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The FXGT Blog
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Market Analysis
5 June 2024
Australian Dollar Overcomes Weak GDP, Boosted by Strong China Data
The Australian dollar held steady, hovering around $0.665, as domestic economic data proved less disappointing than markets feared. Despite weaker-than-expected GDP growt...
5 June 2024
USD/CAD Consolidation Continues with BoC Rate Decision and US Data in Focus
Market Consolidation After Early 2024 Surge: The USD/CAD currency pair has had a dynamic journey in 2024. After climbing from a low of $1.3170 in January to near $1.38 in...
4 June 2024
Anticipation Builds for Bank of Canada Rate Cut
The USD/CAD pair is in focus after reversing a three-day decline. Despite trading in a consolidation pattern since May, the pair has strengthened to near $1.37 on Tuesday...
4 June 2024
EUR/USD Climbs to 6-week High as US Economy Shows Signs of Slowing
The EUR/USD pair climbed to its highest level since March, surpassing the $1.09 mark during the early hours on Tuesday. This follows a three-day winning streak for the eu...
4 June 2024
Bitcoin Gains 11.50% in May: Consolidation and Key Levels in Focus
Bitcoin gained 11.50% in May and is up 2% over the past week as it continues to consolidate sideways, remaining above the immediate support level of $66,300. The daily tr...
3 June 2024
Oil Prices Hold Steady as OPEC+ Extends Production Cuts into Next Year
Oil prices remained steady after OPEC+ decided to extend all production cuts into next year while outlining a gradual phase-out plan for some reductions. This move aims t...
3 June 2024
The week ahead – ECB Rate Decision & US Non-Farm Payrolls
The main event in the US will be the May job market report. Nonfarm payrolls are anticipated to have grown by 190k, a slight increase from April, with the unemployment ra...
3 June 2024
Weekly Market Recap – Major Indexes Post Monthly Gains
Major indexes ended the week lower but concluded May with strong gains. Over the week, the S&P 500 declined by 0.35%, the Nasdaq 100 fell 1.4%, and the Dow lost 0.8%. Des...
31 May 2024
EUR Recovers to $1.0850 as Eurozone Inflation Surpasses Expectations
The euro gained toward the $1.0850 mark, extending its rebound from the two-week low of $1.08 reached. This movement is driven by higher-than-expected inflation in the Eu...
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...