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Important forex market news

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Here, we look at which economic numbers are released when, which data is most relevant to forex traders, and how traders can act on this market-moving information. With at least eight major currencies available for trading at most currency brokers, there is always a piece of economic data slated for release that forex traders can use to make informed trades.

In fact, seven or more pieces of data are released almost each weekday except holidays from the eight major most-followed countries. So for those who choose to trade news, there are plenty of opportunities. The eight major currencies are familiar to most traders:. Euro EUR 3. British pound GBP 4. Japanese yen JPY 5. Swiss franc CHF 6. Canadian dollar CAD 7. Australian dollar AUD 8. New Zealand dollar NZD. And there are many liquid currency pairs derived from the eight major currencies:. Currencies that can be easily traded span the globe.

This means that you can handpick the currencies and economic releases to which you pay particular attention. But, as a general rule, since the U. Trading news is harder than it may sound. Not only is the reported consensus figure important, but so are the whisper numbers the unofficial and unpublished forecasts and any revisions to previous reports.

Also, some releases are more important than others; this can be measured in terms of both the significance of the country releasing the data and the importance of the release in relation to the other pieces of data being released at the same time.

Figure 1 lists the approximate times Eastern Time of the most important economic releases for each of the following countries. These are also the times that players in the forex market pay extra attention to the markets, especially when trading based on news releases. Figure 1: Times at which various countries release important economic news. When trading news, you first have to know which releases are actually expected that week.

Second, knowing which data is important is also key. Generally speaking, the most important information relates to changes in interest rates, inflation, and economic growth, like retail sales, manufacturing , and industrial production:.

Interest rate decisions 2. Retail sales 3. Inflation consumer price or producer price 4. Unemployment 5. Industrial production 6. Business sentiment surveys 7. Consumer confidence surveys 8. Trade balance 9. Manufacturing sector surveys. Depending on the current state of the economy, the relative importance of these releases may change. For example, unemployment may be more important this month than trade or interest rate decisions. Therefore, it is important to keep on top of what the market is focusing on at the moment.

According to a study by Martin D. Evans and Richard K. Lyons published in the Journal of International Money and Finance , the market could still be absorbing or reacting to news releases hours, if not days, after the numbers are released. The study found that the effect on returns generally occurs in the first or second day, but the impact does seem to linger until the fourth day. The impact on the flow of buy and sell orders, on the other hand, is still very pronounced on the third day and is observable on the fourth day.

The most common way to trade news is to look for a period of consolidation or uncertainty ahead of a big number and to trade the breakout on the back of the news. This can be done on both a short-term basis intraday or over several days. After a weak number in September, the euro was holding its breath ahead of the October number, which was to be released to the public in November.

A pip is the smallest measure of change in a currency pair in the forex market, and since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point. For news traders, this would have provided a great opportunity to put on a breakout trade, especially since the likelihood of a sharp move at this time was extremely high.

The table above illustrates shows—with two horizontal lines forming a trading channel —the indecision and uncertainty leading up to October non-farm payroll numbers , which were released in early November. Note the increase in volatility that occurred once the numbers were released.

We mentioned earlier that trading news is harder than you might think. The primary reason is volatility. You can be making the right move but the market may simply not have the momentum to sustain the move. This chart shows activity after the same release as the one shown in Figure 2 but on a different time frame to show how difficult trading news releases can be. On Nov. The disappointment led to an approximately pip sell-off in the dollar against the euro in the first 25 minutes after the release.

One thing you should keep in mind is that, on the back of a good number, a strong move should also see a strong extension. One potential answer to capturing a breakout in volatility without having to face the risk of a reversal is to trade exotic options. Exotic options generally have barrier levels and will be profitable or unprofitable based on whether the barrier level is breached.

The payout is predetermined and the premium or price of the option is based on the payout. The following are the most popular types of exotic options to use to trade news releases:. A double one-touch option has two barrier levels. See our updated Privacy Policy here.

Note: Low and High figures are for the trading day. The Canadian Dollar may continue to pull back unless the BOC manages a convincing hawkish surprise at the upcoming monetary policy announcement. That looks like a tall order. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.

Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Live Webinar Live Webinar Events 0. Economic Calendar Economic Calendar Events 0. Duration: min. P: R:. Search Clear Search results. No entries matching your query were found. Free Trading Guides. Please try again. Subscribe to Our Newsletter.

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It uses trend lines, support and resistance, and other complex strategies. Poor NFP data could push gold higher. Gold is experiencing resistance at the SMA in the charts. The gold weekly forecast is up as a possible pause in rising interest rates could return its appeal as a hedge against a possible The technical scenario also remains bullish for the pound.

Initial bias stays on the upside this week. Sustained trading above 55 day EMA now at 1. On the downside, however, break of 1. Deeper decline could be seen this week, but downside should be contained by On the upside, break of Initial bias stays on the upside for 55 day EMA now at 1.

Sustained break there will target 1. On the downside, though, break of 1. Further decline is still in favor this week. But downside should be contained by On the upside, above 0. Initial bias stays on the upside this week for further rally. Sustained break of 55 day EMA now at 0. On the downside, though, break of 0. China coronavirus - Shanghai reports Covid case outside quarantine area 7 hours ago Via Singapore's Straits Times: China's financial hub, Shanghai, reported another Covid infection outside quarantine Shanghai logged a total of infections for Friday May 27 , one of which was found in the community Shanghai has been taking tentative steps towards some reopening, based on A statement from the People's Bank of China Friday:China will allow foreign institutional investors to buy bonds traded on its smaller exchange market Qualified foreign institutional Rates may we have peaked for now.

The idea is not fresh, as economic data has come off the boil in the past few weeks yields have fallen, down sharply from the cycle highs reached in the month of May info via Greg : 2 year 2. China property sector train wreck rolls on: Evergrande to roll defaulted debt to new bonds 7 hours ago Justin had the main point of the defaulted debt juggling posted on Friday: Evergrande is said to look to repay offshore creditors the principal and interest of the debt by turning them into new bonds.

Reuters have posted more detail, makes for interesting reading on how Evergrande tries to sort Russia paid coupons in foreign currency on 2 Eurobonds - may have averted default. There is more USD debt payments due in June. Trend Mirror Forex Trading Strategy 9 hours ago Professional basketball players and coaches have something in common with professional traders. It is that they understand that the game they are playing is all about probabilities. This is why teams look for players with high field goal percentages or have great average points per games.

The Funded Trader is an online demo trading evaluation firm that gives potential clients the opportunity to prove their trading skills and keep a profit split by using one of their funded accounts. Does the How to trade currency - trade currency guide 22 hours ago In this article, I will discuss the nuances of currency trading on an exchange.

Like 10 or 20 years ago, today currency trading remains one of the fastest and most significant means of online earning. And if for some reason you are not yet a currency trader, you should read this article and find Top Trade Opportunities In Q2 of 23 hours ago DailyFX analysts give their expert predictions and their Q2 forecasts to help you with your trading strategy and analysis, minimizing risk and maximizing returns.

Weekly Wrap-up with Stuart! We saw a big import drop after an outsized March surge and a big gain for exports, alongside an upside wholesale inventory surprise Russia mulls allowing cryptocurrency for international payments - Ifax 23 hours ago The US advance indicators report revealed a huge April pullback in the goods trade deficit from an all-time wide in March that shattered the prior record in January.

Q1 GDP fell to Nonetheless, Kuroda noted that It was the 8th straight increase, bringing borrowing costs to their highest level since New to Trading? ECB boss Christine Lagarde said interest rates could be back in positive territory by the end of summer. Traders expect a rate hike in July for the first time Trading times for many products will change in observance of the holiday. The war in Ukraine continues to push the price of commodities higher, increasing inflation worries.

Alternative scenario: breakout and consolidation below the level of Trend Wave is designed to have an energetic buying and selling at any time Trend Wave I myself had to progress past this in order to achieve consistent returns trading the markets. It is seen as one of the hardest challenges to pass in terms of emotional discipline. Understanding yourself better so you can make decisions in a Generally negative news from the US which has put in doubt how aggressive the Fed Time to Prepare for a Recession?

The upcoming NFP figures should Alternative scenario: breakout and consolidation above the level of 1. Analysis: On the daily chart Alternative scenario: breakout and consolidation below the level of 0. Alternative scenario: breakout and consolidation above the level of Subscribe to Our Newsletter. Rates Live Chart Asset classes. Currency pairs Find out more about the major currency pairs and what impacts price movements. Commodities Our guide explores the most traded commodities worldwide and how to start trading them.

Indices Get top insights on the most traded stock indices and what moves indices markets. Cryptocurrencies Find out more about top cryptocurrencies to trade and how to get started. P: R: F: European Council Meeting. Company Authors Contact. Long Short. Oil - US Crude. Wall Street. More View more.

All News. Forex News. Commodity News. Indices News. Top Trade Opportunities In Q2 of DailyFX analysts give their expert predictions and their Q2 forecasts to help you with your trading strategy and analysis, minimizing risk and maximizing returns. Predictions our analysts offe April U. Core PCE cools in annual terms, easing to 4. Nasdaq futures extend pre-market gains. How can traders use Twitter as an efficient trading tool.

Fundamental challenges remain for GBP. Australian Dollar recovers may ease on month-end flows. Discover the London FX session, the best currency pairs to trade and how to trade breakouts. The Hang Seng index was lifted after Alibaba and Baidu beat sales expectations and risk assets rose across the board. Has China turned the corner?

On America's energy security, the intermediate-term outlook for oil prices and the specific energy stocks that she owns today. Where to for DXY? Crude Oil Perseveres While debate continues on the transition from fossil fuels to green energy, the nation will rely on oil and gas for the foreseeable future.

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Firstly the May 26 daily high at 0. The chart shows the primary trend is bullish and strong. According to analysts at Wells Fargo, the rupee will continue to decline versus the US dollar, at a gradual pace. We believe the rupee will continue to weaken as the Reserve Bank of India RBI is likely behind the curve in tightening monetary policy. The RBI maintains a hefty stockpile of foreign exchange reserves and uses these asset buffers to limit rupee volatility. Recently, RBI FX intervention contained currency volatility, and going forward, we expect intervention efforts to continue to keep rupee depreciation orderly.

The pair bottomed on Tuesday at It is about to post the third weekly decline in a row. The US dollar remains weak, and keeps correcting lower versus G10 currencies from multi-year highs. The improvement in risk sentiment boosted the retreat that was also driven by steady US yields.

The demand for Treasuries remained firm despite the rally in Wall Street. US yields edged lower during the week. The US year yield stands at 2. A break under On the upside a recovery above European and US equities continued rising amidst an upbeat market mood. Numbers came better than expected, showing that prices are still elevated but off the 5.

Now that inflation appears to be easing from forty-years highs, will the Fed tighten conditions at a slower pace? Failure to reclaim above The US year Treasury yield is almost flat in the day, posting minimal losses, down at 2.

Elsewhere, the US economic docket revealed additional data. Consumer spending rose 0. They warn risks are tilted to the upside. The move surprised many market participants, given the consensus forecast for a hike of only 15 bps … The minutes indicated the RBA will review the size of its rate hikes again based on new information each month. However, we believe the risks are tilted to the upside, and it is possible that there will be a smaller decline in the currency than our base case forecast suggests.

They point out that the bounce in the pair is very notable and is becoming more difficult to simply dismiss out of hand as just a temporary reversal. The price action of late reinforces our view that the scope for notable further US dollar strength from here is becoming more limited. We remain sceptical of parity being hit. Global equities reflect a positive mood, climbing on Friday. Investors begin to shrug off worries that inflation will keep rising.

Also, the pullback in core inflation could deter the Fed from hiking rates as aggressively as previously priced in by market players, which lifted the yield on the year benchmark note to its YTD high at 3. Before Wall Street opened, additional data was revealed.

Analyst of ING wrote in a note that the inflation reading is encouraging, though reiterated that bringing it back to its target will take a while. Even the Bank of England is expecting a contraction in growth late in the year and a prolonged stagnation scenario. During the day, the major failed to break above the May 4 daily high at 1.

Failure to the above-mentioned would keep the pair vulnerable, sending the pair towards the May 20 daily low at 1. Data released on Friday showed Persona Spending rose in April 0. Analysts at Wells Fargo point out that for the first time since October income outpaced inflation.

They forecast consumer spending will downshift over the next quarters. Personal spending shot up 0. Once removing transfers and adjusting for inflation, real disposable personal income rose 0. With this marking the first time in five months that income outpaced inflation, as expected the level of real disposable income looks to have bottomed in March.

Even though we expect consumer spending to remain below trend throughout the forecast period, we do not look for sustained declines in outlays. The pair tumbled to It is headed toward the lowest weekly close since March The break below the support area around The next critical support is seen at the To alleviate the bearish pressure, the dollar needs to rise back above Equity markets are rising again on Friday.

Main indices are about to post the first gain after falling for seven weeks in a row. The improvement in market sentiment boosted the demand for emerging market currencies. The DXY is falling 0. At the same time, US yields remain steady, not reacting to risk appetite.

The US year stands at 2. The next board meeting is on June Oil prices have stabilised close to monthly highs on Friday, supported amid a strong end to the week for global risk assets and commodity markets, and with familiar supportive themes in focus. Traders continue to cite expectations for strong US fuel demand as peak driving season there approaches and as US gasoline inventories continue to decline weekly EIA data released on Wednesday showed another drop as supportive to the price action.

The bloc is now reportedly working on a deal that would ban seaborne imports, but allow pipeline imports to continue in a bid to placate land-locked Hungary, the nation that has held things up until now. Commodity analysts expect fresh EU sanctions would be a major hit to Russian production, which has already dropped substantially since the start of its invasion of Ukraine back in February.

Aside from Russia, plenty of other smaller mostly African producers have struggled to keep up with output quota hikes in recent months. Elsewhere, the situation in China is less of a concern as of late. Though Beijing remains in lockdown, restrictions in Shanghai are soon set to be lifted and further improvement could provide further tailwinds for crude oil prices next week.

Typically, these chart patterns precede a bullish breakout. Analysts at Credit Suisse now look for a turn back lower from here. Given both our bullish USD and bearish GBP view, we have a high level of conviction that the market will fail here and see an eventual resumption of the core downtrend. Below here open up next support at 1. Meanwhile, the Consumer Expectations index was revised lower to The 1-year measure of inflation expectations was also revised lower to 5.

The data hasn't triggered a market reaction, but the revision lower to inflation expectations could weigh on the dollar a tad, as it further bolsters the "peak inflation" narrative that is in focus after Core PCE data showed an easing of US price pressures in April earlier in the day. Extra risks facing TRY also come from the domestic backyard, as inflation gives no signs of abating, real interest rates remain entrenched in negative figures and the political pressure to keep the CBRT biased towards low interest rates remain omnipresent.

Constant government pressure on the CBRT vs. Bouts of geopolitical concerns. Structural reforms. So far, the pair is losing 0. On the upside, the initial hurdle lines up at The pair was last trading in the 0. The pair is eyeing a test of monthly highs in the 0. Lifting the mood in recent trade and also somewhat weighing on the US dollar was US Core PCE inflation data for April that lent support to the idea that price pressures in the US have peaked, thus reducing the pressure on the Fed to tighten monetary policy quite so aggressively.

But the kiwi has also derived support from domestic New Zealand factors this week, which go some way in explaining its outperformance versus most of the rest of its non-US dollar G10 peers. The RBNZ raised interest rates by 50 bps to 2. Expectations that the US central could pause the current rate hike cycle later this year dragged the US Treasury bond yields to a multi-week low. This, along with a generally positive risk tone, undermined the safe-haven US dollar. This, in turn, benefitted the risk-sensitive aussie, which drew additional support from the Reserve Bank of Australia's hawkish signal earlier this week.

From a technical perspective, the recent recovery move from the YTD low along an upward sloping channel points to a well established short-term bullish trend. A subsequent move beyond the This is closely followed by the very important day SMA, currently around the 0. On the flip side, any meaningful pullback now seems to find decent support near the 0.

Spot prices could then test the Failure to defend the aforementioned support levels will shift the bias back in favour of bearish traders. Economists at Scotiatbank believe that cable is unlikely to see a push higher towards the 1.

EUR sellers emerge in mid However, economists at Scotiabank expect the pair to inch higher towards the 1. But the higher highs, higher lows price action suggests gains extending towards 1. Economists at Credit Suisse we look for a turn back lower from here, for a move to 1. We expect a much tougher barrier here and for the medium-term downtrend to reassert itself from here and we therefore now turn tactically bearish again.

Gold is currently on course to post a weekly gain of about 0. The latest US inflation data will come as a relief to the Fed and takes away some of the pressure to raise interest rates back to neutral around 2. Though markets still expect 50 bps rate moves at the next two meetings June and July , the argument for what would be a fourth successive 50 bps hike in September is somewhat diminished. Meanwhile, if inflation continues to ease back from current levels in the months ahead, the Fed will feel more at ease in pausing rate hikes once it gets back to neutral and reassessing the need for further tightening.

These will be key themes in the weeks ahead. The upcoming preliminary release of the May University of Michigan Consumer Sentiment survey at GMT will be worth watching for a timely read on how well the US consumer is holding up. Indeed, the pair now exchanges gains with losses amidst the equally lack of a clear direction in the greenback, which managed to bounce off new monthly lows near As usual, price action in spot should reflect dollar dynamics, geopolitical concerns and the Fed-ECB divergence.

Occasional pockets of strength in the single currency, however, should appear reinforced by speculation the ECB could raise rates at some point in the summer, while higher German yields, elevated inflation and a decent pace of the economic recovery in the region are also supportive of an improvement in the mood around the euro.

Eminent issues on the back boiler : Speculation of the start of the hiking cycle by the ECB as soon as this summer. Asymmetric economic recovery post-pandemic in the euro area. So far, spot is losing 0. On the other hand, the immediate hurdle aligns at 1. The data indicated that inflationary pressures in the US might be easing and reaffirmed the idea that the US central could pause the current rate hike cycle later this year.

This was evident from the recent slump in the US Treasury bond yields to a multi-week low, which, along with the risk-on impulse, weighed on the safe-haven US dollar. Bulls seemed rather unimpressed and largely shrugged off modest pullback in crude oil prices, which tend to undermine the commodity-linked loonie. The MoM pace of inflation according to the index came in at 0.

Elsewhere, Personal Incomes rose at a pace of 0. Personal Spending, meanwhile, grew at a pace of 0. The broadly in line with expectations inflation data has not triggered much of a market reaction just yet. Biden had reportedly hoped to make the announcement as soon as this weekend, though this has been delayed in light of the recent massacre in Texas. The timing of the relief isn't clear, but would mark a massive fiscal injection that critics might argue could make the Fed's inflation-fighting job harder.

Analysts increasingly believe that inflation in the US might have now peaked, and might well ease back over the remainder of the year, thus allowing the Fed to pause its rate hikes once it gets back to neutral around 2. The upcoming data will thus be viewed in the context of whether it supports or pushes back against this narrative. Minutes from the May FOMC meeting released on Wednesday suggested that the Fed could pause the rate hike cycle after two 50 bps hikes each in June and July amid the worsening economic outlook.

Apart from this, a modest USD rebound from a fresh monthly low helped limit any further losses, at least for the time being, though any meaningful recovery still seems elusive. Traders will further take cues from the broader market risk sentiment to grab short-term opportunities on the last day of the week. European Union nations are reportedly working on a Russia oil sanction deal that could be signed at next week's EU Council Summit that would exclude oil delivered into the EU via pipelines, two EU officials told Reuters.

Bloomberg had reported something similar earlier in the day. The exclusion of oil delivered by pipelines is designed to win over the approval of landlocked nations such as Hungary, who have thus far pushed back against plans for a broad EU ban on Russian oil imports. Leaders of EU 27 nations will be meeting on May and any EU sanction plan must get unanimous approval from all nations.

But analysts have also attributed a few domestic UK factors as lending support to the rebound. Some analysts said that this larger than expected injection of fiscal stimulus which will be spread over the summer and autumn might encourage the BoE to revise higher its very pessimistic UK growth forecasts for this year and next.

Still, FX strategists continue to warn that the UK growth outlook remains far weaker than in the US, meaning the outlook for BoE policy is far less hawkish than the outlook at the Fed. The headline gauge is expected to hold steady at a 6. The core reading, however, is anticipated to have eased to 4. A better figure means more rate hikes and a stronger dollar, while a weak figure implies the global economy is weakening — sending investors to the safety of the world's reserve currency.

Initial support is located at 1. As long as the pair manages to end the week above 1. The Personal Spending released by the Bureau of Economic Analysis, Department of Commerce is an indicator that measures the total expenditure by individuals. The level of spending can be used as an indicator of consumer optimism.

It is also considered as a measure of economic growth: While Personal spending stimulates inflationary pressures, it could lead to raise interest rates. A high reading is positive or Bullish for the USD. That said, the next up barrier now appears at the day SMA, today at 1.

The breakout of this area should mitigate the selling pressure and allow for a probable move to the weekly high at 1. Nagel warned that it may take some time for inflation to fall in the Eurozone. Earlier this week, ECB President Christine Lagarde outlined new interest rate guidance in a blog post, where she indicated taking Eurozone interest rates back into positive territory by the end of the third quarter. Thus Nagel's views seem to be well aligned with Lagarde's.

The breakdown of the May low at While above this area, further gains in the very near term in the dollar should remain well on the table. The longer-term positive outlook for the index is seen constructive while above the day SMA at The succession of higher lows since mid-May leaves the prospects for further upside well on the table for the time being. That said, while above the 2-month support line near In the meantime, while above the day SMA at The bright metal is looking to retest the two-week highs on the road to recovery, as the US dollar is struggling to recover further ground amid mixed market sentiment and subdued Treasury yields.

Gold sellers will then target the intersection of the SMA four-hour, pivot point one-month S1 and the Fibonacci The TCD Technical Confluences Detector is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.

The spot is still up 0. Bulls are now looking to build on the momentum beyond the 0. Signs that the Fed could pause the rate hike cycle after two 50 bps hikes each in June and July amid the worsening economic outlook, along with the risk-on impulse continued weighing on the safe-haven US dollar. Apart from this, the Reserve Bank of New Zealand's hit at even higher rates going forward further benefitted the risk-sensitive kiwi.

Looking at the broader technical picture, the recent recovery from the YTD low has been along an upward sloping channel. This points to a well-established short-term bullish trend and supports prospects for additional gains. Some follow-through buying beyond the aforementioned 0. The momentum could further get extended towards the next relevant hurdle near the 0.

On the flip side, any meaningful pullback below the 0. This is followed by the A weekly close above 1. Crude oil prices held steady near a two-month high and continued underpinning the commodity-linked loonie. Apart from this, the prevalent bearish sentiment surrounding the US dollar exerted downward pressure on the major.

Despite worries about softening global economic growth, expectations of demand recovery in China and the impending European Union embargo on Russian oil imports extended support to the black liquid. This added to supply concerns and acted as a tailwind for oil. On the other hand, the USD was pressured by speculations that the Fed could pause the rate hike cycle later this year amid the worsening economic outlook.

Doubt over the Fed's ability to bring inflation under control without sinking the economy into recession dragged the yield on the benchmark year US government bond fell to a six-week low. This, along with the risk-on impulse, weighed on the safe-haven greenback. Hence, some follow-through decline, towards testing the day SMA, currently around the 1.

From a quarter-on-quarter perspective, 1Q22 GDP rose 0. The upward revision is in line with our call for GDP to grow at 3. The spot is off the lows, tracking the recovery in the US dollar across its main peers. The downside in the major also appears capped amid a minor bounce in the US Treasury yields and positive European equities. Note that the latest slew of US macro data has not been very encouraging and has collaborated with the downside in the buck.

If the latter gives way on a sustained basis, then a test of the wedge lower boundary at The day Relative Strength Index RSI is inching lower below the midline, suggesting that there is scope for additional weakness going forward. Daily closing above that hurdle will confirm a falling wedge breakout, recalling buyers for a fresh run towards the downward-pointing DMA at Ahead of that upside target, the The Australian dollar continued drawing support from the Reserve Bank of Australia's hawkish signal that a bigger interest rate hike is still possible in June amid the upside risks to inflation.

Apart from this, the prevalent US dollar selling bias provided an additional boost to the major and contributed to the ongoing bullish move. The FOMC meeting minutes released on Wednesday suggested that the Fed could pause the rate hike cycle after two 50 bps hikes each in June and July amid the worsening economic outlook.

This, in turn, dragged the yield on the benchmark year US government bond fell to a six-week low, which, along with the risk-on impulse, weighed heavily on the buck. Meanwhile, the intraday move up pushed spot prices beyond the 0. Hence, a subsequent strength, towards reclaiming the 0. The momentum could further get extended to the day SMA, around the 0. Gold is trending sideways. Economists at Commerzbank note that the yellow metal is not attracting the attention of investors with risk flows dominating the financial markets.

The pair gained positive traction for the third successive day on Friday - also marking the sixth day of a positive move in the previous seven - and confirmed a bullish breakout through the 1. The momentum pushed spot prices to the highest level since April 26 and was sponsored by the prevalent US dollar selling bias. Doubt over the Fed's ability to bring inflation under control without sinking the economy into recession led to an extension of the recent decline in the US Treasury bond yields.

In fact, the yield on the benchmark year US government bond fell to a six-week low, which, along with the risk-on impulse, dragged the USD to a fresh one month low. That said, diminishing odds for any further interest rate hikes by the Bank of England and the UK-EU impasse over Northern Ireland acted as a headwind for the British pound. With risk flows dominating the financial markets on Thursday, Wall Street's main indexes registered impressive gains and the dollar continued to lose interest.

Although the market mood seems to have turned cautious early Friday, the US Dollar Index trades at its lowest level in a month near the mid Earlier in the day, Russian Deputy Prime Minister Alexander Novak said they were expecting Russia's oil production to decline to million tonnes this year from million tonnes in Bloomberg reported on Friday that Chinese Premier Li Keqiang warned of dire consequences if they fail to prevent the economy from sliding further and noted that a contraction in the second quarter must be avoided.

Meanwhile, the US and Taiwan are reportedly planning to announce economic talks to deepen their ties, which could be seen as a factor that could cause US-China geopolitical tensions to escalate. The pair remains on track to close the second straight week in positive territory. The data from Australia showed that Retail Sales rose by 0. Bank of Japan Governor Haruhiko Kuroda noted on Friday that they are not expecting prices to rise sustainably unless accompanied by wage hikes. Gold struggled to gather bullish momentum on Thursday as the benchmark year US Treasury bond yield continued to move up and down near 2.

Gold built on the overnight bounce from the very important day SMA support and edged higher on the last day of the week. The US dollar prolonged its recent bearish trend and dropped to a fresh one-month low on Friday, which, in turn, benefitted the dollar-denominated gold. The speculations were further fueled by Thursday's release of the Prelim US GDP report, which showed that the world's largest economy contracted by a 1.

This was seen as a key factor that exerted downward pressure on the buck. Meanwhile, doubt over the Fed's ability to bring inflation under control without sinking the economy into recession continued dragging the US Treasury bond yields lower. In fact, the yield on the benchmark year US government bond fell to a six-week low, which further undermined the greenback and offered additional support to the non-yielding gold.

That said, a positive turnaround in the global risk sentiment - as depicted by a generally positive tone around the equity markets - could act as a headwind for the safe-haven precious metal. This might hold back bulls from placing aggressive bets.

This, along with the US bond yields will influence the USD price dynamics and provide some impetus to gold. Apart from this, traders will take cues from the broader market risk sentiment to grab short-term opportunities on the last day of the week.

So far, spot is gaining 0. On the other hand, a breach of 1. Risk appetite remains sluggish during early Friday in Europe as market players struggle for fresh impulses. However, the Euro Stoxx 50 Futures register an advance of 0. On the same line are the fears of global economic slowdown, mainly due to covid-led lockdown in China and the Russia-Ukraine crisis.

Also important will be the Fedspeak and the geopolitical headlines concerning China and Russia. The dollar is set to face a second consecutive week of losses against all G10 currencies. However, economists at ING think that the combination of a material improvement in the global risk environment and further USD-adverse widening of short-term rate differentials is unlikely, and therefore expect the dollar to find a floor soon.

Hungarian forint has hit the weakest levels since the beginning of March. Economists at ING note that the pair could reach its highest level in history if the central bank does not hike rates next week. However, this is far from certain. Thus, market disappointment may lead to further forint weakening to the level, which would be the weakest in history. Thus, we are negative on the forint in the short-term, but we continue to monitor headlines that should unlock the hidden potential of the forint in the second half of the year.

Asked if it would be a one percentage point impact, he said: "Much, much less than that. Asked about a possible windfall tax on electricity generators, "What we want to do and we are going to do urgently is understand the scale of those profits, and then decide on the appropriate next steps. The pair is currently trading at 1. In the view of economists at ING, the bar to trigger further hawkish repricing in the Bank of England BoE rate expectation curve is quite elevated, Subsequently, the British pound is set to face some pressure from the short-term rate differential side.

A consolidation around 0. However, economists at ING expect the pair to move back lower towards the 1. However, a two-week-long symmetrical triangle restricts the immediate moves of the quote. Will US Treasury yields move higher? Matthew Hornbach, Global Head of Macro Strategy for Morgan Stanley, forecasts an inverted yield curve at year-end with two-year Treasury yields reaching 3.

At the end of the year, they see the Fed funds target range at 2. With inflation remaining high and growth slowing, discussions of stagflation or outright recession should continue to lead investor debate this year. And ultimately, that should limit the degree to which Treasury yields rise into year-end.

The index accelerates losses and breaks below the The dollar extends the weekly leg lower and threatens to put the In the meantime, a tighter rate path by the Federal Reserve looks more and more priced in, while the elevated inflation narrative and the tight labour market seem to still support further upside in the dollar in the longer run.

Escalating geopolitical effervescence vs. Russia and China. US-China trade conflict. Now, the index is retreating 0. On the flip side, the breakout of They note that risk sentiment is the latest driver for the greenback. Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the second straight session on Thursday, now by around Volume, instead, rose for the second session in a row, this time by around That daily performance was amidst shrinking open interest, leaving the door open to the continuation of the uptrend in the very near term.

Its slide extended to near 1. Economists at Westpac believe that the pair could race higher towards 1. That said, the Swiss currency CHF pair consolidates intraday losses around 0. The focus is on the dollar side of the equation, therefore, the kiwi could enjoy gains as the greenback may have peaked, economists at ANZ Bank report.

However, at the moment they are being overshadowed by growing fears in FX markets of a domestic hard landing and we view that as a potential headwind for the NZD. The odds of upside seem lucrative amid a firmer rebound in the positive market sentiment. The risk-on impulse is underpinning the risk-sensitive assets and the pound bulls are enjoying liquidity at the cost of the yen bulls. Rising Inflation in the UK area is the major catalyst, which is worrying the pound bulls.

The Bank of England BOE is deploying the majority of its quantitative measures to control the soaring inflation. It is worth noting that the BOE raised its interest rate by 25 basis points bps in the first week of May. As per the market consensus, the BOE could feature a jumbo rate hike in its June monetary policy.

Considering the galloping inflationary pressures, a rate hike announcement by 50 bps seems highly required. Meanwhile, the Japanese yen is worried over grounded inflation in its region. And BOJ Governor Harihuko Kuroda believes that the dual combo of price rise and wage hike could stable the inflation at desired levels. Volume followed suit and rose markedly by around Gold Price is building on the previous rebound on the final trading day of this week. Meanwhile, the prevalent risk sentiment and the end-of-the-week flows could also influence the gold price action.

Japanese Prime Minister Fumio Kishida again crossed the wires on Friday, via Reuters, by saying, "Aiming to achieve inflation target with BOJ's monetary easing, government's structural reforms, fiscal policy.

Open interest in gold futures markets shrank for yet another session on Thursday, this time by around 2. In the same line, volume dropped by around Prices of the ounce troy of bullion shed ground for the second straight session on Thursday. The move was accompanied by shrinking open interest and volume, which is indicative that a deeper pullback appears out of favour for the time being.

A firmer risk-on impulse in the market has strengthened the pound and the shared currency against the greenback, which has dwindled the market participants in choosing the optimal one. On a broader note, the shared currency bulls look more confident as the asset has remained positive over the last week.

The discussions over the decision of an embargo on oil from Russia have resumed and now Hungary is opposing the Russian oil prohibition amid its higher dependency on fossil fuels and energy from Russia. Well, discussions are still on and its possibility seems sooner now.

Inflation is scaling higher in the eurozone and the ECB is still far from its first rate hike after the pandemic. Dutch Central Bank head and ECB Governing Council member Klass Knot stated on Wednesday, that inflation expectations will remain well-anchored at its upper limit and a rate hike by 50 basis points bps is not off the table. On the pound front, mounting fears of a recession could affect the sterling going forward. The Bank of England BOE has got a laborious task of fixing the inflation mess, which will compel the BOE to remain extremely hawkish on monetary policy for a longer horizon.

That said, the Turkish lira TRY pair stays pressured around From a quarter-on-quarter perspective, 1Q22 GDP rose 0. The upward revision is in line with our call for GDP to grow at 3. The spot is off the lows, tracking the recovery in the US dollar across its main peers. The downside in the major also appears capped amid a minor bounce in the US Treasury yields and positive European equities.

Note that the latest slew of US macro data has not been very encouraging and has collaborated with the downside in the buck. If the latter gives way on a sustained basis, then a test of the wedge lower boundary at The day Relative Strength Index RSI is inching lower below the midline, suggesting that there is scope for additional weakness going forward. Daily closing above that hurdle will confirm a falling wedge breakout, recalling buyers for a fresh run towards the downward-pointing DMA at Ahead of that upside target, the The Australian dollar continued drawing support from the Reserve Bank of Australia's hawkish signal that a bigger interest rate hike is still possible in June amid the upside risks to inflation.

Apart from this, the prevalent US dollar selling bias provided an additional boost to the major and contributed to the ongoing bullish move. The FOMC meeting minutes released on Wednesday suggested that the Fed could pause the rate hike cycle after two 50 bps hikes each in June and July amid the worsening economic outlook.

This, in turn, dragged the yield on the benchmark year US government bond fell to a six-week low, which, along with the risk-on impulse, weighed heavily on the buck. Meanwhile, the intraday move up pushed spot prices beyond the 0. Hence, a subsequent strength, towards reclaiming the 0. The momentum could further get extended to the day SMA, around the 0.

Gold is trending sideways. Economists at Commerzbank note that the yellow metal is not attracting the attention of investors with risk flows dominating the financial markets. The pair gained positive traction for the third successive day on Friday - also marking the sixth day of a positive move in the previous seven - and confirmed a bullish breakout through the 1.

The momentum pushed spot prices to the highest level since April 26 and was sponsored by the prevalent US dollar selling bias. Doubt over the Fed's ability to bring inflation under control without sinking the economy into recession led to an extension of the recent decline in the US Treasury bond yields.

In fact, the yield on the benchmark year US government bond fell to a six-week low, which, along with the risk-on impulse, dragged the USD to a fresh one month low. That said, diminishing odds for any further interest rate hikes by the Bank of England and the UK-EU impasse over Northern Ireland acted as a headwind for the British pound.

With risk flows dominating the financial markets on Thursday, Wall Street's main indexes registered impressive gains and the dollar continued to lose interest. Although the market mood seems to have turned cautious early Friday, the US Dollar Index trades at its lowest level in a month near the mid Earlier in the day, Russian Deputy Prime Minister Alexander Novak said they were expecting Russia's oil production to decline to million tonnes this year from million tonnes in Bloomberg reported on Friday that Chinese Premier Li Keqiang warned of dire consequences if they fail to prevent the economy from sliding further and noted that a contraction in the second quarter must be avoided.

Meanwhile, the US and Taiwan are reportedly planning to announce economic talks to deepen their ties, which could be seen as a factor that could cause US-China geopolitical tensions to escalate. The pair remains on track to close the second straight week in positive territory. The data from Australia showed that Retail Sales rose by 0. Bank of Japan Governor Haruhiko Kuroda noted on Friday that they are not expecting prices to rise sustainably unless accompanied by wage hikes.

Gold struggled to gather bullish momentum on Thursday as the benchmark year US Treasury bond yield continued to move up and down near 2. Gold built on the overnight bounce from the very important day SMA support and edged higher on the last day of the week. The US dollar prolonged its recent bearish trend and dropped to a fresh one-month low on Friday, which, in turn, benefitted the dollar-denominated gold.

The speculations were further fueled by Thursday's release of the Prelim US GDP report, which showed that the world's largest economy contracted by a 1. This was seen as a key factor that exerted downward pressure on the buck.

Meanwhile, doubt over the Fed's ability to bring inflation under control without sinking the economy into recession continued dragging the US Treasury bond yields lower. In fact, the yield on the benchmark year US government bond fell to a six-week low, which further undermined the greenback and offered additional support to the non-yielding gold. That said, a positive turnaround in the global risk sentiment - as depicted by a generally positive tone around the equity markets - could act as a headwind for the safe-haven precious metal.

This might hold back bulls from placing aggressive bets. This, along with the US bond yields will influence the USD price dynamics and provide some impetus to gold. Apart from this, traders will take cues from the broader market risk sentiment to grab short-term opportunities on the last day of the week.

So far, spot is gaining 0. On the other hand, a breach of 1. Risk appetite remains sluggish during early Friday in Europe as market players struggle for fresh impulses. However, the Euro Stoxx 50 Futures register an advance of 0. On the same line are the fears of global economic slowdown, mainly due to covid-led lockdown in China and the Russia-Ukraine crisis. Also important will be the Fedspeak and the geopolitical headlines concerning China and Russia. The dollar is set to face a second consecutive week of losses against all G10 currencies.

However, economists at ING think that the combination of a material improvement in the global risk environment and further USD-adverse widening of short-term rate differentials is unlikely, and therefore expect the dollar to find a floor soon. Hungarian forint has hit the weakest levels since the beginning of March. Economists at ING note that the pair could reach its highest level in history if the central bank does not hike rates next week.

However, this is far from certain. Thus, market disappointment may lead to further forint weakening to the level, which would be the weakest in history. Thus, we are negative on the forint in the short-term, but we continue to monitor headlines that should unlock the hidden potential of the forint in the second half of the year.

Asked if it would be a one percentage point impact, he said: "Much, much less than that. Asked about a possible windfall tax on electricity generators, "What we want to do and we are going to do urgently is understand the scale of those profits, and then decide on the appropriate next steps. The pair is currently trading at 1.

In the view of economists at ING, the bar to trigger further hawkish repricing in the Bank of England BoE rate expectation curve is quite elevated, Subsequently, the British pound is set to face some pressure from the short-term rate differential side. A consolidation around 0. However, economists at ING expect the pair to move back lower towards the 1. However, a two-week-long symmetrical triangle restricts the immediate moves of the quote.

Will US Treasury yields move higher? Matthew Hornbach, Global Head of Macro Strategy for Morgan Stanley, forecasts an inverted yield curve at year-end with two-year Treasury yields reaching 3. At the end of the year, they see the Fed funds target range at 2. With inflation remaining high and growth slowing, discussions of stagflation or outright recession should continue to lead investor debate this year.

And ultimately, that should limit the degree to which Treasury yields rise into year-end. The index accelerates losses and breaks below the The dollar extends the weekly leg lower and threatens to put the In the meantime, a tighter rate path by the Federal Reserve looks more and more priced in, while the elevated inflation narrative and the tight labour market seem to still support further upside in the dollar in the longer run.

Escalating geopolitical effervescence vs. Russia and China. US-China trade conflict. Now, the index is retreating 0. On the flip side, the breakout of They note that risk sentiment is the latest driver for the greenback. Considering advanced prints from CME Group for natural gas futures markets, open interest dropped for the second straight session on Thursday, now by around Volume, instead, rose for the second session in a row, this time by around That daily performance was amidst shrinking open interest, leaving the door open to the continuation of the uptrend in the very near term.

Its slide extended to near 1. Economists at Westpac believe that the pair could race higher towards 1. That said, the Swiss currency CHF pair consolidates intraday losses around 0. The focus is on the dollar side of the equation, therefore, the kiwi could enjoy gains as the greenback may have peaked, economists at ANZ Bank report.

However, at the moment they are being overshadowed by growing fears in FX markets of a domestic hard landing and we view that as a potential headwind for the NZD. The odds of upside seem lucrative amid a firmer rebound in the positive market sentiment.

The risk-on impulse is underpinning the risk-sensitive assets and the pound bulls are enjoying liquidity at the cost of the yen bulls. Rising Inflation in the UK area is the major catalyst, which is worrying the pound bulls. The Bank of England BOE is deploying the majority of its quantitative measures to control the soaring inflation. It is worth noting that the BOE raised its interest rate by 25 basis points bps in the first week of May. As per the market consensus, the BOE could feature a jumbo rate hike in its June monetary policy.

Considering the galloping inflationary pressures, a rate hike announcement by 50 bps seems highly required. Meanwhile, the Japanese yen is worried over grounded inflation in its region. And BOJ Governor Harihuko Kuroda believes that the dual combo of price rise and wage hike could stable the inflation at desired levels. Volume followed suit and rose markedly by around Gold Price is building on the previous rebound on the final trading day of this week. Meanwhile, the prevalent risk sentiment and the end-of-the-week flows could also influence the gold price action.

Japanese Prime Minister Fumio Kishida again crossed the wires on Friday, via Reuters, by saying, "Aiming to achieve inflation target with BOJ's monetary easing, government's structural reforms, fiscal policy. Open interest in gold futures markets shrank for yet another session on Thursday, this time by around 2.

In the same line, volume dropped by around Prices of the ounce troy of bullion shed ground for the second straight session on Thursday. The move was accompanied by shrinking open interest and volume, which is indicative that a deeper pullback appears out of favour for the time being. A firmer risk-on impulse in the market has strengthened the pound and the shared currency against the greenback, which has dwindled the market participants in choosing the optimal one.

On a broader note, the shared currency bulls look more confident as the asset has remained positive over the last week. The discussions over the decision of an embargo on oil from Russia have resumed and now Hungary is opposing the Russian oil prohibition amid its higher dependency on fossil fuels and energy from Russia. Well, discussions are still on and its possibility seems sooner now.

Inflation is scaling higher in the eurozone and the ECB is still far from its first rate hike after the pandemic. Dutch Central Bank head and ECB Governing Council member Klass Knot stated on Wednesday, that inflation expectations will remain well-anchored at its upper limit and a rate hike by 50 basis points bps is not off the table.

On the pound front, mounting fears of a recession could affect the sterling going forward. The Bank of England BOE has got a laborious task of fixing the inflation mess, which will compel the BOE to remain extremely hawkish on monetary policy for a longer horizon. That said, the Turkish lira TRY pair stays pressured around Adding to the bearish bias is the overbought RSI condition. Should the quote break the Considering the ongoing weakness in the greenback on a broader note, the asset may find offers soon and will resume its downside journey.

The asset is oscillating around critical support of The DXY has printed a fresh monthly low at The Japanese administration is worrying over the anchored price pressures. In response to that, Bank of Japan BOJ Governor Haruhiko Kuroda has commented that the price rise should be accompanied by wage hikes in order to sustain inflation at desired levels. Prices of the three-month copper on the London Metal Exchange LME and the most-traded July copper contract in Shanghai also portray notable gains of late, respectively around 1.

Also weighing on the greenback could be the recently downbeat US data. It should be noted that the latest FOMC Minutes and Fedspeak have both confirmed two 50 bps rate hikes, which the market seems to have already priced and hence allows traders to trigger the month-end profit booking moves of the USD. Though, softer US data may help the red metal to extend the month-end consolidation.

That said, the Loonie pair stays depressed at around 1. Meanwhile, the support-turned-resistance line from late April, near 1. Following that, a two-week-old resistance line and the DMA, respectively around 1. Markets in the Asian domain have rebounded strongly after following positive cues from the Western indices. The risk-on impulse has rebounded firmly and investors are pouring funds into the global equities.

Therefore, bulls are enjoying liquidity on a cheerful Friday. The DXY has refreshed its monthly lows at More downside looks possible considering the soaring market mood. On the oil front, a rebound in fossil fuel prices has been witnessed as the expectations of an embargo on oil from Moscow bolstered. The EU urged Hungary to withdraw its opposition to the prohibition of Russian oil imports. Earlier, Hungary declined the proposal of a sudden ban on Russian oil amid its higher dependency on its energy requirements from the Kremlin.

In doing so, the bullion prices print the first daily gains in three while bracing for the key upside hurdle. Among the risk-negative negative catalysts are headlines suggesting the US-Taiwan ties, which China dislikes. On the same line are the fears of a global recession.

Amid these plays, the US year Treasury yields remained indecisive around 2. The cable has remained in the grip of bulls after hitting the monthly lows at 1. On a four-hour scale, the cable has overstepped Usually, overstepping of Also, the asset holds above the EMA near 1.

A minor pullback move towards the EMA at 1. On the flip side, the greenback bulls could regain control if the asset drops below weekly lows at 1. An occurrence of the same will drag the asset towards Despite the latest jump, the RSI 14 line has some room to the north, which in turn favors buyers. However, the SMA level surrounding 0. In a case where the quote rises past 0. On the contrary, pullback moves remain elusive until staying beyond the previous resistance confluence around 0. Following that, the 0.

The global rating institute mentioned that the rising inflation and interest rates will temper the economic growth momentum. While the RBI has projected that the economy will grow 7. Against this backdrop, the US year Treasury yields remain indecisive around 2. The pair has attacked 1. The shared currency bulls are driving the asset strongly higher right from the first auction. The asset has renewed its monthly highs at 1.

The euro bulls are enjoying bids from the market participants on advancing expectations of the first rate hike announcement by the European Central Bank ECB in June. Price pressures are soaring over the last few months and the ECB has yet not stepped up its interest rates like the other Western leaders, which are not taking the bullet anymore.

Dutch Central Bank head and ECB Governing Council member Klass Knot stated on Wednesday that inflation expectations will remain well-anchored at its upper limit and a rate hike by 50 basis points bps is not off the table.

The asset is falling like a house of cards on underpinned risk-on impulse in the market. The negative market sentiment has lost its traction and risk-perceived assets are scaling sharply higher. The asset has extended its losses in the Asian session after slipping below the weekly low at The annualized figure is seen as stable at 6. The economic data has come in line with the forecasts of 0.

An aligned Retail Sales data with the preliminary estimates have underpinned aussie against the Japanese yen. Despite soaring inflation and tightening monetary policy, the economy has managed to report decent Retail Sales.

The antipodean is also performing better against Tokyo on active risk-on impulse. Positive market sentiment has strengthened the risk-perceived currencies. Investors are betting on more rate hikes by the Reserve Bank of Australia RBA as mounting inflationary pressures are complicating the situation for the households.

Firing oil and commodity prices are affecting the real income of the households and eventually posing challenging tasks for RBA policymakers. The Manufacturing PMI landed at Prices won't rise sustainably, stably unless accompanied by wage hikes. The move lower in the pair is mainly driven by the broad-based US dollar sell-off in Asia, as the Japanese authorities continue with their verbal intervention.

Also adding strength to the bearish bias is the descending RSI 14 line, not oversold. Following that, the Meanwhile, recovery moves remain elusive below a downward sloping trend line from May 16, close to Also challenging the US Dollar Index upside is the previous support line from late March, around In doing so, the Kiwi pair cheers broad US dollar weakness while paying a little heed to softer China data, as well as geopolitical concerns relating to Russia and Taiwan.

Sustained trading beyond the two-week-old rising trend line, around 0. The gold price pared some early losses overnight as investors continued to move out of the US dollar making it cheaper to buy the safe-haven precious metal. Minutes of the Fed's May policy meeting highlighted that most participants favour additional 50 basis point rate hikes at the June and July meetings. This is arguably a thorn in the side for the gold bugs because higher short-term US interest rates and bond yields raise the opportunity cost of holding bullion, which yields nothing.

However, US Treasury yields were subdued after the benchmark year note hit a fresh six-week low. Traders and investors will weigh the inflation risks but the concerns are continuing to dissipate as economic data and corporate announcements point to slower growth.

Additionally, the dollar index DXY is set for a second straight weekly decline, making bullion less expensive for buyers. At the time of writing, DXY is down some 0. From a more bearish perspective, analysts at TD Securities argued that ''trend followers have completed their buying program, and still remain long, which argues for additional downside on the horizon as momentum persists to the downside, with the macro narrative sapping investment demand for gold''. This week's candle is bullish and the bulls have corrected to a Technically, multiple levels marked since May 12, near 6.

However, the previous resistance line from early May, close to 6. The US and Taiwan are planning to announce economic talks to deepen their ties, Bloomberg reported on Friday, citing unnamed 'people familiar with the matter. The confirmation of the proposed talks between the US and Taiwan is unlikely to go down well with China, although markets seem to have ignored that for now.

In doing so, the Aussie pair fails to justify the Retail Sales data that matched market forecasts. Unless breaking convergence of the DMA and previous resistance line from early April, around 0. The data had failed to move the needle on the Aussie initially but a bid has come in four minutes following the release and it has moved higher to 0. The stats bureau uses the forward factor method, ensuring that the seasonal factors are not distorted by COVID impacts.

The onshore yuan CNY differs from the offshore one CNH in trading restrictions, this last one is not as tightly controlled. In doing so, the cross-currency pair marks another bounce off the DMA. However, the clear downbeat break of the previous support line from mid-March, around 1. On the contrary, an upside break of the support-turned-resistance line, near 1. However, the pair buyers remain unconvinced until the quote stays below a downward sloping resistance line from early May, close to 1.

The asset has remained in the grip of the bears after failing to sustain above the psychological resistance of 1. A breakdown in the asset is expected after a decisive slippage below weekly lows at 1. The annualized GDP slipped further to On the loonie front, investors have ignored the slippage in the Retail Sales, as reported on Thursday. Higher oil prices will fetch more fund inflows into the loonie region.

In recent trade, the Japanese PM Kishida also commented and said the recent rise in Japanese prices is driven mostly by the global rise in fuel, and raw material costs. He added that the government will proceed with efforts to help raise wages with responsibility. That said, Wall Street benchmarks portrayed the second day of gains whereas the US year Treasury yields remained indecisive around 2. The following illustrates the bullish bias from the daily chart's perspective and the price action on the lower 1-hour time frame.

It was explained that the price was on the verge of a significant correction of bullish impulses. However, cheaper prices may only encourage more bulls to the table and ultimately result in a continuation to the upside in confluence with the bullish outlook on the higher time frames. The above hourly, 4-hour and daily charts illustrate the bullish bias and validity of the prior analysis. The asset has remained vulnerable for the last two trading weeks and a sheer downside move has been displayed after failing to sustain above the psychological resistance of 1.

Despite the rising odds of a 50 basis point bps interest rate hike by the Federal Reserve Fed , the US dollar index DXY has failed to sustain its glory. The DXY has been hammered sharply by the market participants as investors have discounted the fact that the monetary policy is going to remain tight this year and hopefully next year. The Fed has already provided clues that investors should brace for two more consecutive jumbo rate hikes to anchor the price pressures. On the Swiss franc front, next week is going to be a busy week for the market participants.

The quarterly and yearly figures may improve to 0. Market consensus suggests a downbeat MoM print of 0. We expect retail sales in Australia to rise by 1. A strong retail beat should give the RBA confidence that taming inflation is its top priority as economic fundamentals are strong. We stick with our call for a 40bps hike by the Bank in June. Westpac forecasts: 1. However, softer consumer sentiment and inflation fears seem to test the outcome. Even so, a convergence of the DMA and previous resistance line from early April, around 0.

The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.

The DXY attempted to surpass its crucial resistance at The sheet volatility increment in the DXY is compelling for more downside, which could drag the asset lower. The annualized GDP has been recorded at This signals that a peak in price pressure is not so far, which has dampened the demand of the DXY.

Simply put, currency market is the market where currency transactions are made, that is, the currency of one country is exchanged for the currency of another country at a certain exchange rate. The exchange rate is the relative price of currencies of two countries or the currency of one country expressed in another country's monetary units.

Currency market is part of the global financial market, where many operations related to the global movement of capital take place. The international currency market — is a global market that covers currency markets of all countries in the world.

It does not have a specific site where trading is carried out. All operations within it are carried out through a system of cable and satellite channels that link the world's regional currency markets. Currency trading on the international currency market is carried out on the basis of market exchange rates, which are set on the basis of supply and demand in the market and under the influence of various macroeconomic data.

Forex is the international currency market. Currency markets can also be divided into exchange and over-the-counter markets. Exchange currency market is an organized market where trading is carried out through an exchange—a special company that sets trading rules and provides all the conditions for organizing trading under these rules. Over-the-counter currency market — is a market where there are no certain trading rules, and purchase and sale operations are not linked to a specific place of trade, as opposed to the case of an exchange.

As a rule, an over-the-counter currency market is organized by special companies that provide services for the purchase and sale of currencies, which may or may not be members of the currency exchange. Trading operations in this market are now carried out mainly via the Internet. The over-the-counter currency market is much larger than the exchange market in terms of trading volume.

The Forex international over-the-counter currency market is considered the most liquid in the world. It operates around the clock in all financial centers of the world from New York to Tokyo. Exchange rates are formed under the influence of supply and demand in the market.

In addition to that, currency rates are influenced by many fundamental factors related to the global economic situation, events in national economies, and political decisions. The more stable an economy is developing, the more stable its currency is.

Accordingly, it is possible to predict how the currency will behave in the near future, based on statistical data published in official sources of countries with a certain regularity. This data includes:. Interest rate level, set by national authorities regulating credit policy, is an equally important indicator. The interest rate level is determined at meetings of the national central bank.

Then, the decision on the rate is published in official sources. If the central bank of a country reduces the interest rate, the money supply in the country increases, and the national currency depreciates against other world currencies. If the interest rate increases, the national currency will strengthen.

A speech or even a separate statement by a country's leader can reverse a trend. Speeches on these topics may change the currency exchange rate:. All this news is published in various sources. Major international news is more or less easy to find in Russian, but news related to the domestic economic policy and the economy of foreign countries is much less common in the Russian press.

Mostly, such news is published by the national media and in the language of the country where the news is published. It is very difficult for one person to follow all the news at once, and they are likely to miss some important event that can turn the whole situation on the market upside down. Guided by our main principle—to create the best trading conditions for our customers—we try to select the most important news from all over the world and publish them on our website.

The TeleTRADE Department of Analytics monitors news on most national and international news sources on a daily basis and identifies those that can potentially affect exchange rates. These are the main news items that are included in our news feed. In addition, all our clients have free access to the Dow Jones news feed. The news feed is created specifically for currency traders and those who are interested in getting information about the world's currency markets.

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Automatic import of materials and information from this website is prohibited. Please contact our PR department if you have any questions or need assistance at pr teletrade. We recommend that you keep your news feed open at all times to receive materials quickly. Sort by topic. Filter by currency. The shared currency is about to finish the week with 1. The Australian dollar extends its weekly rally to two straight weeks, up 1.

Key Technical Levels. The Canadian dollar is recording goodish gains in the week of 0. A positive market sentiment boosted the appetite for high-beta currencies, like the CAD. US dollar continues to pullback across the board. Yen loses momentum in the market amid risk appetite. Technical levels. Gold aims to finish the week with decent gains of 0. Cable is about to post back-to-back weekly gains, up by 0.

Mexican peso among top performers on Friday. Risk appetite, a weak dollar and a hawkish Banxico supports MXN's rally. Close above 1. Market Reaction The data hasn't triggered a market reaction, but the revision lower to inflation expectations could weigh on the dollar a tad, as it further bolsters the "peak inflation" narrative that is in focus after Core PCE data showed an easing of US price pressures in April earlier in the day.

Investors continue to digest the latest CBRT event. The pair has rallied around 5. US inflation data on Friday supported the idea that US inflation is easing, weighing on the buck. The technical set-up favours bullish traders and supports prospects for additional gains. Sustained break below the 0. The 1. Support aligns at 1. Resistance at 1. Gold is around 0. The data lent support to the idea that inflation is easing, which may remove pressure on the Fed to tighten.

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Follow all the latest forex news, trading strategies, commodities reports & events at DailyFX. DailyFX is the leading portal for financial market news covering forex, commodities, and indices. Discover our charts, forecasts, analysis and more. Because news can bring increased volatility in the forex market (and more trading opportunities), it is important that we trade currencies that are deeply.