Author: forex24pro

Ethereum ETH/USD ends the trading week at the 1888 level and continues to move as part of the growth and the bullish channel. Moving averages indicate the presence of a bullish trend for ETH/USD. Prices have broken through the area between the signal lines up, which indicates pressure from cryptocurrency buyers and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a price reduction and a test of the support level near the area of 1835. From where we should again expect a rebound upwards and continued growth in the…

Litecoin LTC/USD ends the trading week at 102.64 and continues to move as part of an aggressive growth and the formation of the Triangle pattern. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines up. This indicates pressure from buyers of the digital asset and the potential continued growth of the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price correction and a test of the support area near the level of 90.55. Where can we expect a rebound again and an attempt to…

Quotes of Silver XAG/USD complete the trading week near the area of 22.45. Quotes continue to move as part of a strong fall and a bullish channel. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the metal and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a slight decrease in the value of the asset and a test of the support level near the area of 21.95.…

The euro slipped 0.8% on Friday, falling below $1.09 and approaching its biggest daily drop since mid-March. This is due to concerns about the potential economic impact of higher interest rates on the eurozone economy. The latest PMI data showed a sharp slowdown in German private sector growth in June, as well as a slowdown in business activity in France, which occurred for the first time in five months. On Wednesday, the single currency reached a six-week high of $1.1 per euro after a series of surprise moves by central banks to tighten policy. With eurozone inflation remaining well above…

Futures for Brent crude fell to $73 a barrel on Friday. This was due to further tightening of monetary policy and aggressive statements by major central banks, which had a negative impact on the outlook for the global economy and energy demand. On Thursday, the Bank of England and the Bank of Norway raised interest rates higher than most analysts had forecast, while the Swiss National Bank continued to tighten its policy. Federal Reserve Chairman Jerome Powell also told the US Congress that further rate hikes would be necessary to curb inflation. In addition, a number of PMI data from…

The pound fell to $1.27 from a 14-month high of $1.2848 on June 16. This is due to the growing concern of investors about the possibility of a recession after a significant increase in interest rates by the Bank of England. The latest PMI survey showed a sharp slowdown in UK business growth in June, driven by a slowdown in the services sector, a stronger downturn in manufacturing and continued inflationary pressures. The Office for National Statistics (ONS) also reported an unexpected rise in UK retail sales in May, while domestic consumer sentiment was less pessimistic in June. On Thursday,…

Currency pair Dollar Ruble USD/RUB completes the trading week near the level of 83.74 Rubles per US Dollar. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US dollar and a likely continuation of the pair’s growth already from these levels. In the current trading week June 26 — 30, 2023, we should expect an attempt to develop a correction and test the support area near the level of 81.65. Where should we expect a…

The Australian dollar fell below $0.67, hitting its lowest level in two weeks. This was due to the aggressive tightening of monetary policy by major central banks, which raised fears of a global economic slowdown and put pressure on risk assets, including commodities and currencies associated with them. The latest minutes of the Reserve Bank of Australia (RBA) meeting noted that the decision to raise interest rates by 25 basis points in June was taken “in balance”, and this reduced expectations of further tightening in the coming months. However, the bank’s board announced its readiness to take all necessary measures…

The Canadian dollar strengthened and topped 1.32, hitting its highest level in nine months. This came after the release of the latest minutes of the meeting, which showed that politicians believe that monetary policy in June was not tight enough, and further rate hikes will be determined by new economic data. Earlier this month, the central bank surprised markets by raising its key interest rate by 25 basis points and resuming the tightening cycle after two consecutive pauses. Recent economic data is a mixed bag, with the May jobs report pointing to a weakening labor market, while retail sales data…

The yen lost significant value to hit 143 yen per dollar for the first time since last November as soft economic data put pressure on the currency. The latest data show that inflation in Japan unexpectedly slowed down in May, while core inflation continued to exceed the central bank’s target of 2% for 14 consecutive months. PMI data also shows a contraction in manufacturing activity in Japan in June, while activity in the service sector slowed down. In monetary policy, Bank of Japan Governor Kazuo Ueda reaffirmed the bank’s determination to maintain an extremely loose policy to achieve sustainable 2%…