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At first, it may seem like volatility risk was avoided in financial markets. After the worst week on Wall Street since March, the past 5 days saw equities eke out slight gains. Yet, foreign exchange markets showed dynamics of risk aversion. The anti-risk US Dollar and Japanese Yen rose. This is as the growth-oriented Australian Dollar fell. Gold prices remained in range-bound trade.

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After a rosy start, the S&P 500, Dow Jones and Nasdaq Composite struggled to find follow-through. In the background, there seem to be rising fears of a second wave of the coronavirus. New hotspots emerged in Beijing. In the US, states like California, Florida and Texas reported record single-day rises in Covid-19. Meanwhile, the Fed’s balance sheet shrank the most this year.

Rising cases may pressure local government officials to pause or unwind lockdown easing measures. As markets are forward looking, this could offset further rosy surprises in economic data from the world’s largest economy. Traders will be awaiting US durable goods orders, Markit PMIs (manufacturing & services), personal spending and University of Michigan Sentiment.

The Reserve Bank of New Zealand and Banco de Mexico (Banxico) have interest rate decisions ahead. Investors will be eyeing their economic assessments. The International Monetary Fund (IMF) will also update its 2020 outlook. Further grim projections could derail risk appetite further. What else is in store for financial markets in the week ahead?

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Fundamental Forecasts:

Euro Forecast: Outlook for EUR/USD Negative on Second Wave Fears

Fears of a second wave of coronavirus infections as countries ease their lockdown measures will likely keep investors cautious in the week ahead, damaging sentiment towards currencies such as the Euro.

Australian Dollar Outlook Bearish on Concerns of Second Covid-19 Outbreak

AUD may come under pressure in the week ahead as fear of a second-wave of Covid-19 rattles financial markets amid growing China-Australia geopolitical tensions.

Gold Price Outlook, What Can Break the Trading Range?

Gold prices have been struggling to find direction - why? Will a shockwave that sinks the Dow Jones and S&P 500 make itself known? That is a key risk for XAU/USD.

US Dollar Resurgence May Continue As Fed Balance Sheet Contracts

The US Dollar may continue its recent recovery as the Federal Reserve’s balance sheet contracts $74 billion in the week ending June 17.

USD/MXN Outlook: Recent Correction Makes the Peso Attractive

As markets continue to monitor Covid-19 cases, the Mexican Peso is able to contain some of the losses

Nasdaq 100, DAX 30 & FTSE 100 Forecasts for the Week

Stocks have stalled near their recent peaks as market participants wrestle with accommodative monetary policy and the threat of a second coronavirus wave. Can stocks continue higher?

Technical Forecasts:

Gold Price Forecast: Reversal from May Low Brings June High on Radar

The technical outlook for gold brings the monthly high ($1746) on the radar as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670).

Sterling (GBP) Collapses Through Support - GBP/USD, EUR/GBP and GBP/AUD Outlooks

After drifting lower throughout the week, Sterling’s falls accelerated on Friday, with the sell-off being further fueled by news that UK debt to GDP surged to its highest level since 1963.

Japanese Yen Outlook: USD/JPY & GBP/JPY Charts to Watch

The Japanese yen continues to go nowhere versus the Dollar, but vs Sterling it is around a potentially big spot on the charts.

DAX 30, FTSE 100 Technical Outlook For Next Week

DAX maintains uptrend as support holds, while FTSE 100 aims to make a test of pivotal resistance.

Dollar Price Outlook: USD Recovery Eyes Initial Hurdles– DXY Levels

USD is poised for a second consecutive weekly advance with the rally now targeting initial resistance. Here are the levels that matter on the DXY weekly technical chart.

Oil Price Forecast: Oil Recovery Continues, WTI Tests the $40 Handle

Don’t call it a comeback; but less than two months after Oil traded at -40 prices have begun to re-test the $40 handle. Can it continue?

US DOLLAR WEEKLY PERFORMANCE AGAINST CURRENCIES AND GOLD

Markets Week Ahead: S&P 500, Dow Jones, Gold Prices, US Dollar, USD/MXN

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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