FX

Open interest in gold futures markets reversed two consecutive daily builds and shrank by just 585 contracts at the beginning of the week according to advanced prints from CME Group. On the other hand, volume went up for the second straight session, this time by around 17.3K contracts. Gold looks supported near $1850 Monday’s marked

The USD/JPY began May on the right foot, up some 0.21%. The market mood is risk-off, courtesy of the FOMC meeting and China’s Covid-19 spread. USD/JPY Price Forecast: Range-bound, contained to the upside, after last week’s language intervention by the Japanese Finance Minister. The USD/JPY remained comfortable above the 130.00 figure on Monday, as US

The greenback bulls are set to print fresh yearly highs above 1.2900. The RSI (14) has shifted into a bullish range for the very first time this year. A bull cross of 20- and 50-EMAs adds to the upside filters. The USD/CAD pair is facing barricades around 1.2870 in the Asian session however, the broader

GBP/USD Weekly Forecast: In search of a bottom, with eyes on Fed and BOE There was no reprieve for GBP bulls, as the previous week’s selling spiral gathered steam and smashed GBP/USD to its lowest level since July 2020 at 1.2410. King dollar reigned supreme amid heightening volatility within the G10 fx space throughout the

The EUR/USD recorded losses in April of 4.75%, the biggest since 2015. Though Wall Street finished with substantial losses, a sudden shift in sentiment failed to boost the greenback vs. the euro. US Core PCE down ticked, but headline inflation rose to 6.6%, as the FOMC will hold its May monetary policy meeting The EUR/USD

It’s been a quiet session for GBP/JPY, with the pair just above 163.00 but capped by its 21DMA. GBP/JPY still looks set to end the week lower by roughly 1.1%, as UK growth concerns outweighed the dovish BoJ. It’s been a quiet session for GBP/JPY, with the pair nudging slightly higher back above the 163.00

The USD/CHF to record the biggest monthly gain since May 2012, up 5.17%. A dampened market mood increased the appetite for the safe-haven Swissy as US dollar traders booked profits. USD/CHF Price Forecast: A daily close below 0.9700 might open the door for a mean reversion move. The USD/CHF retreats from YTD highs though clings

DXY retreats from Thursday’s 19-year highs near 104.00. A deeper correction could extend to the 101.00 region. Following nearly 2-decade highs around 104.00, DXY is finally facing some corrective downside at the end of the week. There is still scope for further downside, as the index keeps navigating the overbought territory, as per the daily

Gold Price is fading its recovery from two-month lows as the US dollar regains poise. The DXY is driving higher on an adrenaline rush from uncertainty over the rate decision by the Fed. Apart from the interest rate decision, balance sheet reduction and further guidance will be in focus. Gold Price is struggling to hold

Apple (AAPL) stock next up on the earnings docket, after the close on Thursday. Facebook Meta (FB) stock rallied 20% on mediocre earnings, a relief rally. Amazon (AMZN) is also set to release earnings after the close on Thursday. Earnings season really is getting into the meaty stuff this week. We already mentioned this was

At around 0300 GMT, (as there is no fixed time as usual for the decision, but traders will be looking for it around this time), the Bank of Japan is expected to maintain its key interest rates at today’s meeting. The BOJ continues to defend low rates with bond buying. ”Quarterly forecasts should show inflation for

NZD/USD has stabilised just above 0.6550, reflecting a better tone to risk appetite and commodity markets. But the pair remains at risk of a break towards 0.6500, as geopolitical, global growth and Fed tightening concerns mount. NZD/USD traded with a slightly negative bias on Wednesday just above the 0.6550 mark, with bears eyeing a test

Australia’s critical first quarter Consumer Price Index data is out and the data has beaten expectations, lifting AUD higher towards a key resistance target on the hourly chart.  The data is key because the Australian central bank has dropped its patient stance and announced monetary policy would be data-dependent. Australian quarterly inflation was expected to surpass the upper end

GBP/USD witnessed heavy selling for the fourth straight day and dived to a fresh YTD low. Aggressive Fed rate hikes, the risk-off mood underpinned the USD and exerted pressure. Mostly upbeat US Durable Goods Orders remained supportive of the strong USD bid tone. The GBP/USD pair continued losing ground through the early North American session

USD/JPY has recorded a vertical downside a little later than the release of Japan’s Unemployment Rate. Lower-than-expected Jobless Rate of 2.6% has underpinned the Japanese yen. The DXY is facing the headwinds as the momentum oscillators have turned extremely overbought. The USD/JPY pair has slipped to near 127.70 as the Statistics Bureau of Japan has

Silver has slumped towards $23.50 this Monday amid a broader sell-off in risk assets and commodities and as USD strengthens. Now XAG/USD is below its 200DMA, bears are eyeing an eventual drop towards Q4 2021 lows in the $21.00s. Spot silver (XAG/USD) prices came under heavy selling pressure on Monday in tandem with a broader

GBP/USD bulls moving in and eye a significant correction.  The M-information is compelling and eye a key confluence area.  GBP/USD is under pressure but the bulls could be on the verge of making a move which would be anticipated to be a significant correction in the days ahead.  The following illustrates the market structure and

The US Dollar Index (DXY), hits a fresh 25-month high on Fed official’s comments. Fed speakers in the week support 50-bps rate hikes at the May 4-5 meeting. US Dollar Index Price Forecast (DXY): Bulls target January’s 2017 highs near 103.82. The US Dollar Index, a measurement of the greenback’s value against a basket of