EUR/USD
EUR/USD is looking to surpass 1.0220 to record more gains as DXY has extended losses. Fed’s consecutive rate hike by 75 bps has failed to support the DXY. This week, the GDP data from the US and Eurozone will remain in limelight.
GBP/USD
GBP/USD remains sidelined around monthly high, recently easing from the top. US dollar slumped after Fed’s 0.75% rate hike as Chairman Powell teased net neutrality. Downbeat British car production, fears of UK real-estate recession and political jitters probe Pound buyers.
USD/JPY
USD/JPY braces for the biggest daily loss. In doing so, the yen pair cheers the broad US dollar weakness after the US Federal Reserve (Fed) announcements amid fears of economic slowdown in the US and Japan.
AUD/USD
The AUD/USD pair has turned sideways after printing a fresh monthly high of 0.7013 on Wednesday. The asset is oscillating in a 0.6979-0.7003 range in the early European session and is likely to extend gains after an upside break of the charted territory.
NZD/USD
NZD/USD remains sidelined around 0.6260-70 heading into Thursday‘s European session, after rising the most in a week. Alike other currency major pairs, the Kiwi pair also cheered the Fed-inspired USD weakness before the fears of recession and pre-data anxiety challenges the bulls. Additionally, mixed sentiment data from New Zealand also played a role to restrict the pair’s latest moves.
USD/CAD
USD/CAD treats water around 1.2820-30 during Thursday morning in Europe, after refreshing the monthly low the previous day.
USD/CHF
The asset is prepared to deliver a fresh bearish impulsive wave as the US dollar index (DXY) has shifted into a negative trajectory after the rate hike announcement by the Federal Reserve (Fed).
CRUDE OIL
Crude opened higher in Asia today on the back of lower inventory levels and a weakening US Dollar in the aftermath of the Fed’s 75- basis point (bp) rate hike. On Tuesday, the American Petroleum Institute (API) reported that crude stockpiles fell by 4 million barrels last week. The drop in stockpiles was then confirmed on Wednesday when the Energy Information Administration (EIA) reported that holdings in the strategic petroleum reserve fell by 4.5 million barrels. This was a larger decrease than expected and takes the reserve down to 422 million barrels
GOLD
Gold price is preserving its less hawkish Fed-induced gains so far this Thursday, as bulls are biding time ahead of the US advance Q2 GDP release. The Fed raised rates by the expected 75 bps on Wednesday but abandoned its forward guidance, disappointing the hawks.
Any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. For the full Risk Disclaimer click here.
