Trade Bitcoin with FreshForex

[FreshForex]

Fundamental Market Analysis for June 20, 2024 USDJPY

[/b]

An event to look out for today:

15:30 GMT+3. USD - Number of initial applications for unemployment benefits

USDJPY:

The USD and JPY pair is trading above the 158.00 price level during the Asian session today and remains a step away from the highest level since late April reached last week. Nevertheless, the mixed fundamental backdrop calls for some caution before positioning for a continuation of the recent gains seen over the past two weeks.

The Japanese Yen (JPY) is weakened by the Bank of Japan's (BoJ) decision to refrain from discussing the reduction of JGB issuance until its next meeting. In addition, the bullish tone in global stock markets is reducing demand for the safe-haven Yen and providing support to the USD/JPY pair. However, speculation that the Japanese authorities may intervene to support the national currency, along with ongoing geopolitical tensions and political uncertainty in Europe, should limit a significant decline in the yen.

In addition, hawkish remarks from Bank of Japan Governor Kazuo Ueda earlier this week that the central bank may raise rates in July depending on economic data may deter bears from aggressively betting on the JPY. Meanwhile, the US Dollar (USD) continues to struggle to attract meaningful buyers and languishes near weekly lows amid expectations that the Federal Reserve (Fed) will cut interest rates twice this year, backed by signs of fading inflation. This could help to contain the USD/JPY pair.

Today, market participants pay attention to the economic agenda in the US, where, as usual, initial jobless claims, the Philadelphia Fed manufacturing index and housing market data - building permits and housing starts - will be released. These data, as well as the US bond yields and the Fed's speech will influence the USD price dynamics and will give some impetus to the USD/JPY pair. Traders will focus on broader risk sentiment to capitalize on short-term opportunities ahead of the release of Japanese core CPI and global PMIs on Friday.

Trading recommendation: Trade predominantly with Buy orders from the current price level

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

You can find more analytical information on our website.

[FreshForex]

Trade as a PRO and pay no commissions

Trade now on a professional ECN account with commission equal to ZERO. Activate the special code ECNFREE in the "Activate Bonus Code" section of your Personal Area.



Use the advantages of professional ECN accounts and pay no commission:

- Zero commission for opening trades;

- Narrow floating spread from 0 pips;

- Market execution of orders;

- 1:1000 leverage;

- All instruments of the company are available;

- Order execution less than 0.1 seconds;

- Possibility to use MT4 and MT5 platforms for trading;

- Possibility to trade with a fixed commission Swap Free for transferring positions to the next day.



And many other advantages of ECN trading are waiting for you in the world of Forex.

Take advantage of the favourable offer right now, earn money with FreshForex!

Get ready to trade

[FreshForex]

Fundamental Market Analysis for June 21, 2024 EURUSD

Events to pay attention to today:

11:00 GMT+3. EUR - Composite PMI

11:30 GMT+3. GBP - Composite PMI

16:45 GMT+3. USD - Composite PMI

EURUSD:

The US Dollar (USD) remains resilient early Friday after rising against major rivals on Thursday. Later in the day, S&P Global will release preliminary reports on manufacturing and services PMIs for Germany, the UK, the eurozone and the US for June. Ahead of the weekend, market participants will also keep a close eye on May US existing home sales data and May Canadian retail sales data. EUR/USD returned to familiar technical levels on Thursday, falling towards 1.0700 after a miss in US economic data supported the dollar.

Germany's Producer Price Index (PPI) fell to 0.0% month-on-month in May, down from the previous reading of 0.2% and missing the expected rise to 0.3%. On an annualized basis, the PPI was also below expectations, falling to -2.2% for the year ending in May. While the annualized figure improved from the previous reading of -3.3%, it still fell short of the projected recovery to -2.0%.

The latest US initial jobless claims data came in above expectations: 238,000 people applied for unemployment benefits in the week ended June 14, up from the previous week's revised figure of 243,000. The increase also pushed the four-week average to 242,750 from the previous 227,250.

The Philadelphia Fed's manufacturing sector business activity index for June fell to 1.3 from 4.5, falling short of the expected 5.0. In addition, U.S. housing starts in May fell to 1.277 million new units, down from the forecast of 1.37 million and the previous month's revised figure of 1.352 million.

Trading recommendation: Trade mainly with Sell orders from the current price level

Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for June 24, 2024 EURUSD

EURUSD:

The Euro-dollar pair remains lower for the third consecutive day on Monday, trading around 1.0690-1.0685 in the Asian session, just above the lowest level since early May. The common currency continues to be dragged down by uncertainty over the outcome of the snap election in France, which has fueled fears that the new government will worsen the financial situation in the Eurozone's second-largest economy. In addition, flash PMI indices released on Friday showed that business activity growth in the Eurozone slowed sharply in June. This, as well as some subsequent US Dollar (USD) buying, proved to be key factors putting downward pressure on EUR/USD.

The US Dollar Index (DXY), which tracks the dollar against a basket of currencies, rose to its highest level since May 9 on the back of Friday's PMI data, which showed that US business activity rose to a 26-month high in June. The data confirms the Federal Reserve's (Fed) patient approach, although signs of weakening inflationary pressures have raised the prospect of a rate cut in September. This could deter dollar bulls from aggressive bets and help limit further EUR/USD declines.

Traders may also prefer to wait for Friday's release of US Personal Consumption Expenditures (PCE) price index data to get an indication of how the Fed will cut the rate. This, in turn, will play a key role in influencing US Dollar price action in the near term and will provide meaningful momentum to the EURUSD. Traders are now waiting for the release of German IFO business climate data and speeches of influential FOMC members to take advantage of short-term opportunities in the absence of any significant macroeconomic releases from the US.

Trading recommendation: Watch the level of 1.0700, and if the level is fixed above, take Buy positions.

Our company provides an opportunity to earn income not only from your trading. By attracting clients within the affiliate program, you can get up to $30 per lot!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for June 25, 2024 GBPUSD

GBPUSD:

The GBP/USD pair demonstrated bullish sentiment on Monday, rising from recent lows to 1.2650 as markets commenced the new trading week with an appetite for risk. The week ahead will see a dearth of key economic data, so those trading in the cable will be keeping an eye on important calendar releases that will not be released until later in the week. The US and UK gross domestic product (GDP) data are scheduled for release at the end of the trading week, followed by the US personal consumption expenditure (PCE) price index data on Friday.

The Tuesday release schedule is limited to averages, so markets will focus on statements from central bank policymakers. The Federal Reserve's few comments on Monday caused a minor jitter in markets, and the same is expected on Tuesday.

On Monday, Federal Reserve Bank of San Francisco President Mary Daly observed that the 2024 inflation figures do not instil much confidence when viewed in aggregate, although recent data offers grounds for optimism. Fed Chair Daley's comments followed those made earlier by Federal Reserve Bank of Chicago President Austan Goolsbee, who expressed optimism about further progress on inflation. He noted that Fed policy remains sufficiently restrictive.

Trading recommendation: Trade mainly with buy orders at the price level of 1.2700. We consider sell orders at the price level of 1.2660.

Connect Drawdown bonus 101% and trade with double your deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for June 26, 2024 USDJPY

USDJPY:

Japan's Deputy Finance Minister Masato Kanda confirmed that the government is ready to take appropriate measures if excessive currency fluctuations have a negative impact on the national economy. However, Kanda's comments had minimal impact on the Japanese Yen (JPY) exchange rate amid the Bank of Japan's reluctance to provide a detailed plan to reduce bond purchases. This is a significant divergence from the hawkish stance of the Federal Reserve (Fed) and suggests that the path of least resistance for the USD/JPY pair lies to the upside.

Amid the Fed's hawkish pause in June, recent comments from policymakers indicated that the central bank is in no hurry to start a rate cut cycle. Fed Chair Michelle Bowman on Tuesday reiterated her view that keeping rates steady for some time is likely to be enough to bring inflation under control. Fed Chair Lisa Cook said lower interest rates would be appropriate "at some point" given the significant progress in inflation and the gradual cooling of the labor market, but did not elaborate on the timing of the easing.

Nevertheless, signs of easing inflationary pressures in the US keep hopes alive for the Fed's first interest rate cut in September. This, in turn, keeps dollar bulls away from aggressive bets and limits the upside potential of the USD/JPY pair. Traders also prefer to stay on the sidelines ahead of the final US GDP data for the first quarter on Thursday, which will be followed by the publication of the Personal Consumption Expenditures (PCE) price index on Friday. The latter indicator will influence the Fed's further decision and will determine the near-term trajectory of the currency pair.

Trading recommendation: Trade mainly with Buy orders from the current price level

FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for June 27, 2024 EURUSD

Events to pay attention to today:

15:30 GMT+3. USD - GDP volume change

EURUSD:

The Euro-dollar pair pulled back to the 1.0680 area on Wednesday after the German GfK Consumer Confidence Index for July unexpectedly declined, while a lack of meaningful data during the U.S. trading session left investors chewing over the Federal Reserve's (Fed) cautious stance this week. Germany's consumer confidence reading for July fell to -21.8, falling short of forecasts for a recovery to -18.9 from the previous month's revised reading of -21.0. Despite a slow and steady recovery in the German GfK consumer confidence survey, Wednesday's downbeat publication knocked the legs out from under an already battered euro.

The change in U.S. new home sales in May recorded a -11.3% month-over-month decline on Wednesday (2.0%), sharply revised from the initial reading of -4.7%. U.S. GDP for the quarter is expected to rise slightly to 1.4% from an initial reading of 1.3%, while May durable goods orders are expected to contract by -0.1% from a revised 0.6% in the prior month. U.S. initial jobless claims for the week ending June 21 are expected to fall slightly to 236k from the previous reading of 238k, but the figure is expected to be above the four-week average of 232.75k.

Market confidence that the Federal Open Market Committee (FOMC) will cut rates on September 18 has declined. The probability of a rate cut of at least a quarter point fell to 60%, down from a peak of just above 70% last week, according to CME's FedWatch tool.

Trading recommendation: Trade mainly with Buy orders from the current price level

Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for June 28, 2024 GBPUSD

Events to pay attention to today:

09:00 GMT+3. GBP - Gross Domestic Product

15:30 GMT+3. USD - United States Core Personal Consumption Expenditures (PCE) Price Index m/m

GBPUSD:

On Thursday, the GBP/USD pair fluctuated in familiar charts between the long-term moving averages, with price movement centred between the 1.2700 and 1.2600 marks. The data from the US was not as strong as anticipated, and market sentiment shifted towards the middle as investors await key US inflation data on Friday.

In advance of the pivotal US inflation data, the US presidential election is anticipated to commence on Friday morning. Investors will be monitoring the statements of all US presidential candidates for any indications of potential policy plans.

Additionally, the UK will release revised gross domestic product (GDP) data for the first quarter during the London market window. The consensus among market analysts is that UK GDP growth will remain in line with the initial 0.6% QoQ reading.

The initial jobless claims in the US for the week ending 21 June were better than expected, with 233k new claims for unemployment benefits compared to the forecast of 236k. This was down slightly from the previous week's 238k. The four-week average of initial jobless claims increased to 236,000, resulting in a new weekly figure that is below the average.

On Thursday, the US gross domestic product (GDP) met expectations, with the first quarter GDP revised slightly to 1.4% from an initial reading of 1.3%. Additionally, core personal consumption expenditures saw a modest increase in the first quarter, reaching 3.7% q/q compared to a projected 3.6%. The upcoming presidential debate, which begins after the market close on Thursday, will attract investors' attention as they look for potential policy clues from the candidates.

On Friday, investors will be monitoring the US PCE Price Index in anticipation of further declines in US inflation, which would facilitate a potential rate cut by the Federal Reserve (Fed). The core PCE price index is forecast to decline from 0.2% to 0.1% m/m in May.

Trading recommendation: Trade mainly with sell orders at the price level of 1.2610. We consider buy orders at the price level of 1.2670.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

You can find more analytical information on our website.

[FreshForex]

SAUDI ARABIA DELIVERS A MAJOR BLOW TO THE DOLLAR!

Oil prices have shown steady growth from $76 to $85 per barrel of Brent crude (#BRENT) since the beginning of June. This rise is driven by seasonal factors: high consumer activity during the summer driving season, increased demand from the transportation sector, and higher electricity consumption for air conditioning.

However, a more significant development in the oil market is the expiration of the 50-year-old Security Agreement between Saudi Arabia and the USA, signed in 1974, and Riyadh's refusal to renew it.

The agreement facilitated economic cooperation and military needs between the two nations, stabilizing the situation after the crises of the 1970s. The US benefited from oil at favorable prices, while Saudi Arabia gained a technological ally and wealth. Crucially, this agreement mandated that Saudi Arabia sell its oil exclusively for dollars, a restriction that no longer applies. This system greatly strengthened the dollar's position as the dominant global reserve currency by creating worldwide demand for dollars directly tied to oil transactions. Many have called this the "deal of the century."

Abandoning the petrodollar system could, in the long run, weaken the dollar's influence and impact US financial markets, reducing Washington's ability to accumulate national debt and profit from exports. Countries like China, Russia, Iran, and India are increasingly settling trades in their national currencies. By 2023, already 20% of global oil was being purchased without using the dollar. Now, Saudi Arabia can sell oil for any currencies or assets, including the yuan, gold, and even cryptocurrencies, which could significantly boost the value of these assets over time.

FreshForex analysts recommend closely monitoring changes in settlement schemes in the energy markets. Trading instruments like Bitcoin (BTCUSD), Gold (XAUUSD), and the US Dollar to Chinese Yuan (USDCNH) might become very profitable investments in the future.

Invest ahead of the curve!

[FreshForex]

Fundamental Market Analysis for July 01, 2024 USDJPY

Event to pay attention to today:

17:00 GMT+3. USD - ISM Manufacturing PMI

USDJPY:

The USD/JPY pair commenced the new week on a subdued note and consolidated its recent strong rise to its highest level since December 1986, reached on Friday. Spot prices are currently trading with a slight positive bias around the 161.00 mark, although the upside seems limited amid speculation of an imminent intervention by the Japanese authorities to support the currency.

In fact, Japan's Finance Minister Shunichi Suzuki stated at a press conference on Friday that excessive volatility in the currency market is undesirable and that the authorities will respond appropriately to such moves. Meanwhile, Japan appointed Atsushi Mimura as the new chief diplomat for foreign exchange issues on Friday. However, the move did not bring relief to the Japanese Yen (JPY) as investors are unsure of Atsushi's stance on monetary policy. This, along with the significant interest rate differential between the US and Japan, is likely to continue to provide a supportive environment for the USD/JPY pair.

The Bank of Japan (BoJ) has not yet indicated the timing of the next rate hike. In contrast, the Federal Reserve (Fed) has been more proactive following its June meeting, forecasting only one interest rate cut in 2024. Furthermore, the likelihood of a Trump presidency is increasing concerns about the imposition of punitive tariffs, which could result in inflation and higher interest rates. This, in turn, lifts US Treasury yields to multi-week highs and continues to support the US dollar, lending further support to the USD/JPY pair and reaffirming the positive outlook.

Meanwhile, markets continue to assess the likelihood of a September Fed rate cut, given signs of weakening inflation. The US Personal Consumption Expenditure (PCE) price index provided further confirmation of the disinflationary trend observed in the Consumer Price Index (CPI) and Producer Price Index (PPI) for May. This may dissuade those who are bullish on the dollar from making aggressive bets, and may limit the upside for the USD/JPY pair. Market participants are now awaiting the release of important US macroeconomic data scheduled for the beginning of the new month. This will include the ISM manufacturing PMI, which is scheduled for release on Monday.

Trade recommendation: Trading predominantly Buy orders from the current price level.

Connect Drawdown bonus 202% and trade with double your deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 02, 2024 EURUSD

Events to watch out for today:

12:00 GMT+3. EUR - Consumer Price Index

16:30 GMT+3. EUR - ECB President Christine Lagarde to deliver a speech

16:30 GMT+3. USD - Chairman of the Board of Governors of the Federal Reserve Board Jerome Powell will deliver a speech

EURUSD:

On Monday, EURUSD hit a new high since mid-June above 1.0770 before being forced back down due to a reversal in investor sentiment in the broad market. The bullish momentum was interrupted after US business activity data showed warning signs of a deepening economic slowdown. Throughout the week, investors will be anxiously awaiting key economic indicators on both sides of the Atlantic, culminating in fresh US Non-Farm Payrolls (NFP) data scheduled for Friday.

German consumer price index (CPI) data on Monday generally failed to meet expectations, with the annualized German CPI in June falling to 2.2% from the previous reading of 2.4% and retreating from the forecast of 2.3%. Data from the US on Monday also fell short of expectations: the ISM manufacturing Purchasing Managers' Index (PMI) declined to 48.5 in June from 48.7 and fell short of the forecasted increase to 49.1. The ISM Manufacturing Goods and Services Price Index also declined sharply in June, falling to 5..1 from the previous reading of 57.0, further exceeding the forecasted decline to 55.9.

U.S. markets were suddenly rattled by renewed concerns about the upcoming presidential election in November. Recent public debates have left many questions about who will be the clear frontrunner, and on Monday the U.S. Supreme Court ruled that courts have limited ability to bring criminal charges against sitting presidents.

On Tuesday, markets will be hit with a fresh batch of key European data as well as a number of speeches from European Central Bank (ECB) executives, including another speech from ECB President Christine Lagarde. The pan-European Harmonized Index of Consumer Prices (HICP) is expected to fall slightly, with EU core HICP inflation falling to 2.8% y/y from a previous reading of 2.9%. Producer Price Index (PPI) inflation data in Europe is due out on Wednesday, followed by EU retail sales data early Friday.

In the US, investors will await Federal Reserve Chairman Jerome Powell's speech on Tuesday, followed by ADP employment change data on Wednesday and the latest US Non-Farm Payrolls (NFP) and Average Hourly Earnings for June on Friday.

Trading recommendation: Trade mainly with buy orders at the price level of 1.0760. We consider sell orders at the price level of 1.0695.

FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 03, 2024 EURUSD

Events to pay attention to today:

11:00 GMT+3. EUR - Composite PMI

15:30 GMT+3. USD - Initial Jobless Claims Number

17:00 GMT+3. USD - ISM Services Business Activity Index

21:00 GMT+3. USD - Publication of the Fed meeting minutes

EURUSD:

The Euro-dollar pair spent Tuesday in fluctuations, looping just below 1.0750 as the pair struggles to find momentum. Key US employment data is released on Friday, while EU economic data remains patchy during the second half of the trading week.

Core HCOB Harmonized Index of Consumer Prices (HICP) inflation came in at 2.9% m/m in June, holding steady with the previous reading and defying the forecast for a decline to 2.8%. Overall, HICP inflation fell to 2.5% y/y as forecast, down from the previous reading of 2.6%, but European inflation remains well above the European Central Bank's (ECB) target range of 2%.

The EU Composite PMI for June is expected to remain at 50.8 and the annualized European Producer Price Index for May is expected to improve, albeit marginally, to -4.1% y/y from the previous reading of -5.7%.

The US ADP employment change for June is expected to rise slightly to 160k from the previous value of 152k. Meanwhile, the ISM Services PMI is expected to decline further to 52.5 m/m from the previous value of 53.8.

Trading Recommendation: Watch the level of 1.0750, if the level is fixed above, take Buy positions.

Our company provides an opportunity to earn income not only from your trading. By attracting clients within the affiliate program, you can get up to $30 per lot!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 04, 2024 GBPUSD

Event to pay attention to today:

GBP - Parliamentary Elections

GBPUSD:

The pound/dollar exchange rate continued its short-term recovery on Wednesday, with a general softening of US economic data in the mid-week market session providing support. The upcoming UK election on Thursday will attract a great deal of attention from traders, while US markets will be focused on the anticipation of a day off on Thursday.

The US employment change from ADP fell to 150k in June, down from the previous month's 157k and below the projected increase to 160k. A closer examination of the ADP report revealed that many of the jobs that had already been lost were concentrated in the low-paying leisure and hospitality sectors.

The number of individuals filing initial jobless claims in the United States for the week ending 28 June increased to 238,000 from 233,000 the previous week, exceeding the projected figure of 235,000. The four-week average of initial jobless claims also rose to 238,500 from 236,250.

The US ISM Services Purchasing Managers' Index (PMI) declined sharply in June, reaching its lowest level since June 2020. The services PMI fell from the previous month to 53.8, exceeding forecasts for a decline to 52.5.

On Thursday, US markets will be closed due to US Independence Day celebrations, while parliamentary elections will begin in the UK. The Labour Party in the UK is expected to secure a majority in government, marking the end of the Conservatives' 14-year rule. According to the latest mega poll released on Wednesday, Labour is expected to be well ahead of the Conservatives, with Keir Starmer, the Labour Party's candidate, expected to replace Rishi Sunak, the current Conservative Prime Minister. A poll conducted by YouGov indicates that Labour is projected to win 431 seats, while the Tories are expected to win just 102 seats.

Trading recommendation: We follow the level of 1.2770, if we consolidate above, we take Buy positions, if we rebound, we take Sell positions.

Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 05, 2024 USDJPY

An event to look out for today:

15:30 GMT+3. USD - Unemployment rate

USDJPY:

The rise in USD/JPY raises expectations of currency intervention by the Japanese authorities. "Currently, USD/JPY will be guided by UST yields and the US dollar. For USD/JPY to reverse downward, it will require the US Dollar to turn around/Fed Fed to cut rates or the BoJ to signal an intention to normalize urgently (rate hike or increased pace of balance sheet reduction). None of the above seems likely to happen," according to OCBC strategists Francis Cheung and Christopher Wong.

Following the June 11-12 Federal Open Market Committee (FOMC) meeting, Federal Reserve (Fed) officials emphasized that the approach depends on data and refrained from cutting interest rates until further observations. Some Fed officials were unsure whether they needed to cut interest rates, while several policymakers said they would need to raise rates again if inflation rebounds.

However, the dollar's gains may be limited as recent US PCE inflation data and a weaker-than-expected services PMI have fueled expectations of a Fed interest rate cut this year. Later in the day, traders will focus on the US employment data for June. The US NFP is projected to show an increase of 190K jobs in June, while the unemployment rate is expected to remain unchanged at 4%. Finally, average hourly earnings will fall to 3.9% y/y in June from 4.1% in May.

Trading recommendation: Trade mainly with buy orders at the price level of 160.85. Consider sell orders at the price level of 160.10.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 08, 2024 EURUSD

EURUSD:

EUR/USD is trading near 1.0830 on Monday in the early hours of Asian trading. Political uncertainty in France after the second round of voting in the parliamentary elections on Sunday is putting pressure on the euro (EUR). Later on Monday, the Eurozone Sentix investor confidence index for July will be released.

According to the Economist, exit polls showed that the left-wing New Popular Front (FNP), led by Jean-Luc Mélenchon, looks set to win the most seats in the second round of France's parliamentary election on Sunday. The FNP has secured at least 174 seats.

However, that is still not enough to win the 289 seats needed to control the lower house of parliament. Meanwhile, President Emmanuel Macron's centrist Ensemble alliance won 146 seats and Le Pen's party was pushed into third place with about 142 seats. The common currency attracted some sellers after opinion polls showed the latest round of French parliamentary elections would leave parliament in limbo. 

On the other side, rising odds of the U.S. Federal Reserve (Fed) following a slow uptick in U.S. jobs data could lead to a weaker dollar and limit the pair's decline. Data released by the US Bureau of Labor Statistics (BLS) showed that US Non-Farm Payrolls (NFP) rose by 206K in June, following May's 218K increase (revised from 272K). This figure was higher than the forecast of 190,000.

In addition, the unemployment rate rose to 4.1% in June from 4% in May. Average hourly earnings fell to 3.9% y/y in June from the previous reading of 4.1%, matching market expectations. On Wednesday, traders will focus on US Consumer Price Index (CPI) inflation, which is expected to decline to 3.1% y/y in June from 3.3% in May.

Trading recommendation: Trade mainly with buy orders at the price level of 1.0850. We consider sell orders at the price level of 1.0785.

Connect 202% under drawdown and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 09, 2024 EURUSD

Events to watch out for today:

17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks

EURUSD:

The Dollar-Euro pair continues its winning streak for the sixth day, trading near 1.0830 during Tuesday's Asian session. The Euro continues to rise as investors digest the initial shock of the French election results. An unexpected left-wing alliance pulled ahead, preventing Marine Le Pen's far-right party from dominating the leadership race after a significant defeat in the previous European Parliament elections.

OCBC FX analysts Francis Cheung and Christopher Wong noted that the euro started the week with a slight decline after the unexpected results of the second round of elections. They noted, "The leftist-dominated government was the least expected and raised concerns over potential increases in government spending, which could put further strain on public finances."

The EUR/USD pair is strengthening amid a weaker US Dollar (USD) due to weak US jobs data, leading traders to speculate that the Federal Reserve (Fed) may cut interest rates in September. CME's FedWatch tool shows that betting markets estimate the probability of a rate cut in September at 76.2%, up from 65.5% a week earlier.

On Tuesday, Fed Chairman Jerome Powell may deliver his "Semiannual Monetary Policy Report" to the U.S. Congress. Powell may provide a broad overview of the economy and monetary policy, and his prepared remarks will be released before his speech on Capitol Hill.


Trading recommendation: Trade predominantly with Buy orders from the current price level.

FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 10, 2024 GBPUSD

Event to pay attention to today:

17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks

GBPUSD:

The GBP/USD pair has weakened for the second consecutive day, trading around the 1.2780 mark during the Asian session on Wednesday. The decline in the GBP/USD pair can be attributed to the strengthening of the US Dollar (USD), which gained strength after Federal Reserve Chairman Jerome Powell's speech before the US Congress on Tuesday. Powell acknowledged the improvement in inflation data, but reiterated the Fed's cautious stance.

In his speech before the US Congress on Tuesday, Fed Chairman Jerome Powell said that better data would strengthen the Fed's confidence in inflation. Powell also emphasised that a rate cut is not appropriate until the Fed has more confidence that inflation is moving steadily toward 2%. He noted that first-quarter data have not contributed to greater confidence that inflation is on the path needed for the Fed to cut rates.

Traders will be monitoring the second semi-annual speech by Fed Chairman Jerome Powell, as well as speeches by Fed officials Michelle Bowman and Austan Goolsbee on Wednesday. Additionally, the US Consumer Price Index (CPI) data, scheduled for release on Thursday, will be a key focus.

In the UK, Bank of England policymaker Jonathan Haskell has recommended maintaining current interest rates due to persistent price pressures in the labour market. Haskell emphasised: "My preference is to keep rates unchanged until we see more reassurance that underlying inflationary pressures have indeed abated," Reuters reports.

The Pound Sterling (GBP) is showing subdued movement against major currencies as attention shifts to upcoming economic data. In particular, investors are awaiting the release of the UK's monthly Gross Domestic Product (GDP) data and May factory data, which will be released on Thursday.

Trading recommendation: We follow the level of 1.2800, on the rebound we take Buy positions. If we consolidate below, we take Sell positions.

Our company provides an opportunity to earn income not only from your trading. By attracting clients within the affiliate program, you can get up to $30 per lot!

You can find more analytical information on our website.

[FreshForex]

RANGEXPERT - A VALUABLE TOOL FOR BOTH NOVICE AND EXPERIENCED TRADERS

In the world of trading, tools that enhance accuracy and success are always in demand. Today, we introduce another complimentary indicator available on the MQL Market - the largest store for ready-made trading robots, indicators, and other applications for the MetaTrader platform.

The RangeXpert indicator assists both novice and professional traders in identifying ideal market conditions and following strong trends. RangeXpert's specialized algorithms help find the perfect entry point for trend trading, significantly increasing the likelihood of success. You can use it as a primary or supplementary tool for your trading strategy.

Key Advantages of RangeXpert:

• Versatility: Designed for various trading styles, including scalping and intraday trading.
• Compatibility: Available for both MT4 and MT5.
• Suitable for any assets: Currency pairs, cryptocurrencies, metals, stocks, and indices.
• Flexibility: Works on different timeframes (recommended M1, M5, M15, and H1).
• Accurate signals: Clear take-profit and stop-loss lines, advanced trailing stop with pip indications.
• Intuitive interface: Easy-to-understand colors, charts, and trend information, highlighting candles during strong price movements, changing signal colors for potential trend reversals.
• Diverse notifications: Pop-up windows, email, push notifications, and sound alerts.

Choose the appropriate FreshForex account type - Classic, Market Pro, or ECN - and test RangeXpert today. It is a powerful tool for any trader aiming for success in the financial markets. Fund your trading account and use the terminal to the maximum!

Improve your trading

[FreshForex]

Fundamental Market Analysis for July 11, 2024 USDJPY

Events to watch out for today:

15:30 GMT+3. USD - Consumer Price Index

18:30 GMT+3. USD - FOMC member Rafael Bostic will deliver a speech

20:00 GMT+3. USD - FOMC Member Alberto Musalem to deliver a speech

USDJPY:

The USD/JPY pair is trading around 161.60, breaking a three-day winning streak in Thursday's early Asian session. Investors will be focused on the Consumer Price Index (CPI) data for June, due for release on Thursday. Federal Reserve (Fed) Governor Rafael Bostic will speak.

Fed Chairman Jerome Powell acknowledged progress on inflation, but Powell said it is not worth lowering the discount rate until there is confidence that inflation will move steadily toward the Fed's 2% target.

Traders expect the U.S. Federal Reserve to keep the benchmark interest rate in the 5.25-5.5% range at its next meeting on July 30-31. The US CPI inflation report will be released on Thursday and further progress on inflation could lead to key changes in the policy statement, paving the way for a rate cut in September.

On the other hand, growing speculation that the Bank of Japan (BoJ) will be forced to raise interest rates at its July meeting is providing some support for the Japanese Yen (JPY). Peter Boockvar, CFO of US-based Bleakley Financial Group, believes that a weaker yen will force the BoJ to "react sooner rather than later".

Trading recommendation: Trade predominantly with Buy orders from the current price level

Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

You can find more analytical information on our website.

[FreshForex]

Fundamental Market Analysis for July 12, 2024 EURUSD

An event to look out for today:

15:30 GMT+3. USD - Producer Price Index

17:00 GMT+3. USD - Consumer Sentiment Index from the University of Michigan

EURUSD:

The Euro-dollar pair tested a fresh five-week high on Thursday, helped by a broad market sell-off in the US dollar after US consumer price index (CPI) inflation data softened to the slowest rate of price growth since late 2021. Growing market hopes for an acceleration in the pace of rate cuts have kept market sentiment high ahead of Friday's trading session. However, an expected rise in the US wholesale producer price index (PPI) could spoil the bullish mood. European data on Thursday did little to energize Euro traders: the final consumer price index (HICP) in Germany came in at 2.5% y/y, as expected.

US CPI inflation came in below expectations in June. Annualized core CPI inflation fell to 3.0% y/y from the previous reading of 3.3%, beating the forecast of 3.1%. In addition, June CPI inflation fell -0.1% m/m from 0.0% in the previous month and below expectations of 0.1%.

In the week ending July 5, U.S. initial jobless claims fell to 222k from a revised 239k in the previous week and above the forecasted 236k. This decline in jobless claims brought the four-week average down to 233.5k from the previous 238.75k.

With US CPI inflation slowing rapidly, market expectations of a rate hike by the Federal Reserve (Fed) now point to the possibility of three quarter-point rate cuts in 2024. CME's FedWatch tool shows a 95 percent increase in the probability of a rate cut in September.

With the release of US CPI data this week, all that remains is Friday's Producer Price Index (PPI) wholesale inflation, which could disrupt the plans of those hoping for a rate cut. The core PPI for the year ending in June is expected to rise to 2.5% from a previous reading of 2.3% due to businesses facing higher cost pressures than the Fed would like.

Trading recommendation: Trade mainly with buy orders at the price level of 1.0875. Consider sell orders at the price level of 1.0845.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

You can find more analytical information on our website.