Get ready for the latest Forex market update as we approach upcoming Flash PMI data releases and central bank rate announcements. Stay ahead of the trends and make informed trading decisions.
Key Data Releases to Watch
- French Flash Manufacturing PMI and Services PMI
- SNB Monetary Policy Assessment and Press Conference
- German Flash Manufacturing PMI and Services PMI
- Britain Monetary Policy Summary, MPC Official Bank Rate Votes
- US Unemployment Claims, Philly Fed Manufacturing Index, Flash Manufacturing PMI, Services PMI, and Existing Home Sales
Australian Employment Surge Offers Limited Boost to AUD as Traders Anticipate US PMI Data
The Australian Dollar (AUD) remains buoyant today, reacting positively to a better-than-expected Australian Employment Change and Unemployment Rate. Despite a promising start, gains were trimmed following a mixed performance in the Australian equity market, and traders now look westward for further cues from the upcoming US Flash PMI data.
The Federal Open Market Committee (FOMC) decision to maintain interest rates added to the upbeat sentiment as Fed Chair Jerome Powell’s dovish remarks prompted a sell-off in the US Dollar (USD), offering a lift to the AUD/USD pair.
AUD/USD Intraday Analysis: Upholding Upside Potential
In the intraday outlook for the AUD/USD asset, a recommendation to BUY is presented, with an entry price (pivot) set at 0.6440 and target/take profit levels at 0.6650 and 0.6670, offering the potential for an upside of up to 30-50 pips. With a risk of 2% per trade and a focus on the spot market, this analysis is supported by the RSI, indicating prevalent upside momentum.
AUDUSD Daily Chart
European PMI Mixed, EUR/USD Faces Resistance after Fed Rally
The EUR/USD corrected lower after a Fed-induced rally sent the pair above the 1.0900 level. Subsequent mixed PMI readings from Germany and France have introduced some volatility, making it harder for the Euro to maintain its recent strength. Eyes are now on the US economic docket for additional drivers that could influence the currency pair’s trajectory.
EUR/USD Intraday Outlook: Anticipating Further Advance
The EUR/USD asset presents a recommendation to BUY, with an entry price (pivot) set at 1.0900 and target/take profit levels at 1.0960 and 1.0980, offering a potential advance of up to 30-50 pips. With a risk of 2% per trade and an intraday period, this analysis in the spot market is supported by the RSI, indicating upside momentum in the market.
GBP/USD Rallies, BoE Decision in Spotlight
GBP/USD is riding a wave of positive sentiment, helped in part by a weaker USD post-Fed decision. The pair is trading close to 1.2800, buoyed by expectations of a dovish stance from the Bank of England (BoE) and the upcoming UK PMI data. Analysts speculate that any indication of a potential rate cut from the BoE could lead to a dip in the Pound’s strength.
GBP/USD Intraday Analysis: Maintaining Upside Potential
In the intraday outlook for the GBP/USD asset, a recommendation to BUY is presented, with an entry price (pivot) set at 1.2765 and target/take profit levels at 1.2815 and 1.2840, suggesting the potential for an upside of up to 30-50 pips. With the risk of 2% per trade and a focus on the spot market, this analysis is supported by the RSI, indicating prevalent upside momentum.
GBPUSD Daily Chart
Gold Reaches Record Highs Despite Risk-On Atmosphere
Gold price (XAU/USD) has touched new highs today, despite retracing from its peak earlier in the session. The Federal Reserve’s projection of a 75 basis point rate cut by end-2024 continues to weigh on the US Dollar, lending support to gold prices, which remain well above the $2,200 mark.
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