Global markets remain near record highs, but the next few weeks will be crucial as investors analyze data to determine when central banks might start easing monetary policy. Inflation trends and central bank rhetoric will be key drivers of market sentiment. The week could be volatile, with potential for price swings based on economic news and central bank rhetoric.

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The overall market sentiment seems to be cautiously optimistic, with some potential for short-term volatility. The economic data releases later today (US Initial Jobless Claims, US Services PMI, US Manufacturing PMI) could have a significant impact on the markets.

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The key factor influencing most currencies today will be the release of the FOMC minutes. A hawkish stance could strengthen the US dollar and put downward pressure on other currencies. NZD/USD is an exception, potentially benefiting from the hawkish RBNZ decision. Gold and Silver remain uncertain without a clear directional bias.

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The major currencies (EUR, GBP, AUD) seem to be in a consolidation phase with potential for corrections or continuations of their current trends depending on upcoming news events. JPY might experience further bullish momentum. The impact of the RBNZ interest rate decision on NZD/USD is uncertain.

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The currency markets were mixed today with the USD strengthening against the JPY and weakening against the EUR, GBP and AUD. Gold prices rose to record highs due to expectations of rate cuts by the Federal Reserve. Crude Oil is expected to continue its uptrend in the near future.

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This week: Central bankers take center stage with speeches from Fed Chair Jerome Powell and others, plus the release of the Federal Open Market Committee (FOMC) meeting minutes. We’ll also see crucial data releases and a rate decision from New Zealand.

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The ECB warned about possible financial instability due to geopolitical tensions and upcoming elections, but the overall threat has lessened compared to six months ago. The Eurozone is showing signs of recovery, prompting the ECB to signal a rate cut next month. The US dollar weakened on expectations of a Fed rate cut due to a drop in US inflation.pen_spark

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The US CPI report released on May 15th triggered a market reaction. Lower than expected inflation data caused the US dollar to weaken against most major currencies. The focus shifts to Japan’s GDP data on May 16th, with expectations of a rebound. The RBA’s monetary policy stance will also influence AUD/USD.

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The markets are currently focused on Jerome Powell’s speech and upcoming US inflation data (PPI and CPI). A hawkish stance from Powell and weaker inflation data could strengthen the US dollar against EUR, GBP, and JPY. The Australian dollar (AUD) is also waiting on wage growth data. Gold prices could rise if they consolidate above 2,330, while Bitcoin is facing downward pressure in the near-term.

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The overall market sentiment seems cautious due to a lack of major data releases. Sideways movements are expected for most currencies, with potential reversals near support zones later in the week. Speeches from Fed representatives and global economic developments could impact market direction.

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