Weekly Trading Forecast: How Far Will Dramatic EUR/USD, GBP/USD, USD/JPY Moves Run?
There are two scenarios for the week ahead: either the market fully acknowledges that the Fed is hamstrung and cannot hike or Chairwoman Janet Yellen spurs a dramatic Dollar rally
There was a European Central Bank meeting this past Thursday, and you may not have heard about it. Nothing really happened, and nothing was really expected to happen.
Even though the economic docket for both the U.K. & U.S. remains fairly light for the first full-week of June, GBP/USD may work its way back towards the top of its recent range as the dismal Non-Farm Payrolls (NFP) report dampens bets for an imminent Fed rate-hike.
A Japanese Yen surge pushed it through key price resistance levels versus the US Dollar and other major currencies.
The Australian Dollar snapped a five-week losing streak, putting in its largest advance in four months. The move found fuel in domestic and external news-flow.
Gold prices snapped a 4-week losing streak with the precious metal rallying more than 2.2% to trade at 1239 ahead of the New York close on Friday.
The onshore Yuan pairing (USD/CNY) touched 6.5934 on Wednesday, the first time since the plunges in January.
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