EUR/USD has briefly traded above the 1.09 level. Economists at Rabobank stick to a one-month forecast of 1.09 but note that a move lower to 1.06 is on the cards over the coming months.Still smiling
“Optimism surrounding the EUR may have further to run. That said, while any pullbacks near term may be viewed as buying opportunities, a bigger test for EUR bulls may appear in a three-to-six-month view as the market faces a possible next phase of the energy crisis.”
“While our 1-month forecast stands at 1.09, we see room for a move lower to 1.06 on a three-month view. This assumes the Fed reasserts a more hawkish position on policy than the market currently expects. It also takes into account the risk that Europe’s energy crisis is far from over.”
EUR/USD recovers toward 1.0900 following earlier decline
EUR/USD has regained its traction and climbed toward 1.0900 after having dropped below 1.0850 earlier in the day. With Wall Street’s main indexes stretching higher following a mixed opening, the US Dollar struggles to hold its ground and helps the pair hold its ground.
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GBP/USD rises above 1.2380 as US Dollar loses strength
GBP/USD has managed to stage a rebound toward 1.2400 and erased a large portion of its daily losses. The positive shift witnessed in market mood in the American session causes the safe haven US Dollar to lose interest and allows the pair to gain traction.
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Gold recovers from daily lows, trades above $1,920
Gold price reversed its direction and advanced beyond $1,920 after having declined toward $1,910 earlier in the day. The benchmark 10-year US Treasury bond yield retreated to the 3.5% area, fueling XAU/USD’s rebound.
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Bitcoin traders set for a 25% price increase in the perfect scenario
Bitcoin price shelves the comments from Fed speakers about the current rate path of the US. BTC is set to jump in a calm week as Fed speakers enter the blackout period before the first US central bank meeting this year. Traders are gearing up for another leg higher towards $29,000, bearing a potential 25% of topside gains.
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