Author: forex24pro

The currency pair Australian Dollar US Dollar (AUD/USD) continues to move within the framework of a correction and the formation of a reversal pattern called the “Expanding Triangle.” Moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating buying pressure on the currency pair and the potential continuation of the instrument’s growth from current levels. At the time of this forecast, the exchange rate of the Australian Dollar to the US Dollar stands at 0.6846. Currently, we can expect an attempt to continue the bullish correction of the pair…

The currency pair British Pound Dollar (GBP/USD) continues to move within the framework of a correction and a bullish channel. At the time of this forecast, the exchange rate of the British Pound to the US Dollar in Forex stands at 1.2796. Moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating buying pressure on the currency pair and the potential continuation of the instrument’s growth. Currently, we can expect an attempt to develop a correction in the exchange rate of the British Pound against the US Dollar and…

The currency pair Euro Dollar (EUR/USD) continues to move within an uptrend and a bullish channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken above the area between the signal lines, indicating buying pressure on the Euro and the potential continuation of the upward movement from current levels. At the time of this forecast, the Euro to US Dollar exchange rate stands at 1.0917. In the Forex forecast for June 21, 2023, we can expect an attempt to continue the upward price development and test the resistance level near the 1.0955 area.…

The euro continued its rise and topped $1.09, reaching its highest level since May 10. This was facilitated by the decision of the European Central Bank (ECB) to raise interest rates for the eighth time in a row and signal future rate hikes. ECB President Christine Lagarde expressed high confidence that rates will be raised in July, stressing that the central bank does not intend to suspend its activities, in contrast to the more cautious position of the US Federal Reserve. In addition to raising interest rates, the ECB also raised its inflation forecasts, but slightly lowered its economic growth…

On Friday, futures for Brent crude continued to trade above $75 per barrel. This increase was more than 3% compared with the previous session due to several factors, including lower interest rates in China and the suspension of monetary tightening by the US Federal Reserve. These developments have strengthened the prospects for oil demand in the two largest consumers of this resource in the world. The International Energy Agency, in its latest monthly report, announced a forecast for global oil demand to grow by 6% between 2022 and 2028. It also supported the oil market. The dollar’s decline also had…

The British Pound continues to rise against the US Dollar, reaching above 1.27 USD, the highest level since April 2022. The latest economic data has pushed traders to raise their expectations about the number of rate hikes coming from the Bank of England as part of its tightening cycle. According to the monthly GDP report, the UK economy grew by 0.2% in April thanks to a significant contribution from the retail trade and the film industry. Higher-than-expected inflation and employment put pressure on the Bank of England to consider further rate hikes in response to sustained price pressures. Despite inflation…

The Russian ruble has been falling sharply, hitting 85 against the US dollar, its lowest level since April 2022. This is due to lower oil prices and limited availability of foreign exchange on the market due to reduced supply from exporters. The market faced a decrease in trading activity and became vulnerable to significant fluctuations after the introduction of wide-ranging sanctions by Western countries against Russia. Last week, the Central Bank of Russia decided to keep the interest rate at 7.5%, but it provided strong evidence that an interest rate hike could occur later this year due to rising inflationary…

The Australian dollar strengthened to $0.69, reaching its highest level since mid-February. Divergences in monetary policy between the Federal Reserve System (FRS) and the Reserve Bank of Australia (RBA) have become more visible. At its June meeting, the Fed left its target federal funds rate unchanged at 5-5.25% after data showed headline inflation slowed sharply to 4% in May. On the other hand, the RBA unexpectedly raised interest rates, pushing the cost of borrowing to an 11-year high of 4.1%. The RBA said the increase would provide more confidence that inflation would return to its target within a reasonable time…

In June, the Canadian dollar strengthened above $1.32 per dollar, reaching its highest level in four months, under the influence of the hawkish position of the Bank of Canada. At its last meeting, the central bank unexpectedly raised its key interest rate by 25 basis points. The decision marked the resumption of the Bank of Canada’s monetary tightening cycle after two previous delays and is contrary to the Board of Governors’ forecast of a rate peak. Economists predict that at the July meeting the central bank will continue to raise interest rates, stepping up efforts to curb stubbornly high interest…

The Japanese yen weakened as the Bank of Japan decided to maintain its ultra-loose monetary policy to support a fragile economic recovery that is becoming increasingly cloudy as global growth slows. The Central Bank of Japan unanimously decided to leave the short-term interest rate at -0.1% and the yield on 10-year bonds at around 0% at its June meeting, which was in line with expectations. The BOJ’s dove stance keeps the yen close to multi-month lows as other major central banks continue to fight inflation. USD/JPY Weekly Forecast June 19 — 23, 2023 Quotes of the currency pair Dollar to…