The Reserve Bank of Australia’s monetary policy stance could support the Australian dollar. The Federal Reserve’s plans to cut rates to 4.75% in 2024 are creating a discrepancy between investor views and FOMC forecasts. The US dollar remains strong despite a recent decline. The future of the EUR/USD pair depends on upcoming economic data.


Key Highlights:

  • US Dollar: Despite a strong jobs report, the Fed’s plan to cut rates to 4.75% in 2024 remains unchanged
  • EUR/USD: The euro is currently correcting upwards after hitting a three-month low against the dollar. However, analysts predict a further decline to 1.0700 or even 1.0666.
  • GBP/USD: The British pound is also expected to decline further, reaching 1.2470.
  • USD/JPY: The Japanese yen has stabilized after recent volatility, but the dollar is still supported by the Fed’s hawkish stance and positive US data.
  • AUD/USD: The Australian dollar might have bottomed out due to the RBA’s different monetary policy approach compared to other central banks. However, its future depends on upcoming economic data.
  • Gold and Oil: Both gold and oil are predicted to experience corrections after recent gains.


EUR/USD Forecast:

  • The dollar is still strong, but the Federal Reserve’s hawkish stance may be softening.
  • Retail sales in eurozone decline unexpectedly, potentially impacting EUR.
  • EUR/USD may correct further before another decline.
  • Sell EUR/USD when the price rebounds from resistance at $1.078 and $1.081.


Other Currencies:

  • GBP/USD may decline to 1.2470.
  • USD/JPY may rise to 149.47 before falling to 148.00.
  • USD/CHF may rise to 0.8777.
  • AUD/USD may decline to 0.6500.



  • Brent oil may rise to 79.85 before falling to 78.20.
  • Gold may fall to 2020.20.



  • S&P 500 may rise to 4974.0 or fall to 4860.0.



  • Bitcoin may rise to 45000.00.
  • Ripple may rise to 0.548.
  • Ethereum may rise to 2435.00.
Categories: Market News

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