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.
Commodities:
- Brent oil may rise to 79.85 before falling to 78.20.
- Gold may fall to 2020.20.
Stocks:
- S&P 500 may rise to 4974.0 or fall to 4860.0.
Cryptocurrencies:
- Bitcoin may rise to 45000.00.
- Ripple may rise to 0.548.
- Ethereum may rise to 2435.00.
Categories: Market News
