Author: forex24pro

Ethereum are trading at 1730 and continue to move as part of the fall and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $208,543,043,042. Moving averages indicate the presence of a short-term bearish trend for Ethereum. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the coin and a…

The euro continues to trade around the $1.07 mark, remaining close to the two-month low of $1.0633 reached on May 31st. Investors are anticipating the upcoming European Central Bank (ECB) monetary policy meeting next week. The ECB is expected to make changes to the interest rate, but there are signs that higher interest rates are beginning to have a significant impact on the eurozone economy. The Eurozone economy has been officially confirmed to be in a moderate recession. Revised GDP data showed that in the first quarter, eurozone GDP contracted by 0.1%, instead of the previously forecast growth of 0.1%.…

On Friday, futures for Brent crude traded at about $76 per barrel and could continue to decline for the second week in a row. This is due to economic concerns and the prospect of an increase in global supplies, which outweighs the statement by Saudi Arabia to further reduce oil production in July. Investors remain worried about possible rate hikes by major central banks, which could hurt overall demand, as well as growing economic uncertainty in China, the world’s largest importer of crude oil. BRENT Weekly Forecast June 12 — 16, 2023 Brent oil prices also fell 4.4% on Thursday…

In May 2023, retail sales in the United Kingdom grew by 3.7% year-on-year, but the growth rate slowed down compared to April, when a 5.2% increase was recorded. Rising food prices have led to consumer spending cuts on non-essential items and sharp spending cuts in anticipation of the three public holidays. May is also the lowest in the last seven months. Food spending has increased due to the Eurovision, while fuel costs have been falling for the third consecutive period. Helen Dickinson, chief executive of the British Retail Consortium, said that although consumer confidence is still recovering from a record…

In early June, the Russian ruble weakened to 82.5 per US dollar, reaching its lowest level in a year. This comes amid continued pressure on the ruble due to Russia’s unsustainable budget deficit and persistently low energy prices. New data from the Ministry of Finance suggests that the federal government recorded a budget deficit of 3.4 trillion rubles in the first five months of the year, which is a historically high figure. Such an event is associated with a sharp increase in military spending and a significant decrease in energy revenues. In response, the Ministry of Finance announced the sale…

The Australian dollar strengthened and hit around $0.67, its highest level in four weeks. This strengthening came after the Reserve Bank of Australia raised interest rates again. The decision came as a surprise to analysts who were arguing over the end of the rate hike cycle. In the first quarter of 2023, Australian consumer inflation was 7%, below a 30-year high of 7.8% in the previous quarter, but above expectations, which were at 6.9%. At the same time, the country’s economy grew by only 0.2% in the first quarter, which was the slowest growth rate in the last six quarters…

In June, the Canadian Dollar strengthened above $1.3340 per dollar, hitting its highest level in two months. This was a consequence of the decision of the Bank of Canada, which provoked a surprise in the market by raising the key interest rate by 25 basis points to 4.75%. Thus, the central bank has resumed the tightening cycle, interrupted by two previous meetings in which the central bank suspended its interest rate tightening campaign. The decision is contrary to earlier signals from the Bank of Canada that rates are peaking and indicates that the cost of borrowing in the Canadian economy…

The Japanese yen remained near 139 per dollar, approaching a six-month low of 140, which was tested by buyers in May this year. At the same time, the Bank of Japan maintained its policy of minimum interest rates, despite market pressure and stable inflation. At the same time, major central banks continued to pursue tight monetary policy. Unexpectedly, the Bank of Canada and the Reserve Bank of Australia raised interest rates, raising expectations that the Federal Reserve will make another rate hike in July. The latest data also showed that the Japanese economy grew much more than expected in the…

Gold rose above $1960 on Friday and was expected to end the week higher. This was driven by a weaker dollar due to a rise in weekly US jobless claims, fueling expectations that the Federal Reserve (Fed) will put a hold on interest rate hikes next week. Markets now expect the Fed to keep rates unchanged at next week’s meeting before resuming the tightening cycle in July. The European Central Bank and the Bank of Japan are also due to make decisions on monetary policy next week. At the same time, investors are being cautious as the International Monetary Fund…

On Friday, the New Zealand dollar traded near 0.6088, staying close to its highest level in over two weeks. Traders pondered the decisions of several central banks to raise interest rates last week. The Reserve Bank of Australia and the Bank of Canada surprised the markets by raising interest rates by 25 basis points, respectively, after a pause in the previous meeting. Investors are also looking ahead to the release of New Zealand’s first-quarter GDP growth, which is forecast to be marginal after contracting 0.6% in the previous quarter due to adverse weather earlier in the year. Over the week,…