Author: forex24pro

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%…

On Friday, Gold traded near $1,910 an ounce, its lowest level in three months. This price move is due to aggressive monetary tightening and hawkish comments from major central banks putting pressure on the precious metal. Federal Reserve Chairman Jerome Powell stressed in his speech to Congress that the members of the Federal Open Market Committee (FOMC) now agree on the need to further raise interest rates because inflation remains too high. In the markets, the Federal Reserve is expected to raise rates by another 25 basis points in July. At the same time, the Bank of England and the…

On Friday, the New Zealand Dollar fell 0.4% to around $0.6143, another weakness for the second straight trading session. This is happening against the backdrop of a stronger US dollar supported by Fed Chairman Powell’s hawkish comments to Congress and confirming further interest rate hikes are possible. Domestically, the Reserve Bank of New Zealand announced a pause in monetary tightening last month after a series of 525 bps hikes in borrowing costs, hitting a 14-year high of 5.5% since October 2021. In terms of data, New Zealand’s trade surplus in May 2023 narrowed significantly from the same period a year…

The Swiss franc continues to hold the level near the level of 0.9 US Dollars, which is approaching its monthly high of 0.89, which was reached on June 15. This comes after the Swiss National Bank’s fifth consecutive interest rate hike and its indication of a possible future rate hike to overcome inflationary pressures. Despite a downward revision to the inflation forecast for 2023, the central bank raised its inflation forecast for 2024 due to continued spillovers, rising electricity prices, rents and continued inflationary pressure from international sources. The latest forecast suggests that the average annual inflation rate will be…

Bitcoin BTC/USD ends the trading week at 29995, continues to move as part of the development of strong growth and a bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of the growth of asset quotes. At the moment, we should expect an attempt to develop a correction in the price of the coin and a test of the support area near the level of 27505. From where we should again expect a rebound upwards and continued growth…

Ethereum ETH/USD ends the trading week at the 1878 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 decrease and a test of the support level near the area of 1635. From where we should again expect a rebound upwards and continued growth in the…