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Analysis of EURUSD
Fundamental Analysis
The US dollar had a disappointing week’s closing, and the labor market data is currently in focus. The US dollar cleared daily gains at the close of the week with a modest decline. High US Treasury yields provide support for the US dollar. The PCE figures for May revealed an unexpected slowdown in US inflation. As Le Pen’s National Rally leads the opening round, EUR/USD jumps to about 1.0750. The likelihood of a rate decreases by the Fed in 2024 is increased by recent inflation data, which is why the EUR/USD pair is still rising. US Core PCE inflation decreased from 2.8% YoY in April to 2.6% YoY in May. Support for the Euro increased as Marine Le Pen’s National Rally reaffirmed its position as the nation’s most powerful political force.
EURUSD News Schedule (GMT+1)
EURUSD Chart Analysis
Analysis of GBPUSD:
Fundamental Analysis
GBP/USD strengthens beyond 1.2650 as attention turns to US PMI data. In the early Asian session of Monday, the
GBP/USD exchange rate rises to 1.2655. There have been rumors that the Fed will lower the rate this year due to the weaker US PCE inflation figures. The Conservative Party, led by UK Prime Minister Rishi Sunak, is predicted
to lose to the opposition Labor Party.
GBPUSD News Schedule (GMT+1)
GBPUSD Chart Analysis
Analysis of GBPJPY
Fundamental Analysis
On Thursday, GBP/JPY hits new multi-year highs. GBP/JPY reaches new 16-year highs as the Yen keeps declining. Japan’s retail trade increased somewhat, with the Tokyo CPI inflation rate coming up next. Friday is the UK GDP revision; little is anticipated to change.
GBPJPY News Schedule (GMT+1)
Analysis of XAUUSD
Fundamental Analysis
After US PCE statistics, speculation over a Fed rate decrease causes gold to decline. Under pressure from rising US Treasury yields, gold drops from its daily highs. May’s US PCE Index above estimates, stoking expectations for Fed rate cuts in 2024. US 10-year yield reaches 4.339%, the highest level since June 12; DXY is down 0.08% at 105.80.
XAUUSD News Schedule (GMT+1)
XAUUSD Chart Analysis
Analysis of WTI
Fundamental Analysis
On Friday, crude oil briefly hits a new high before falling back into the red. WTI reverts to below $81.00 as the bullish
momentum wanes. US Crude Oil rose on Friday, but it soon fell back to levels that were known to traders. According to the EIA, US crude oil production reached all-time highs in April.
WTI News Schedule (GMT+1)
WTI Chart Analysis
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