Research & Education

The GBPUSD has been in an upward corrective phase after bouncing off the year's lows. A decisive violation of the key resistance level, 1.25410, will allow the Cable to reach higher exchange rates. Traders are expected to closely monitor a currency pair in light of the forthcoming release of significant economic data that could potentially impact currency valuations.

Today's interest is dominated by the Bank of Japan's policy rate meeting and the US Core Price Index. At the same time, the USDJPY currency pair is setting new all-time highs for 2024 while the Dollar Index is weakening.
It is essential to keep a keen eye on market demand and supply dynamics while staying informed about economic events and geopolitical developments.

The EUR/USD currency pair seeks positive momentum to stage an upside retracement amidst the ongoing geopolitical turbulence. The Flash Purchasing Managers Index (PMI) survey is scheduled to be released soon, and it is expected to provide some insight into the relative level of business conditions in France, Germany, the UK, and the United States of America.

Crude oil prices have been moving upward since December 14, 2023, when it hit a low of $67.708 per barrel.  This is despite concerns about global demand, economic uncertainty, geopolitical tensions and a stronger US dollar.  As of April, the price of Crude Oil has rallied to $87.81.  Traders will be keeping a close eye on the upcoming Crude Oil Inventories report on Wednesday, as it may have an impact on the price of Oil.

The recently published inflation data has considerably impacted the currency market, causing the Dollar Index to move significantly upward.  This unexpected surge in inflationary pressure has resulted in market speculation and a reevaluation of the current market sentiment concerning a possible rate cut by the Federal Reserve in the near future.
Traders will be keeping a close eye on the currency market, as significant economic data that could affect currency valuations will be released later today. 

The latest employment figures in the United States have increased the US Dollar, impacting the major currency pairs, including the USDJPY. Additionally, the recent exit of the Bank of Japan from its negative interest rate policy, coupled with a 12th consecutive monthly decline in household spending, has contributed to an upward bias in the USDJPY exchange rate.

The upcoming release of the Nonfarm Payrolls (NFP) report generates high anticipation among traders worldwide.  The report is scheduled to be released later today and is expected to reveal an addition of 212,000 jobs for the month, with an estimated unemployment rate of 5.9%.  It is of paramount importance for market participants to meticulously scrutinize the headline figures and the underlying details, such as labor force participation and wage growth.  Given the anticipation of significant economic data releases, traders will be closely monitoring the market today with a keen eye on their potential impact on the US Dollar.

Yesterday's trading session saw the price of Gold closing at 2297.55 US Dollars per troy ounce, surpassing the previous all-time high and setting an unprecedented record of eleven all-time highs in 2024 alone.  This surge in value can be attributed to several factors, including the recent retracement of the US Dollar, ongoing geopolitical uncertainty, mounting inflationary pressure, and the potential for an extended period of high interest rates.