Weaker-than-expected US inflation data is weighing on the US dollar, boosting the Australian dollar against USD. Markets are pricing in a less aggressive Fed, while RBA’s steady approach and improving risk sentiment keep AUD supported. #AUDUSD #ForexForecast
The U.S. dollar retreated sharply after Kingdon Capital’s Mark Bessent advocated for Federal Reserve rate cuts, shifting market expectations toward easing as soon as September. This paved the way for gains in EUR/USD and GBP/USD, while USD/CAD and USD/JPY responded to growing uncertainty. Watch for key technical levels as policy divergence and global growth concerns drive volatility.
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USD/CAD bulls face resistance as upward momentum falters near 1.3650. Technical signs point to weakening strength with bearish RSI divergence and a flattening MACD. Support around 1.3570 is key—breaking it may lead to deeper corrections, while a push above 1.3700 could revive the rally. Fundamentals remain mixed amid resilient US dollar and strong oil-driven CAD gains. #Forex #USDCAD
AUD/USD gains traction as softer US inflation data weakens the dollar, boosting the Australian dollar. Lower-than-expected US CPI reduces the chances of further Fed hikes, easing pressure on the Greenback. Combined with positive risk sentiment and commodity strength, the Aussie looks poised for continued support.
GBP/USD continues its rally past 1.2800 despite technical overbought signals. Sterling strength is supported by resilient UK data and a hawkish Bank of England stance, while the US Dollar softens amid shifting Fed rate expectations. The outlook calls for careful monitoring of fundamental and technical factors as momentum persists.
German inflation data for May 2024 matched expectations with CPI at 2.4 percent year-on-year and only minor month-to-month changes. EUR/USD showed limited reaction as markets had already priced in the figures. Attention now shifts to upcoming ECB and Federal Reserve decisions to guide forex movements. Read the full analysis by XTB at https://www.xtb.com/int/market-analysis/news-and-research/inflation-in-germany-in-line-with-expectations-eurusd-with-limited-reaction
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USD/CAD struggles to break above 1.3800 as the Canadian dollar shows limited strength amid mixed market signals. While the U.S. dollar gains support from robust economic data and higher Treasury yields, the Loonie faces headwinds from subdued oil prices and dovish Bank of Canada cues. Traders remain cautious ahead of upcoming economic releases and central bank decisions.
