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Since the 7th of June the EUR/USD has seen volatility spike as its price range has whipsawed and created dangerous trading conditions for the currency pair’s speculators.
Last week saw stocks advance on lower US CPI data despite a still-cautious Fed, while the Forex market is dominated by a weak Euro and Japanese Yen.
Reactionary trading hit the GBP/USD on Friday when the Non-Farm Employment Change numbers came in stronger than anticipated.
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The ability of WTI Crude Oil to selloff with greater price velocity last week likely didn’t come as a surprise for many traders who have been paying attention to the commodity.
Get the weekly Forex forecast for major currency pairs for the week of June 10-15, 2024 here.
The EUR/USD finished trading comfortably above the 1.08000 level this Friday, this as the currency pair and speculators await the European Central Bank’s rate
I will analyze fundamental factors, tendencies and technical positions in order to identify currency pairs that may give the easiest and most profitable trading.
WTI Crude Oil saw the 80.000 USD level penetrated upwards on Wednesday of last week, only to falter and then begin a rather steady push lower.
Get weekly forecasts for major currency pairs as well as charts here.
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A relatively quiet week saw more hawkish rhetoric from the Fed on inflation, leading to a bid in the greenback, while the major technology Index the NASDAQ 100 closed at a new record high.
The GBP/USD closed trading for the week near 1.27345.
Lower momentum continued into Tuesday and a price of 77.660 was tested.
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Get the weekly Forex forecast for major currency pairs for the week of May 27-31, 2024 here.
The 1.08000 ratio in the EUR/USD was penetrated higher on Tuesday the 14th of May and prices were sustained above this key psychological level the remainder of the week.
Risk-on sentiment recovers firmly after last Wednesday’s lower than expected US CPI print, sending major stock indices to new record high prices.