Trading Forecast: Euro, Dollar and Pound Face Strong Winds This Week
Key event risk in US NFPs, Greek negotiations, a UK election and RBA rate decision set the FX market up for volatility in the week ahead.
This past week, the USDollar posted its first drop on a monthly basis in 10 consecutive months.
The Japanese Yen finished the week notably lower versus the US Dollar but stuck to its long-standing trading range.
Headlines surrounding the U.K. election are likely produce increased volatility for GBP/USD, but the uncertainties clouding the fiscal outlook may only act as a near-term driver for the British Pound as the Bank of England (BoE) remains on course to normalize monetary policy.
The Australian Dollar may rise if the RBA decides not to cut interest rates its May meeting. Seemingly compelling evidence suggests they may opt to do just that.
Gold prices fell to a 6-week low with the precious metal off by more than 0.50% to trade at $1172 ahead of the New York close on Friday.
Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!
Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.