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Most Read: Euro Forecast: EUR/USD Breakout Gains Momentum but Fibonacci Resistance on Radar

Last week, traders looking for volatility had plenty of it. There were significant moves across all asset classes, but perhaps . . . → Read More: Markets Week Ahead: Gold, EUR/USD, S&P 500 Break Out as USD Tanks; Tesla Earnings Eyed

EUR/USD OUTLOOK: EUR/USD soars nearly 2.5% this week, rising to its best levels since February 2022 A dovish repricing of interest rate expectations following softer-than-expected U.S. inflation data may be responsible for recent moves in the FX space Market dynamics and positive may favor the euro in the coming week

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EUR/USD PRICE FORECAST:

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READ MORE: USD/CAD Forecast: 1.3000 Beckons as Dollar Index (DXY) Slide Continues

EUR/USD has been on a tear since the US CPI release this week reaching multi-month highs around the 1.1245 . . . → Read More: EUR/USD Catches its Breath at Multi-Month Highs, Where to Next?

USD/JPY Analysis and Chart USD/JPY clawed back some ground but remains pressured Markets are unsure how much further US interest rates will rise as data softens Bank of Japan’s ultra-loose monetary policy is also in focus

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. . . → Read More: USD/JPY Edges Up After Bruising Week, Japanese Yields Rise

GBP/USD Analysis Dollar drives GBP/USD higher ahead of crucial UK CPI print next week GBP/USD technical levels to watch as new ground is broken above 1.3000 Sentiment data hints at a bullish continuation as retail sentiment bets on a reversal The analysis in this article makes use of chart patterns and key support and . . . → Read More: GBP/USD Price Outlook: Dollar Selloff Drives Cable Rally Ahead of UK CPI

Article by IG Senior Market Analyst Axel Rudolph

FTSE 100, DAX 40, S&P 500 Prices, Analysis, and Charts

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. . . → Read More: Equity Rally Loses Some Steam as U.S. Earnings Season Kicks Off in Earnest???

Gold Price (XAU/USD) Analysis, Price, and Chart

US dollar weakness helps to power gold higher. Retail sentiment is mixed.

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US . . . → Read More: Gold (XAU/USD) Consolidates Recent Gains After Stubborn Resistance Falls

Bitcoin, BTC/USD, Ethereum, ETH/USD – Outlook: Bitcoin is attempting a breakout from a bullish flag pattern. A potential reverse head & shoulders brewing in ETH/USD. What is the outlook and what are the key levels to watch?

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Start Quiz . . . → Read More: Bitcoin & Ethereum After Ripple Wins SEC Case: Preparing for an Advance

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Following a downside surprise in the recent US consumer price index (CPI) data, the release of US June producer prices overnight further reinforces the narrative of abating inflation risks, paving the way for Wall Street . . . → Read More: Asia Day Ahead: US Mega-Cap Tech Build on Gains; Singapore Avoids Technical Recession

Australian Dollar, AUD/USD, RBA Governor, Michele Bullock, S&P ASX 200 – Talking Points

The Australian Dollar dipped a fraction after the new RBA Governor was announced Michele Bullock is seen as having an excellent central bank pedigree RBA policy is likely to remain on course. Where to for AUD/USD?

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AUD/USD Bullish

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of clients are net long. of clients are net short.

Change in Longs Shorts OI Daily -22% 23% 0% Weekly -46% 88% -6%

AUD/USD IG CLIENT SENTIMENT OUTLOOK – BULLISH

IG client sentiment data shows 45.50% of traders are net-long AUD/USD, with the ratio . . . → Read More: US Dollar Forecast: Sentiment Positive on AUD/USD, NZD/USD, Bearish on USD/CAD

USD/JPY AND GBP/USD OUTLOOK: USD/JPY deepens its decline as U.S. Treasury rates extend their downward correction Softer-than-expected U.S. CPI and PPI data weigh on bond yields Meanwhile, GBP/USD blasts higher, rising to its best levels since April 2022

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. . . → Read More: USD/JPY in Downward Spiral as Yields Tank, GBP/USD Soars to Fresh 2023 Highs

CANADIAN DOLLAR PRICE, CHARTS AND ANALYSIS: The Loonie Looks on Course for Further Gains Against the Greenback as the Bank of Canada (BoC) as the DXY Slide Continues. BoC Governor Macklem Revealed Concerns Around the Pace at Which Inflation is Expected to Fall Moving Forward. Technicals Are Hinting at Further Downside However, a . . . → Read More: USD/CAD Forecast: 1.3000 Beckons as Dollar Index (DXY) Slide Continues

S&P 500, Nasdaq 100 News and Analysis

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Inflation Confirmation Hits the US Dollar Hard, Lifting Equities

The May inflation print revealed the first time core inflation had dipped below the prior sticky range . . . → Read More: S&P 500, Nasdaq Reach Fresh Yearly Highs as Disinflation Takes Hold

OIL PRICE, CHARTS AND ANALYSIS:

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Oil prices continued their renaissance this week finally breaking out of a two-month range. Initially I had . . . → Read More: Oil Price Forecast: WTI and Brent Face Technical Hurdles. Where to Next?

GOLD PRICE, CHARTS AND ANALYSIS: Gold prices stay close to one-month highs. Weaker US inflation has seen the more extreme rate-hike bets taken off. Still, the market looks overbought and further gains may be hard-won.

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. . . → Read More: Gold Prices Hang on At Highs, Benign US CPI Prompts Rate Rethink

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Gold, XAU/USD – Price Action & Outlook: XAU/USD has broken above key resistance. The break has triggered a minor reverse head & shoulders pattern, pointing to further gains. What are the key levels to watch in XAU/USD?

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. . . → Read More: Gold Boosted by US CPI; Reverse Head & Shoulders Triggers in XAU/USD

The downside surprise in US inflation paved the way for more gains in Wall Street overnight (DJIA +0.25%; S&P 500 +0.74%; Nasdaq +1.15%), as the S&P 500 and Nasdaq found a new high since April 2022 and January 2022 respectively. Indication of market relief was reflected with an 8.7% plunge in the S&P 500 . . . → Read More: Asia Day Ahead: Promising US Inflation Progress Drives Upbeat Market Mood

Crude Oil, Brent, WTI, US Dollar, US CPI, Fed, EIA, API, Backwardation, OVX – Talking Points Crude oil continues to recover, this time on the back of a weaker USD Inflation pressures eased again in June, leading to speculation that the Fed might change tack If there is a tilt in policy, will . . . → Read More: Crude Oil Joins the Party as the US Dollar Takes a Tonking. Higher WTI?

GOLD AND EUR/USD OUTLOOK: Gold prices clear technical resistance and rally above $1,950 following softer-than-expected U.S. inflation data The U.S. dollar sinks as interest rate expectations shift in a less hawkish direction Meanwhile, EUR/USD soars and moves past the 1.1100 handle, reaching its best level since March 2022

Recommended by Diego . . . → Read More: Gold Finds Spark in Weak US Inflation Data, EUR/USD Blasts Off to New 2023 Peak

BANK OF CANADA DECISION KEY POINTS: Bank of Canada raises its overnight rate by 25 basis points to 5.00%, in line with expectations The monetary authority warns that progress on the inflation front will be slower going forward, implicitly leaving the door open to further tightening USD/CAD sinks following the central bank’s decision . . . → Read More: Bank of Canada Hikes by 25 bp, Warns Inflation Downward Momentum Will Slow

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Market Recap

The usual cautious lead-up to the US consumer price index (CPI) release has failed to deter risk appetite in Wall Street overnight, as major US indices pushed higher on strength in value . . . → Read More: All eyes on US CPI ahead, with mixed session in Asia: DJIA, USD/JPY, NZD/USD

New Zealand Dollar, NZD/USD, RBNZ, CPI, NZX50 Index – Talking Points The New Zealand Dollar saw a small volatility uptick after the RBNZ pause The Kiwi Dollar sunk on the news but soon recovered and climber above the open The inflation fire might be smouldering with centrals banks hanging up the hose for . . . → Read More: New Zealand Dollar Dipped Initially then Recovered After the RBNZ Left its Cash Rate Alone

S&P 500 FORECAST: S&P 500 rises but gains are modest amid cautious mood ahead of key U.S. economic data The June U.S. inflation release will steal the limelight on Wednesday Higher-than-expected CPI figures could spark a sell-off in risk assets, but a soft report could create the right conditions for a bullish breakout in . . . → Read More: S&P 500 Ekes Out Modest Gain Ahead of US CPI Data but Double Top Still in Play

GBP/USD AND EUR/GBP FORECAST: The hawkish repricing of interest rate expectations in the UK has boosted the British pound in recent weeks Sterling’s outlook remains constructive in the very near term This article looks at key GBP/USD and EUR/GBP’s technical levels to watch in the coming days and weeks

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GOLD (XAU/USD) KEY POINTS:

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READ MORE: EUR/USD Hits Fresh 2-Month High, Time for a Pullback?

Gold prices started the morning with a bang as US Treasury Yields fell from recent highs, . . . → Read More: Gold (XAU/USD) Rally Falters at Range High, More Consolidation Ahead?

NZD/USD, EUR/NZD, GBP/NZD – Outlook: Tentative but unconfirmed signs of base building in NZD/USD. False break higher raises downside risks in EUR/NZD. Increasing signs that GBP/NZD’s rally may have to pause before resuming the uptrend.

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Get My . . . → Read More: New Zealand Dollar Flexes Muscles Ahead of RBNZ; NZD/USD, EUR/NZD, GBP/NZD Price Action

Wall Street managed to start the new week on a positive footing, but with some slight caution ahead of the key US CPI data release tomorrow as the S&P 500 VIX saw an in-tandem rise overnight (+1.6%). Nevertheless, the DJIA has pulled ahead with a 0.6% gain versus the Nasdaq’s 0.2% and with chatters . . . → Read More: Asia Day Ahead: Positive US Handover Has Brought Some Relief to Asia Session

Japanese Yen, USD/JPY, Bond Yields, Technical Analysis – Asia-Pacific Briefing: Japanese Yen sees strong 2-day gain versus the US Dollar USD/JPY’s drop coincided with softer US Treasury yields The exchange rate broke under a key exponential trendline

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CANADIAN DOLLAR FORECAST: The Bank of Canada will announce its July monetary policy decision on Wednesday The central bank is seen lifting interest rates by 25 basis points to 5.0% BoC’s guidance is likely to shape the course of the Canadian dollar in the near term

Recommended by Diego Colman . . . → Read More: USD/CAD Forecast: Bank of Canada’s Outlook to Shape Canadian Dollar’s Trajectory

US DOLLAR FORECAST: The U.S. dollar, as measured by the DXY index, slides on Monday, extending Friday’s losses following softer-than-expected U.S. employment data USD/JPY also deepens its pullback, steadily approaching Fibonacci support near 140.92 All eyes will be on the U.S. inflation report this week

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US Dollar, Canadian Dollar, Mexican Peso Vs Japanese Yen – Price Action: USD/JPY retreats, but approaches a strong floor. ?CAD/JPY rally may have run its course for now. High chance that a broader consolidation in MXN/JPY may have started.

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Major US indices failed to retain its initial gains in the aftermath of the US June jobs report last week, with a mid-day sell-off on relative high volume forcing an eventual close in the red (DJIA -0.55%; S&P 500 -0.29%; Nasdaq -0.13%). The takeaway from the job report was a downside surprise in US . . . → Read More: Asia Day Ahead: US Job Report Brings Cautious Start to the Week

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The second quarter brought with it a solid performance from the US Dollar as it outperformed most of its major counterparts. Notable gains were seen against the Japanese Yen and Australian Dollar. Meanwhile, the British . . . → Read More: Markets Q3 Outlook: Gold, US Dollar, Nasdaq 100, Crude Oil, Fed, Labor Markets

Higher Q3 Oil Demand Amidst OPEC+ Supply Cuts

Crude oil prices have been on a downward trajectory this year with various fundamental factors influencing the overall trade dynamic. OPEC+ has been at the center of discussions once more by imposing their sway by recently cutting production to bolster crude oil prices. The actions of . . . → Read More: Oil Fundamental Forecast: Q3 the Catalyst for Crude Oil?

The Australian Dollar finished the second quarter not far from where it started after breaking both sides of an established range. Although some domestic factors haver played a role in AUD/USD direction, the US Dollar remains a dominant factor for the currency.

For the full Australian Dollar third quarter report, click on . . . → Read More: Australian Dollar Outlook: Central Banks Continue to Grapple with CPI

EUR/USD and EUR/GBP Prices, Charts, and Analysis EUR/USD is back above 1.0900 on US dollar weakness. Euro Area data releases are thin on the ground next week.

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The Euro is pushing higher . . . → Read More: Euro Latest – EUR/USD and EUR/GBP Going Into the Weekend

US NFP AND JOBS REPORT KEY POINTS: The US Added 209,000 Jobs in June, Slightly Below the Forecasted Figure of 225,000. May Figure Revised Down to 306,000. The Unemployment Rate Fell Back to 3.6%. Average Hourly Earnings Came in at 0.4% MoM with the YoY Print Back up to 4.4%. To Learn More . . . → Read More: June Jobs Report: Mixed as NFP Misses Estimates but Unemployment Rate and Hourly Earnings Improve

JPY KEY POINTS: USD/JPY slipped back in Europe, with EUR/JPY weakness leading Markets see plenty more monetary tightening, just not in Japan Intervention by Tokyo has happened before close to current levels

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. . . → Read More: Japanese Yen Gains as Markets Look Toward US Labor Numbers

Nikkei (Japan 225) Analysis Nikkei ends first half of the year narrowly behind the Nasdaq as foreign investors pile in Yen Depreciation and a US data-led hit to risk appetite sees the Nikkei trade lower Possible double top forming for the Nikkei, signalling potential for extended selling The analysis in this article makes use . . . → Read More: Nikkei Price Outlook: Stronger Yen and Broader Equity Declines Inspire Pullback

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FTSE 100, DAX 40, S&P 500 Analysis and Charts

???FTSE 100 sinks on rate hike fears

? ?The FTSE 100 is fast approaching its March low at 7,204, tracking losses in Asia and on Wall Street as strong US ADP jobs data reinforced expectations that . . . → Read More: ???FTSE 100, DAX 40 and S&P 500 are Taking a Hit Amid Strong US ADP Jobs Data

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By selecting the box below, you are confirming that you are not a . . . → Read More: GBP/USD Price Forecast: Pound Anxiously Eyes NFP Data

GOLD (XAU/USD) KEY POINTS:

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READ MORE: Gold and Silver Price Forecast: XAU/USD, XAG/USD May Fall Amid Bullish Retail Traders

US Yields Rise, Red-Hot ADP Data, NFP Ahead

Gold prices continued their recovery . . . → Read More: Gold (XAU/USD) Prices at Risk of Freefall Heading Into NFP Day

Crude Oil, EIA, API, Federal Reserve, Non-farm Payrolls, AUD, CAD, NZD, Gold – Talking Points Crude oil has been buoyed by shrinking stockpiles and solid US data The extent of Fed hawkishness has been reappraised by the market If today’s US non-farm payrolls beat estimates, will WTI break higher?

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US Dollar, Euro, Australian Dollar Vs Japanese Yen – Price Action: USD/JPY looks overbought, but there is no reversal of the uptrend. ?EUR/JPY holding gains following the recent bullish break AUD/JPY rally looks tired.

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The . . . → Read More: Japanese Yen Aided by Jump in Japan Wages: USD/JPY, EUR/JPY, AUD/JPY Price Setups

Resilient labour market conditions and persistent services sector’s prices were not well-received by Wall Street yesterday, as the overnight data called for a hawkish bias in Federal Reserve’s (Fed) policies. A significant beat in the US ADP report (497,000 versus 228,000 forecast) was followed up with continued strength in the services sector, as the . . . → Read More: Asia Day Ahead: US Data Calls for Hawkish Bias in Fed’s Policy

GOLD PRICES FORECAST: Gold prices slide, pressured by soaring U.S. Treasury rates Nominal yields jump as strong U.S. economic data strengthens the case for additional monetary tightening U.S. jobs data on Friday could reinforce XAU/USD’s negative bias if employment growth surprises to the upside

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S&P 500 OUTLOOK: S&P 500 falls as U.S. Treasury rates skyrocket following strong U.S. economic data Solid private sector payrolls and services sector activity data reinforce expectations for additional monetary tightening The S&P 500 appears to be carving out a double-top pattern. If confirmed, this technical formation could portend losses for the equity index . . . → Read More: US Stocks Sink as Yields Soar, S&P 500 Carves Out Bearish Double-Top Pattern

U.S. DOLLAR ANALYSIS & TALKING POINTS ISM services PMI beat has dollar bulls licking their lips. More Fed rate hikes being priced in. Bulls test key area of confluence ahead of tomorrow’s NFP’s.

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DOLLAR . . . → Read More: Double Whammy for DXY as Services PMI & ADP Beat Estimates

Japanese Yen USD/JPY Prices, Charts, and Analysis US ADP data sends US bond yields sharply higher. Will the MoF act to prop up the Yen?

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The latest FOMC minutes suggest that while . . . → Read More: USD/JPY Latest – Japanese Yen Fight Back Thwarted by Rising US Bond Yields

GBP PRICE, CHARTS AND ANALYSIS:

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Read More: Oil Price Forecast: WTI and Brent Trickle Higher as OPEC Seminar in Vienna Kicks Off

GBP, UK CONSTRUCTION PMI AND BoE DECISION MAKER PANEL . . . → Read More: GBP Outlook: Analysis of GBP/USD, EUR/GBP, GBP/AUD

Crude Oil, WTI, OPEC+, Fed, ECB, China, API, OVX, Crack Spread – Talking Points Crude oil is pushing to the top end of the range going into the Thursday session OPEC+ is talking up its intentions to get the result they desire from pricing A sizable drop in inventory added to positive sentiment. Where . . . → Read More: Crude Oil Firms on OPEC+ Intentions and API Data. Will WTI Break the Range?

Wall Street posted modest declines overnight (DJIA -0.38%; S&P 500 -0.20%; Nasdaq -0.18%), following its return from the holiday break. Late last week, the Fear and Greed Index has reverted back to ‘extreme greed’ territory, which may point to near-term overextended price levels. That said, seasonality over the past 20 years remains in favour . . . → Read More: Asia Day Ahead: Little Surprise in Fed Minutes; Focus Now on US Jobs Data

FED MINUTES KEY POINTS: Fed minutes from the June meeting show that central bank officials believe that additional policy firming may be warranted to curb price pressures The account of the two-day session also reveals that policymakers are not entirely satisfied with the progress made on the inflation front The U.S. dollar extends . . . → Read More: US Dollar Extends Gains as Fed Minutes Reinforce Hawkish Monetary Policy Outlook

The DAX has rise around 38% from the October 2022 low, fully retracing the 2022 major sell-off as European equities became relatively more attractive than US equities with their lower price-to-earnings ratios. The ECB was late to join the rate hiking cycle and naturally took a more gradual approach when it came to tightening . . . → Read More: Q3 Top Trade: Short DAX as German Fundamentals Turn Sour

CANADIAN DOLLAR OUTLOOK: USD/CAD has lacked directional conviction over the past week, with the pair stuck in a consolidation phase While ranging market can be predictable, traders should also consider breakout scenarios This article looks at USD/CAD’s key tech levels to watch in the coming days

Recommended by Diego Colman . . . → Read More: USD/CAD Trapped in Lateral Channel for Now, Range Trading and Breakout Scenarios

With the US markets off-trading due to the Independence Day holiday, the risk environment was met with a more subdued tone without much economic data to catch on. European markets were flat to slightly lower on a thinly-traded session, while at the time of writing, US equity futures are on some wait-and-see as well.

. . . → Read More: Asia Day Ahead: Focus on FOMC Minutes as US Markets Reopen After Holiday

Short EUR/GBP: A Hawkish BoE and Price Action Support Further Downside.

The Great British Pound has been on a tear of late, even before the 50bps surprise delivered on the June 22. The Euro itself enjoyed a bit of a renaissance of late with EURGBP bouncing as a result with the pair trading . . . → Read More: Q3 Top Trade: Short EUR/GBP as A Hawkish BoE and Price Action Support Further Downside

Short USD/ZAR: Top Trade Opportunities

The South African rand has been one of the worst performing currencies this year and reached all-time highs in early June 2023. The primary drivers for this move are not unfamiliar to ZAR traders and consists of the ever lingering political and economic headwinds as well as external . . . → Read More: Short USD/ZAR: Top Trade Opportunities

GOLD (XAU/USD) KEY POINTS:

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. . . → Read More: Gold Price Recovery Continues with the 100-Day MA Up Ahead

RAND TALKING POINTS Gallium and germanium could be two unknown but vital supporters for rand strength. South African PMI & FOMC minutes in focus tomorrow. Bear flag break imminent.

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Euro Vs US Dollar, British Pound, Australian Dollar – Outlook: EUR/USD’s range could continue for a bit longer. EUR/GBP and EUR/AUD’s rebound could be capped. What is the outlook and the key levels to watch in key Euro crosses?

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Major US indices drifted higher on lighter volume to deliver a positive start to the new quarter, as we head into the Independence Day holiday. Overnight, the US Institute for Supply Management (ISM) manufacturing Purchasing Managers’ Index (PMI) data has been mixed with a slight underperformance (46 versus 47 consensus). Some reasons to cheer . . . → Read More: Asia Day Ahead: Soft Start to the New Quarter; Key Focus on RBA Rate Decision

US Dollar, Chinese Yuan, USD/CNH – Q3 Top Trade Opportunity The US Dollar may rise against the Yuan in Q3 Global GDP at risk, pressuring Chinese exports USD/CNH 7.49 – 7.96 is in focus from model

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The S&P 500 has recovered significantly in 2023, up more than 13% year-to-date, driven by the tech sector’s phenomenal bullish momentum on the back of optimism and speculation that the advent of “artificial intelligence” will . . . → Read More: Q3 Top Trade: S&P 500 Vulnerable to Pullback on Weak Fundamentals and Frothy Markets

Japanese Yen (USD/JPY) Analysis

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Japanese Yen in Broad Decline

The Japanese yen is easily an outlier in the FX space as central banks continue to tighten interest rates, regardless of . . . → Read More: USD/JPY Price Outlook: Carry Trade Continues Despite Intervention Talk

The second quarter has concluded with a further pull-ahead in risk sentiments last Friday, with the S&P 500 closing at its highest level in 14 months while the Nasdaq has turned in its second consecutive quarter of gains. Improving market breadth lately suggests that market gains have been broadening out, as a pushback in . . . → Read More: Asia Day Ahead: Lighter Start to the Week but Risk-On Prevails

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Risk appetite improved further during the second quarter, as the U.S. economy defied expectations and held up remarkably well despite continued central bank tightening. The strength of the U.S. labor market kept household consumption levels . . . → Read More: Markets Q3 Outlook: Gold, Oil, S&P 500, US Dollar, Euro, Pound, Yen, AUD, BTC

PCE REPORT KEY POINTS: May U.S. consumer spending rises 0.1% m-o-m, one-tenth of a percent below expectations Core PCE climbs 0.3% monthly, bringing the annual rate to 4.6% from 4.7%, also below estimates U.S. dollar extends losses following weaker-than-forecast spending and core inflation data

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Gold Price (XAU/USD) Analysis, Price, and Chart US PCE print may spark a bout of short-term volatility in the precious metal. Technical support is coming under pressure.

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For all market-moving data releases and events, see . . . → Read More: Gold Price Latest: Testing Support as US Inflation Data Nears

Euro Area Inflation Data

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Core Inflation Rises Less Than Anticipated While Headline Inflation Cools Nicely

Core inflation in the Euro Area rose above last month’s 5.3% print but ended up less than estimates of . . . → Read More: Euro Breaking News: Core Inflation Rises in Europe, Headline Declines

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FTSE 100, DAX 40, S&P 500 Prices, Analysis, and Charts

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???FTSE 100 to open higher

?The FTSE 100 continues to underperform its peers as worries about the utility sector, . . . → Read More: FTSE 100, DAX 40, and S&P 500 try to end month and quarter on a high

Japanese Yen, USD/JPY, US Dollar, Fed, BoJ, China PMI, Crude Oil, Gold – Talking Points The Japanese Yen remains under pressure after the US Dollar resumed strengthening The Fed reminded markets of their intention and yields responded, backed by the data If Treasury yields continue North, will it push USD/JPY higher and prompt the . . . → Read More: Japanese Yen is on the Slide as the Fed and Bank of Japan Return to their Corners

HANG SENG, SHANGHAI COMPOSITE INDEX – Outlook: China manufacturing activity rose a bit in June. China non-manufacturing activity eased in June. What is the outlook for the Hang Seng Index and the Shanghai Composite Index?

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. . . → Read More: China/Hong Kong Indices Steady After PMI Data: Hang Seng, Shanghai Composite Price Action

A significant upward revision in the final read for US first-quarter gross domestic product (GDP) data (2.0% versus 1.4% forecast) adds to the list of positive economic surprises in the US lately, with economic resilience aiding to calm some nerves around recession concerns, at least for now. That paved the way for some catch-up . . . → Read More: Asia Day Ahead: Economic Resilience Well-Received in US; Key Inflation Data Looms

JAPANESE YEN FORECAST: The Japanese yen has depreciated significantly against its top peers recently, weighed by BoJ’s dovish monetary policy USD/JPY continues its advance towards the 145.00 handle, with rising U.S. yields bolstering the U.S. dollar performance Meanwhile, GBP/JPY wavers at 184.00 as the market becomes stretched and prices approach major technical resistance

. . . → Read More: Japanese Yen Setups: USD/JPY Buoyed by US Data, GBP/JPY Wavers at Resistance

GOLD PRICES OUTLOOK Gold prices lacks directional conviction, swinging back and forth between gain and losses Despite Wednesday’s price action, the precious metal could come under pressure following the recent jump in rates U.S. Treasury yields soar after first-quarter GDP is revised sharply higher and unemployment claims surprise to the downside

. . . → Read More: Gold Prices Teeter on Brink of Breakdown as US Yields Fly High Following US Data

German CPI/HICP Beat Estimates German inflation rises across all measures in the month of June ECB likely to continue hawkish tone due to stubborn inflation. Euro to remain supported Surprising US GDP data lifts the dollar, sending EUR/USD sharply lower moment after release The analysis in this article makes use of chart patterns . . . → Read More: Euro Breaking News: German CPI Breaks Disinflationary Trend, Euro Dips

Bitcoin (BTC) Prices, Charts, and Analysis: MicroStrategy Bitcoin holding back in profit. Bitcoin needs to take out resistance at $31k.

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MicroStrategy (MSTR) revealed recently that it had purchased a further 12,338 Bitcoin between April 27 . . . → Read More: Bitcoin (BTC/USD) Needs a Confirmed Break of $31k to Regain Bullish Momentum

Article by IG Chief Market Analyst Chris Beauchamp

Dow Jones, Nasdaq 100, CAC 40 Analysis, Prices, and Charts???Dow heading back towards 34,000

????Dow heading back towards 34,000

?After making headway yesterday the index has stalled in the short-term. A further push above 34,000 would help to revive the bullish view and open the . . . → Read More: Dow, Nasdaq 100 and CAC40 make headway

Silver (XAG/USD) Technical Analysis The rise in the dollar caps silver upside potential after Powell’s hawkish comments Silver has broken beneath the ascending channel – now what? Daily chart reveals pennant-like consolidation just above the 200 SMA The analysis in this article makes use of chart patterns and key support and resistance levels. . . . → Read More: Silver (XAG/USD) Price Forecast: Silver Selling Meets Support

Australian Dollar, AUD/USD, US Dollar, Fed, ECB, EUR/USD, USD/JPY, Crude Oil – Talking Points

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The Australian Dollar tried to run higher on the back of solid retail sales figures, but the rally was short-lived.

Today’s retail . . . → Read More: Australian Dollar Fails to Firm on Strong Data as US Dollar Gains. Lower AUD/USD?

Crude Oil, WTI, US Dollar, Fed, Powell, EIA, Stockpiles – Talking Points Crude oil continues to recover going into the Thursday session The sizable drop in stockpiles provided some impetus for gains If Western monetary policy remains tight, where will WTI demand merge from?

Trade Smarter – . . . → Read More: Crude Oil Conflicted by Tightening Rates and Dwindling Inventory. Where to for WTI?

GOLD PRICES FORECAST: Gold prices were subdued on Wednesday after Fed chair Powell indicated that the central bank plans on hiking two more times this year Taking into account recent weakness, the precious metal has fallen more than 2.5% in June, approaching its lowest level since March 15 This article looks at XAU/USD’s key . . . → Read More: Gold Price Nearing Key Fibonacci Support as Powell Keeps Hawkish Outlook in Play

US DOLLAR OUTLOOK: The U.S. dollar rebounds following hawkish comments from the FOMC chairman at a central banking forum in Sintra Powell says that more tightening is coming and that strong majority of Fed officials support two additional rate hikes this year This article looks at key DXY’s technical levels to watch in the . . . → Read More: US Dollar Shines Bright on Powell’s Hawkish Stance, Key Tech Levels to Watch

ECB Forum on Central Banking 2023 Recap Powell reiterates the need to slow the pace and magnitude of tightening a peak rates appear near ECB’s Lagarde brushes off any notion of a pause, sees hike in July as likely outcome BoE’s Bailey sees inflation dropping despite a more resilient economy and labour market BoJ’s . . . → Read More: ECB Forum on Central Banking Roundup: Fed, ECB, BoE and BoJ Heads Weigh in

JAPANESE YEN PRICE, CHARTS AND ANALYSIS: Japanese Officials Ramp Up Intervention Talk as EUR/JPY Trades at 2008 Highs. USD/JPY Approaching Key 145.00 Level. 150.00 Handle Sparked the BoJ into Action Last Year, Will They Act Sooner? On a Positive Note, the BoJ Summary of Opinions Kept Hopes of a Tweak to the Yield Curve . . . → Read More: USD/JPY, EUR/JPY Head Higher as Yen Intervention Talk Fails to Arrest Slide

GBP/USD Prices, Charts, and Analysis UK 2-year gilt yields continue to rally. Sterling may struggle against a hawkish ECB.

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UK 2-year government bond (gilts) yields are hitting fresh multi-year highs as financial markets continue to . . . → Read More: British Pound (GBP) Latest: GBP/USD and EUR/GBP Outlooks

Overnight, market participants seem to take comfort from a series of stronger-than-expected economic data out of the US, with economic resilience being the takeaway and calmed some nerves for an impending recession. A pull-ahead in US durable goods (1.7% versus -1% expected), rebounding consumer confidence (109.7 versus 104 expected) and surging new home sales . . . → Read More: Asia Day Ahead: Upside Economic Surprises in US Calm Recession Nerves

Gold, XAU/USD, US Dollar, Powell, FOMC, Fed, Treasury Yields, US CPI – Talking Points Gold is bumping along recent lows with the US Dollar looking for direction Market priced inflation readings are pondering lower energy prices against high services costs Fed Chair Powell will be speaking later today. Will his comments hit XAU/USD?

. . . → Read More: Gold Price Leaks Lower as US Dollar Dithers Ahead of Powell. Lower XAU/USD?

Brent and WTI Crude Oil News and Analysis Somber global outlook appears to restrict oil prices despite cumulative output cuts WTI approaches prior significant level of $67 which has acted as a pivot point before Brent crude oil eyes $71.50 as the next level of support IG client sentiment issues a mixed signal . . . → Read More: Oil Price Outlook: Inflation Data and Central Bank Hawks Weigh on Oil Prices

GOLD (XAU/USD), USD/CAD KEY POINTS:

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READ MORE: GBP/USD Price Forecast: Cable Eyes Recent Highs as Central Bankers Gather . . . → Read More: Gold Slides and USD/CAD Rallies as US Data Offers the DXY Temporary Support

Japanese Yen USD/JPY, GBP/JPY, CAD/JPY Prices, Charts, and Analysis Japanese Yen-pairs continue to weaken. Officials warn of intervention to stem ‘rapid and one-sided’ Yen moves. CAD/JPY prints a fresh 8-month high, GBP/JPY a new 7.5-year high.

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. . . → Read More: Japanese Yen Weakens Further: USD/JPY, GBP/JPY, and CAD/JPY Latest

Market Recap

Wall Street added to recent losses overnight (DJIA -0.04%; S&P 500 -0.45%; Nasdaq -1.16%), as the moderation from previous overbought technical conditions and extreme bullish sentiments continues. Amid the relatively quiet US economic calendar to start the week, a series of downgrades in the technology space such as Alphabet and Tesla seem . . . → Read More: Lacklustre start to the final week of June: Copper, Nikkei 225, EUR/GBP

NASDAQ 100 OUTLOOK: Nasdaq 100 trades lower on Monday, extending losses from the previous week and sliding more than 1% as bullish sentiment continues to wane Despite the recent pullback, the tech index is up more than 35% this year This article looks at key Nasdaq 100’s technical levels worth watching in the coming . . . → Read More: Nasdaq 100 Slides as Bullish Sentiment Fades, Frothy Valuations Questioned

How China’s Light Touch Stimulus Impacts AUD and Copper Prices The People’s Bank of China voted to cut benchmark lending rates by a meagre 10 basis points as the nation’s emergence from lockdowns has not gone to plan Copper is widely regarded as a leading indicator of economic health as warning signals reappear. Death . . . → Read More: What China’s Lackluster Stimulus Implies for Copper and the Aussie Dollar

JAPANESE YEN OUTLOOK: The U.S. dollar weakens against the Japanese yen at the start of the week but maintains a bullish profile The yen appears to benefit from comments by a Japanese official signaling willingness to intervene in the FX space to prop up the domestic currency This article looks at key USD/JPY’s . . . → Read More: Japanese Yen Forecast: USD/JPY Pauses after Explosive Breakout. What Now?

CANADIAN DOLLAR PRICE, CHARTS AND ANALYSIS:

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Read More: EUR/USD Price Forecast: EUR/USD Looks to ECB Forum for Guidance

. . . → Read More: Canadian Dollar Price Action Setups: USD/CAD, CAD/JPY, GBP/CAD Ahead of Inflation Data

Market Recap

Last Friday brought another downbeat session in Wall Street, with the S&P 500 adding to recent losses to close 1.4% lower for the week but nevertheless, the index is still up 4% for the month. On the economic calendar, areas of weaknesses in the global economy continue to be presented with a . . . → Read More: Asia Day Ahead: Subdued Start to the Week Amid Light Calendar in the Region