EURUSD

EUR/USD is extending the overnight correction from six-week highs above 1.1000, drifting toward 1.0900 early Friday.  The Fed’s hawkish outlook and the risk-off impulse continue to underpin the safe-haven buck. EU and US PMIs in focus.

 If the pair continues the uptrend to the range of 1.0995, it is expected to continue the uptrend to the range of 1.1034.

On the other hand, If the pair continues the downtrend to the range of 1.0871, it is expected to continue the downtrend to the range of 1.0793.

USDJPY

USD/JPY makes rounds to 143.00 amid a lackluster Friday morning in Europe, after refreshing the yearly top the previous day. In doing so, the Yen pair pauses the previous two-day uptrend amid an overbought RSI (14) line. Adding strength to the quote’s latest inaction could be the cautious mood ahead of the US PMIs and fears of the US recession.

if the pair continues the uptrend to the range of 144.27, it is expected to continue the uptrend to the range of 145.31.

On the other hand, If the pair continues the downtrend to 142.65, it is expected to continue the downtrend to 142.07

GBPUSD

GBP/USD is consolidating losses above 1.2700 after the UK Retail Sales for May beat estimates with 0.3% MoM. The pair is on the back foot amid ongoing US Dollar recovery and broad risk aversion ahead of the UK and US Preliminary Manufacturing and Services PMI data.

If the pair continues the uptrend to the range of 1.2767, it is expected to continue the uptrend to the range of 1.2809.

On the other hand, if the pair continues the downtrend to 1.2665, it is expected to continue the downtrend to 1.2605.

AUDUSD

AUD/USD is falling toward 0.6700, changing course after the Australian S&P Global PMIs for June came in mixed data early Friday. The pair is losing ground, as the US Dollar is extending its recovery amid intensifying risk-off flows on global economic concerns. Focus on US PMIs, Fedspeak.

If the pair continues the uptrend to the range of 0.6708, it is expected to continue the uptrend to the range of 0.6732.        

On the other hand, if the pair continues the downtrend to 0.6671, it is expected to continue the downtrend to 0.6604.

XAUUSD

Gold price remains on the way to posting the biggest weekly loss since late January as the US Dollar cheers the market’s risk-off mood, as well as the hawkish Federal Reserve (Fed) concerns. Central banks bolster recession woes and underpin US Dollar run-up, weighing on XAU/USD.

If the pair continues the uptrend to the range 1928.47, it is expected to continue the uptrend to the range of 1943.07.

On the other hand, if gold continues the downtrend to the range of 1905.87, it is expected to continue the downtrend to the range 1897.87.

EURUSD

The EUR/USD pair is demonstrating a non-directional performance above the round-level support of 1.0900 in the Asian session. The major currency pair is following the footprints of the sideways US Dollar Index (DXY), which is expected to provide action after Federal Reserve (Fed) chair Jerome Powell’s testimony.

 If the pair continues the uptrend to the range of 1.0945, it is expected to continue the uptrend to the range of 1.0972.

On the other hand, If the pair continues the downtrend to the range of 1.0892, it is expected to continue the downtrend to the range of 1.0866.

USDJPY

USD/JPY regains upside momentum, after reversing from the yearly top the previous day, as it makes rounds to the intraday high of around 141.75 heading into Wednesday’s European session. The Yen pair cheers the latest breakout of an immediate resistance line stretched from the yearly top marked on Monday.

if the pair continues the uptrend to the range of 142.66, it is expected to continue the uptrend to the range of 143.08.

On the other hand, If the pair continues the downtrend to 141.02, it is expected to continue the downtrend to 140.60.      

GBPUSD

GBP/USD gained traction and advanced toward 1.2800 with the initial reaction to the UK inflation data, which showed that the Consumer Price Index (CPI) rose 8.7% on a yearly basis in May, matching April’s increase and surpassing the market expectation of 8.4%.

If the pair continues the uptrend to the range of 1.2810, it is expected to continue the uptrend to the range of 1.2855.

On the other hand, if the pair continues the downtrend to 1.2717, it is expected to continue the downtrend to 1.2669.

AUDUSD

AUD/USD is catching a fresh bid, bouncing toward 0.6800 in Wednesday’s Asian session. The Aussie is benefiting from a pause in the US Dollar uptick as the market gears up for the bi-annual testimony of Fed Chair Jerome Powell. Fresh US-China woes could cap the upside in the pair.

If the pair continues the uptrend to the range of 0.6799, it is expected to continue the uptrend to the range of 0.6845.        

On the other hand, if the pair continues the downtrend to 0.6742, it is expected to continue the downtrend to 0.6696.

XAUUSD

Gold price fades two-day-old bearish bias as it recovers from the intraday low amid the full market’s return. Even so, the yellow metal appears indecisive as a whole amid the mixed catalysts surrounding the US Fed and China, as well as the market’s inaction.

If the pair continues the uptrend to the range 1952.23, it is expected to continue the uptrend to the range of 1968.07.

On the other hand, if gold continues the downtrend to the range of 1913.99, it is expected to continue the downtrend to the range 1898.15.

EURUSD

The EUR/USD pair has surrendered the majority of intraday gains added in the Asian session. The major currency pair has faced some selling pressure while attempting to recapture the psychological resistance of 1.1000.

 If the pair continues the uptrend to the range of 1.1046, it is expected to continue the uptrend to the range of 1.1102.

On the other hand, If the pair continues the downtrend to the range of 1.0932, it is expected to continue the downtrend to the range of 1.0876.

USDJPY

USD/JPY picks up bids to pare intraday losses around 141.75 amid early Thursday morning in Europe. In doing so, the Yen pair justifies recently dovish commentary from a Bank of Japan (BoJ) Official, versus the hawkish bias of Federal Reserve (Fed) Chairman Jerome Powell.

if the pair continues the uptrend to the range of 142.41, it is expected to continue the uptrend to the range of 142.92.

On the other hand, If the pair continues the downtrend to 141.34, it is expected to continue the downtrend to 140.78.      

GBPUSD

GBP/USD is trading in a narrow range near 1.2750 ahead of the key BoE decision on Thursday. Pound Sterling ignores rising bets for a 50 bps BoE lift-off, following hot UK inflation data. A modest US Dollar bounce weighs on the pair.

If the pair continues the uptrend to the range of 1.2815, it is expected to continue the uptrend to the range of 1.2864.

On the other hand, if the pair continues the downtrend to 1.2705, it is expected to continue the downtrend to 1.2644.

AUDUSD

AUD/USD is trading with modest losses below 0.6800, progressing toward the European morning. Risk sentiment remains fragile amid expectations of more rate hikes by major global central banks, offering some respite to the US Dollar. Fedspeak, US data next in focus.

If the pair continues the uptrend to the range of 0.6821, it is expected to continue the uptrend to the range of 0.6845.        

On the other hand, if the pair continues the downtrend to 0.6757, it is expected to continue the downtrend to 0.6717.

XAUUSD

Gold remains on the back foot as it jostles with short-term key support, lacks a directional sense of late, as markets await a slew of central bank decisions. Apart from the pre-announcement anxiety, the holiday in China and mixed catalysts about the Fed also restrict the XAU/USD price moves.

If the pair continues the uptrend to the range 1941.54, it is expected to continue the uptrend to the range of 1950.70.

On the other hand, if gold continues the downtrend to the range of 1921.23, it is expected to continue the downtrend to the range 1910.08.

The Swiss National Bank (SNB) and the Bank of England (BoE) will be the next major central banks to announce monetary policy decisions on Thursday. In the second half of the day, the weekly Initial Jobless Claims data from the US will be looked upon for fresh impetus. The US economic docket will also feature Chicago Fed’s National Activity Index and Existing Home Sales for May. FOMC Chairman Jerome Powell will speak on the policy outlook in the second day of his semi-annual congressional testimony. Finally, the European Commission will release the preliminary Consumer Confidence data for June.

On Wednesday, the US Dollar came under strong selling pressure during the American trading hours. The US Dollar Index (DXY) snapped a three-day winning streak and erased its weekly gains. The DXY stays relatively quiet, slightly above 102.00 early Thursday.

In his prepared remarks for delivery on the first day of the testimony, Powell reiterated that nearly all FOMC participants expect it will be appropriate to raise interest rates “somewhat further” by the end of the year. “We will continue to make our decisions meeting by meeting based on incoming data, implications for outlook and balance of risks,” Powell added. Following these comments, Wall Street’s main indexes turned south but the USD failed to capitalize on risk aversion. According to the CME Group FedWatch Tool, the probability of the Fed raising the policy rate by 25 basis points in July declined toward 70% from 77% ahead of Powell’s testimony.

GBP/USD fell below 1.2700 in the European session on Wednesday but staged a rebound later in the day. Early Thursday, the pair holds steady at around 1.2750. The BoE is widely expected to lift its policy rate to 4.75% from 4.5%. Since there will not be a press conference, investors will pay close attention to vote split and the language in the policy statement.

BoE Interest Rate Decision: Another 25 bps hike favored as UK inflation stays hot.

Following a three-day rebound, USD/CHF met resistance near 0.9000 and declined toward 0.8900 on Wednesday. The SNB if forecast to raise its key rate by 25 basis points to 1.75%.

EUR/USD gathered bullish momentum and climbed to its highest level since in over a month, above 1.0950. The pair continues to stretch higher toward 1.1000 early Thursday.

USD/JPY advanced to a fresh multi-month high near 142.50 on Wednesday but lost its traction in the late American session. The pair trades in a narrow channel below 142.00 early Thursday. Bank of Japan (BoJ) board member Asahi Noguchi argued that a weak Yen hurts households via rising prices but benefits firms via an increase in overseas profits and a rise in inbound tourism. Noguchi further added that the monetary policy does not directly target exchange rates.

Gold price fell to its weakest level in three months below $1,920 on Wednesday but managed to stage a rebound amid retreating US Treasury bond yields in the late American session. Nevertheless, XAU/USD is finding it difficult to hold its ground early Thursday, trading in negative territory slightly below $1,930.

Bitcoin climbed above $30,000 for the first time in two months on Thursday. At the time of press, BTC/USD was up nearly 1% on the day at $30,300. Ethereum gained more than 5% on Wednesday and extended its rally early Thursday ETH/USD is already up nearly 12% this week and was last seen trading above $1,900,

The risk-averse market environment helps the US dollar (USD) hold its ground mid-week as investors await FOMC Chairman Jerome Powell’s testimony before the House Financial Services Committee. The economic calendar will not be offering any high-impact macroeconomic data releases and comments from central bank officials will be looked upon for fresh catalysts.

Reflecting the sour market mood, Shanghai Composite and Hang Seng indexes both lost more than 1% on Wednesday. Additionally, US stock index futures trade in negative territory following the dismal performance of major equity indexes on Tuesday. The US Dollar Index (DXY) clings to small daily gains above 102.50 after having closed the previous three trading days in the green.

Hot inflation data from the UK helped Pound Sterling find demand in the early European morning on Wednesday. Annual inflation, as measured by the change in the Consumer price Index (CPI), held steady at 8.7% in May, surpassing the market expectation of 8.4%. The Core CPI, which excludes volatile food and energy prices, rose 7.1% in the same period, compared to analysts’ estimate of 6.8%. On an encouraging note, the Producer Price Index declined on a monthly basis. Following an initial spike above 1.2800, GBP/USD edged lower and stabilized above 1.2750.

EUR/USD continues to fluctuate in a very tight channel above 1.0900 for the second straight day on Wednesday. European Central Bank (ECB) policymakers Joachim Nagel, Isabelle Schnabel and Fabio Panetta will be speaking later in the day.

Following Tuesday’s slide, USD/JPY gathered bullish momentum and was last seen trading above 142.00. “The Bank of Japan (BoJ) will patiently maintain an easy monetary policy to stably and sustainably achieve the 2% price target accompanied by wage growth,” the central bank Governor Kazuo Ueda repeated on Wednesday.

USD/CAD moves up and down in a narrow band above 1.3200. Statistics Canada will release Retail Sales data for April later in the session.

AUD/USD stays under bearish pressure and trades in negative territory below 0.6800 on Wednesday.

Gold price suffered large losses on Tuesday as investors reacted to the potential negative impact of a slowdown in China to the yellow metal’s demand outlook. XAU/USD stays relatively quiet below $1,940 early Wednesday.

Bitcoin gathered bullish momentum and advanced to its strongest level since the first week of May above $28,800. Ethereum gained more than 3% on Tuesday and extended its rally to beyond $1,800 early Wednesday.

EURUSD

EUR/USD is staying on the defensive near 1.0750 while consolidating Friday’s pullback early Monday. The main currency pair is on a cautious footing, courtesy of a broadly firmer US Dollar and US Treasury bond yields. Markets stay calm ahead of the Fed, ECB storm.

 If the pair continues the uptrend to the range of 1.0804, it is expected to continue the uptrend to the range of 1.0820.

On the other hand, If the pair continues the downtrend to the range of 1.0732, it is expected to continue the downtrend to the range of 1.0716.

USDJPY

The USD/JPY pair gains some positive traction for the second successive day and climbs back above mid-139.00s during the Asian session on Monday. The Japanese Yen (JPY) weakens a bit on the first day of a new week in reaction to the dismal domestic data.

if the pair continues the uptrend to the range of 140.25, it is expected to continue the uptrend to the range of 140.77.

On the other hand, If the pair continues the downtrend to 138.85, it is expected to continue the downtrend to 138.33.      

GBPUSD

GBP/USD is off the highs, defending minor bids below 1.2600 in the early European hours. The pair is struggling for the upside traction, as the US Dollar holds its recovery gains amid a cautious market mood. All eyes remain on the US CPI data and the Fed decision.

If the pair continues the uptrend to the range of 1.2602, it is expected to continue the uptrend to the range of 1.2657.

On the other hand, if the pair continues the downtrend to 1.2513, it is expected to continue the downtrend to 1.2492.

AUDUSD

The AUD/USD pair enters a bullish consolidation phase on the first day of a new week and oscillates in a narrow trading band, just below mid-0.6700s or a one-month high touched on Friday. Bulls still await a sustained strength beyond the 100-day Simple Moving Average (SMA) before placing fresh bets and positioning for an extension of the recent upward trajectory witnessed since the beginning of the current month.

If the pair continues the uptrend to the range of 0.6729, it is expected to continue the uptrend to the range of 0.6766.        

On the other hand, if the pair continues the downtrend to 0.6671, it is expected to continue the downtrend to 0.6650.

XAUUSD

Gold pares intraday losses, after posting a two-week uptrend, as the key week comprising the top-tier central bank announcements and US inflation data loom. That said, the market’s cautious optimism fails to keep pressuring the US Dollar amid reassessment of the previous dovish bias about the Fed.

If the pair continues the uptrend to the range 1980.18, it is expected to continue the uptrend to the range of 1987.21.

On the other hand, if gold continues the downtrend to the range of 1954.21, it is expected to continue the downtrend to the range 1947.18.

Major currency pairs fluctuate in narrow ranges at the beginning of the week as investors gear up for this week’s key macroeconomic events. There will not be any high-impact data releases featured in the US economic docket on Monday. On Tuesday, the US Bureau of Labor Statistics will release the Consumer Price Index (CPI) data for May ahead of the Federal Reserve and the European Central Bank’s (ECB) policy announcements on Wednesday and Thursday, respectively.

US stock index futures trade modestly higher in the European morning and the benchmark 10-year US Treasury bond yield holds steady near 3.75%, reflecting a neutral risk mood. The US Dollar Index, which gauges the US Dollar‘s (USD) performance against a basket of six major currencies, moves sideways at around mid-103.00s.

EUR/USD lost its traction on Friday and erased a large portion of the gains it recorded on Thursday. Nevertheless, the pair snapped a five-week losing streak. Early Monday, EUR/USD stays calm near 1.0750.

GBP/USD gained more than 100 pips last week. In the European morning, the pair clings to small daily gains while holding comfortably above 1.2550. On Tuesday, the UK’s Office for National Statistics will release the jobs report.

USD/JPY edges higher early Monday but stays below 140.00. On Friday, the Bank of Japan (BoJ) will unveil monetary policy decisions. “It’s still too early to call that this inflation has been sustainable and stable,” Bank of Japan (BoJ) policymaker Masazumi Wakatabe told Bloomberg earlier in the day.

Gold price corrected lower on Friday but closed the week in positive territory. XAU/USD moves up and down in a tight channel around $1,960 in the European session.

USD/CAD recovered modestly following the disappointing jobs report on Friday but failed to gather further bullish momentum. The pair stays on the back foot below 1.3350 on Monday.

Bitcoin continued to edge lower over the weekend and ended up losing more than 4% last week. BTC/USD inches lower early Monday and stays below $26,000. Ethereum suffered heavy losses on Sunday and closed the week below $1,800. ETH/USD remains under modest bearish early Monday and trades near $1,750.

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The US Dollar holds steady on the last trading of the way after having suffered large losses against its major rivals on Thursday. There won’t be any high-tier data releases from the Eurozone nor the US ahead of the weekend. In the early American session, Statistics Canada will release the jobs report for May.

Initial Jobless Claims in the US jumped to 261,000 in the week ending June 3 from 233,000, the US Department of Labor reported on Thursday. The benchmark 10-year US Treasury bond yield fell more than 2% after this data and the US Dollar Index (DXY) dropped to its lowest level in two weeks below 103.50, losing 0.75% in the process. Early Friday, the 10-year US yield stays below 3.75% and DXY fluctuates in a narrow channel at around 103.40. Meanwhile, US stock index futures trade in negative territory, pointing to a cautious market stance.

During the Asian trading hours on Friday, the data from China showed that the Consumer Price Index (CPI) declined by 0.2% on a monthly basis in May. This reading failed to trigger a noticeable market reaction. AUD/USD, which extended its weekly rally and gained 150 pips on Thursday, stays relatively calm slightly above 0.6700 early Friday.

Swiss National Bank (SNB) Chairman Thomas Jordan said on Thursday it would not be a good idea to wait for inflation to rise and then have to raise interest rates. These comments provided a boost to the CHF and USD/CHF lost more than 100 pips. Early Friday, the pair trades below 0.9000.

USD/CAD closed the third straight day in negative territory on Thursday and continues to edge lower early Friday. The pair was last seen trading slightly below 1.3350. The Unemployment Rate in Canada is forecast to tick up to 5.1% in May from 5% April.

Canada Unemployment Rate Preview: Canadian Dollar traders to scrutinize jobs report.

EUR/USD benefited from the broad USD weakness on Thursday and rose toward 1.0800 before going into a consolidation phase. In the European morning, the pair moves up and down in a narrow band above 1.0750.

GBP/USD is finding it difficult to build on Thursday’s gains and holds steady at around 1.2550.

USD/JPY fell to a fresh weekly low below 139.00 on Thursday but regained its traction early Friday. As of writing, the pair was up 0.4% on the day at 139.50.

Gold price rose sharply toward $1,970 on Thursday, boosted by the retreating US T-bond yields. XAU/USD moves sideways near mid-$1,960s in the European morning.

Bitcoin continues to move sideways near $26,500 for the second straight day on Friday. Similarly, Ethereum remains rangeboud slightly above $1,800.