The EUR/USD currency pair ended the week without direction, while the GBP is expected to remain strong due to forecasted interest rate increases in the UK. The Australian Dollar’s performance is uncertain due to upcoming decisions by the Reserve Bank of Australia. The US Dollar experienced a pause in momentum, and attention has shifted towards Wall Street. Gold prices are forecasted to be bearish due to interest rate hikes by the Federal Reserve, and there are indications of overheating in the US stock market despite positive average hourly earnings.
The Organization of the Petroleum Exporting Countries and its allies have positively impacted the Canadian dollar through the export of crude oil. However, the possibility of a rate increase by the Bank of Canada remains uncertain
The upcoming week for the Japanese Yen will be influenced by the increasing likelihood of the Federal Reserve skipping bets. The USD/JPY remains stable above significant support levels, whereas the EUR/JPY’s upward momentum appears to have weakened and the AUD/JPY’s recovery lacks momentum.