• Deeper Correction Likely for XAU/USD This Week

    Deeper Correction Likely for XAU/USD This Week

    • April 13, 2024

    Another week, another record high for the precious metal. The spot price of gold (XAU/USD) refreshed all-time highs at $2,431 last week, strengthened by expectations of US rate cuts, safe-haven demand amid geopolitical tensions in the Middle East and central banks purchasing large stockpiles of gold. However, sentiment soured on Friday, casting gold -1.2% lower

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  • S&P 500 on Track to Snap Five-Month Bullish Phase

    S&P 500 on Track to Snap Five-Month Bullish Phase

    • April 13, 2024

    The S&P 500 finished another week in negative territory, shedding -1.6% (-2.5% MTD). While it is clear that this market remains the domain of buyers, 90% of the upside in March has been reclaimed, and evidence is building for a deeper correction. Deeper Correction Possible Kicking things off from the monthly chart, following last week’s

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  • GBP/USD on the Radar This Week

    GBP/USD on the Radar This Week

    • April 13, 2024

    Sterling ended the week considerably lower against the US dollar, recording its largest one-week decline since July 2023 (-1.5%). In light of the slew of UK economic data on the docket this week—wages, CPI inflation and retail sales—this will be a particularly key market to monitor. Monthly Resistance Holding Firm Price action on the monthly

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  • BoC Preview: No-Change Expected; Forward Guidance Eyed

    BoC Preview: No-Change Expected; Forward Guidance Eyed

    • April 10, 2024

    Market Pricing – Unlikely to Adjust Rates The Bank of Canada (BoC) is poised to update policy later today at 2:45 pm GMT+1. Markets are currently pricing around a 16% probability of a 25bp cut at the upcoming meeting, with June pricing in -20bps of easing and July fully pricing in a -25bp cut. Recent

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  • USD/JPY On the Verge of Hitting Multi-Decade Highs

    USD/JPY On the Verge of Hitting Multi-Decade Highs

    • April 6, 2024

    You will recall that the Bank of Japan (BoJ) increased its Policy Rate to +0.00%/0.10% in March, pulling the rate out of negative territory. While many, including the Research Team at FP Markets, expected the Japanese yen (JPY) to rally on the back of this, we instead witnessed a fall in the currency, consequently drawing

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  • Is There Any Stopping Gold?

    Is There Any Stopping Gold?

    • April 6, 2024

    The spot price of gold (XAU/USD) concluded another week in positive territory, adding +4.3% and refreshing record pinnacles at $2,330/ounce amid expectations of lower rates this year, geopolitical tensions and speculative buying. There’s no denying that the yellow metal is exhibiting an uptrend and has been since pencilling in a bottom around the $1,614 area

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  • Dollar Index Slammed Lower on Powell’s Comments

    Dollar Index Slammed Lower on Powell’s Comments

    • April 3, 2024

    Dollar Index Slammed Lower on Powell’s Comments Fed Chair Jerome Powell recently made the airwaves, delivering remarks on the economic outlook at Stanford Business School. Key Takeaways from the Speech: The Fed Chief does not envisage easing policy until there is more confidence regarding the inflation picture but still believes it will be ‘appropriate’ to

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  • EUR/USD Ahead of Euro Area Inflation Release

    EUR/USD Ahead of Euro Area Inflation Release

    • April 2, 2024

    ECB Dovish Stance Recently, the ECB adopted more of a dovish stance. ECB President Christine Lagarde noted that the eurozone’s economy is in a disinflationary process and added that inflation is ‘making good progress’. Lagarde added that they are confident but ‘not sufficiently confident’ and commented that additional data is needed; more will be known

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  • EUR/CHF Leaning in Favour of Bulls

    EUR/CHF Leaning in Favour of Bulls

    • March 26, 2024

    Year-to-Date (YTD) Outperformance Weekly timeframe – The technical landscape of longer-term flow on the EUR/CHF paints an interesting picture at the moment, poised to end the week higher for an eighth successive weekly session. Interestingly, the currency pair is up +5.4% (YTD), following the record low printed in late 2023 at CHF0.9254. You will also

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  • XAU/USD: $2,147 Support in a Vulnerable Position

    XAU/USD: $2,147 Support in a Vulnerable Position

    • March 23, 2024

    Following another all-time high for the yellow metal last week at $2,223, the tail end of the week witnessed a moderate correction. There’s no denying that the yellow metal is exhibiting an uptrend and has been since pencilling in a bottom around the $1,614 area in late 2022. Knowing we have a clear uptrend in

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  • Macro/Technical Picture Suggests Shorting Rallies in GBP/USD

    Macro/Technical Picture Suggests Shorting Rallies in GBP/USD

    • March 23, 2024

    Dovish Shift It was another disappointing week for the pound, pencilling in its worst-performing week of the year (-1.1%). March is poised to end the month considerably off best levels, fuelled by the recent shift in MPC votes with the Bank of England (BoE) now edging ever closer towards easing policy (this was a surprise

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  • Oil Bears to Make a Show?

    Oil Bears to Make a Show?

    • March 23, 2024

    Last week, the price of WTI oil settled considerably off its best levels, consequently delivering a Japanese shooting star candlestick formation on the weekly chart (bearish). Despite bottoming in late 2023 and printing a series of higher highs and higher lows on the daily timeframe, daily technical resistance also made a show last week. The

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