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The FXGT Blog
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Market Analysis
30 May 2024
US Dollar Declines on GDP Revisions, Eyes on Upcoming PCE Data
The US dollar fell against most major currencies, and government bond yields declined in the early American session on Thursday after Q1 GDP growth was revised lower to 1...
30 May 2024
Japanese Yen Strengthens as BoJ Board Member Signals Potential Rate
The Japanese Yen strengthened following remarks from Bank of Japan (BoJ) board member Seiji Adachi. He indicated support for raising interest rates if a weaker Yen leads ...
29 May 2024
AUD/USD Holds Steady as Inflation Hits Highest Rate Since November
Despite weaker-than-expected retail sales on Tuesday and a higher-than-anticipated inflation report today, the Australian dollar remained largely unchanged since Monday. ...
29 May 2024
EUR/GBP Challenging the £0.85 Support Level Ahead of Key ECB Meeting
Over the past two weeks, EUR/GBP has declined from a high of £0.8620 reached on May 10th, dropping to a low below £0.85. Expectations of imminent ECB rate cuts, in contra...
28 May 2024
Crude Oil Prices Rise Amid Stronger Demand Expectations and Geopolitical Tensions
U.S. crude futures increased on Tuesday, boosted by expectations of stronger fuel demand as Memorial Day weekend marked the start of the summer driving season. West Texas...
28 May 2024
Correction Brings Gold to Key Support as Market Awaits US Inflation Data
After having reached an all-time high last Monday, gold prices declined by more than 4%, now hovering around $2,350. Despite this decline, the daily trend remains strongl...
28 May 2024
Technical overview – Bitcoin Consolidates Above Key Support, Eyes Breakthrough Above $71,000 Resistance
Bitcoin is down 3.5% over the past week, trading within a sideways range between $66,500 and $71,000. Any price dips have been quickly bought up, and the market has respe...
27 May 2024
AUD/USD Maintains Strength Above $0.66 Ahead of Upcoming Retail Sales and Inflation Data
The Australian dollar held steady above $0.66 amid low liquidity due to the U.S. holiday, as investors await key domestic retail sales and inflation data later this week....
27 May 2024
The week ahead – US GDP & PCE Price Index
In a holiday-shortened week due to Memorial Day, key updates include the second Q1 GDP estimate on Thursday and April's core PCE price index on Friday. A lower PCE and so...
27 May 2024
Weekly Market Recap – Fed’s Higher-for-Longer Policy
The major U.S. stock indexes had mixed results this week. The Dow fell over 2.40%, ending its five-week winning streak and dropping to 39,000 points. The Nasdaq rose 1.34...
24 May 2024
SEC Approves Ethereum ETFs, but ETH Fails to Breach $4,000
Price Movement Post-ETF Approval: Despite historic approvals by the SEC for eight Ethereum-based exchange-traded funds (ETFs), Ethereum’s price has not surpassed the $4,0...
23 May 2024
GBP/USD Holds Above $1.2700 Despite Weak UK PMI Data, Focus Shifts to UK Retail Sales
The GBP/USD pair remains strong as traders reduce bets on a BoE rate cut in June, following the slower-than-expected inflation decline. The Pound benefits from these adju...
23 May 2024
Cautious Fed Minutes Pressure EUR/USD, Focus Shifts to PMI Data
The EUR/USD was knocked lower on Wednesday after the Federal Reserve’s (Fed) latest Meeting Minutes revealed a cautious stance from the Federal Open Market Committee (FOM...
22 May 2024
Sterling Gains as April Inflation Exceeds Forecasts, Shifts BoE Rate Cut Hopes to November
The pound jumped after data showed UK inflation fell less than expected in April. The April print has emerged as a significant hurdle for the Bank of England’s potential ...
22 May 2024
EUR/USD Awaits FOMC Outcome, Key Support Level at $1.08 in Play
EUR/USD has been in an upward trajectory since mid-April, finding strong support above the $1.06 level. The rally has lifted the daily chart above a key moving average fo...
21 May 2024
Oil Prices Weaken Despite Geopolitical Risks, OPEC+ Meeting in Focus
The market has spent the last two weeks in a sideways range, finding resistance at $80 and support at $77. Oil prices retested the $80 level during yesterday's session bu...