Forex Daily Forecast, Analysis and Prediction

This week will be an impactful one for the year, so there will be reactions to its events and economic data.

The outlook for the US dollar was boosted last Friday when official figures confirmed US inflation had risen to a new multi-decade high last month, which is likely to keep the Federal Reserve (Fed) on course to accelerate its monetary policy normalization.

Gold futures posted modest gains at the end of the trading week amid the US annual inflation rate rising to its highest level in nearly 40 years.

The GBP/USD was more stable at the end of last week but remained weak after the Bank of England (BoE) decided to continue interest rate outlook.

There is strong support below $47k.

The CAC 40 Index drifted a little bit lower on Friday after filling the gap a couple of days ago.

The Bitcoin market initially tried to rally on Friday but gave back gains as we continue to see crypto get hit right along with everything else.

Gold markets had a rather volatile Friday session as we bounced around to show signs of indecision.

Silver markets dipped initially on Friday to reach below the $22 level, so it is likely that we would see a lot of support.

The West Texas Intermediate Crude Oil market rallied towards the top of the short-term range on Friday, but gave back gains, mainly due to a lot of people covering heading into the weekend.

The US dollar initially tried to rally on Friday as we approached the 9.0000 NOK level.

The NASDAQ 100 recovered quite nicely on Friday as we have seen the market show signs of life yet again.

The S&P 500 rallied significantly on Friday as we are continuing to see a lot of noisy behavior in this market, but a lot of chasing each dip that occurs.

The euro initially fell on Friday but turned around to recover again and reach towards 1.1350 level.

The British pound initially pulled back just a bit on Friday, but then shot higher to break above the 1.3250 level.