The Week Ahead – Fed rate cut confirmation

EURUSD hoping to hold on to gains

The Canadian dollar strengthened on the sight of weakness in the greenback. However, rising oil prices could affect the timing of the Bank of Canada to begin cutting rates. As markets price in the lack of further tightening from other central banks, the loonie might stand out, with the greenback’s softness and surging oil prices being significant drivers of a potential rally. The triple top 1.3610 has a firm ceiling, while 1.3440 has the current floor.

 

NAS 100 still maintaining bull run

OPEN LIVE ACCOUNT

The Nasdaq 100 kept the rally going as another record high is in sight. The push was attributed to PMI data showing the manufacturing industry moved higher in March and a decent NFP report. A slight dip followed confirmation of the Fed’s recent dovish monetary policy outlook. But the Bulls hope this is just a slight retracement and not the beginning of a correction. 18500 is the next target, with 17600 as the support.

The euro bounced back from the February low as Jerome Powell reiterated the Fed was at a terminal rate. Speculation regarding a potential Fed rate cut has intensified amidst the FOMC’s expectation of further progress on inflation, albeit at a slower pace than last year. This has caused a fall in the dollar across the board, but a strong rate cutting cycle is not expected just yet. The latest PMIs in the eurozone continue to recover, with the ECB striving to lower its inflation target by 2%. 1.0950 is a crucial resistance, and 1.0700 is the current floor.

Read More

منبع: https://www.orbex.com/blog/en/2024/04/the-week-ahead-fed-rate-cut-confirmation

Test your forex and CFD trading strategy with Orbex

Brent crude settled at its highest levels in 5 months over concerns about supply disruptions due to the conflict in the Middle East. The worry over supply disruptions also continues. However, some of these concerns were lowered by an unexpected increase in US inventories. With the rally approaching the psychological level of $90, traders will wonder if another $10 jump will happen at the end of the quarter. 86.00 has become an effective floor as the price looks for resistance at 89.50.

USDCAD triple top moves prices lower

UKOIL rebounds over tighter supply

Market Strategist at Orbex David Kindley is a renowned fundamental analyst with over 10 years of trading experience in the financial markets. With a keen eye for macroeconomics and a special focus on trading psychology, David is passionate about helping everyday investors make informed trading decisions through his thorough research and analysis.