suggests sticky inflation, it will be appropriate to hold the current restrictive monetary policy stance for longer. This signalled that a rate cut was not happening this half of the year as economists wondered how much more strength the dollar has. Bullish sentiment could lift the euro to 1.0850 with 1.0600 as support. UKOIL retreats as demand uncertain Brent crude suffered a sell-off as inventories increased from the previou ..read more

Oil Falls as Gold Finds Support Gold is looking for another lift as traders expect a test at the recent high. With Oil falling, EIA stockpiles and ongoing geopolitical tensions have seen a dramatic sell-off in the black gold. Timestamps XAUUSD 00:50 WTI: 01:55   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Oil Falls as Gold Finds Support appeared first on Orbex Forex Trading Blog ..read more

BOJ Intervention Alert: Japan March Inflation Figures As the USDJPY gets dangerously close to the 155 handle, there is increasing wonder why the BOJ hasn’t stepped in to shore up the Japanese currency. That’s well above the last time authorities stepped in to stop the slide of their currency. In September of 2022, the USDJPY reached 152 before the Ministry of Finance stepped in, ordering the BOJ to defend the yen. Tensions have ratcheted up in recent days as the yen continues to weaken against the dollar. The latest moves that have driven expectations were a trilateral meeting between Japanes ..read more

NZDUSD tests support The New Zealand dollar attempted to claw back recent losses after bouncing at the mid-0.5800 area. The pair struggled against the greenback after progressive CPI and NFP data saw over 200 pips wiped off the currency. The rebound could come to a halt at 0.5950 at the 20-day SMA. The bulls’ failure to push back would make the Kiwi vulnerable to a broader sell off. A break below 0.5815 could attract momentum sellers and send the pair past the October low of 0.5770. USDCHF struggles to hit new high The US dollar broke out of consolidation as it failed to test the 0.9200 lev ..read more

The euro will look to claw back losses after over 500 pips have been wiped off the EURUSD pair this year. Cable was boosted by falling inflation data, which could mean the BoE acted sooner rather than later with their first-rate cut. Timestamps EURUSD 00:50 GBPUSD 01:45   Test your trading strategy on forex and stocks with Orbex OPEN LIVE ACCOUNT The post Is the Dollar Correcting? appeared first on Orbex Forex Trading Blog ..read more