Forex Daily Forecast, Analysis and Prediction

The Euro has gone back and forth during the course of the trading session on Thursday as we continue to dance around the 1.17 level underneath.

The British pound continues to struggle; the 50 day EMA offered quite a bit of selling pressure over the last three or four days.

After reaching a high of nearly 5.3000 on the 9th of August, selling momentum has brought the USD/BRL near important short-term support.

The USD/MXN is again traversing near the important juncture of 19.90000, but this has occurred as its price band has proven volatile.

US inflation figures coming in as expected halted the sharp gains that the US dollar has enjoyed since the announcement of strong US jobs numbers for July.

The US dollar fell after the release of US inflation data that indicated that inflationary pressure may be temporary, thus easing pressure on the Federal Reserve to tighten monetary policy.

Today is an important one for GBP pairs, with British GDP figures expected to be released later on.

US inflation figures came in as expected, causing the major currencies to achieve some gains against the US dollar.

The USD/INR has come off short-term highs while reacting with selling later yesterday, and has maintained it lower values early today.

The USD/SGD continues to test its higher range, but resistance levels do look rather promising ahead as durable spots for speculative shorts.

The West Texas Intermediate Crude Oil market initially fell during the trading session, especially as Joe Biden decided to suggest that OPEC increase output.

The US dollar initially tried to rally against the Canadian dollar on Wednesday but gave back the gains to show signs of weakness.

The DAX Index pulled back just a bit on Wednesday but then turned around to break above the 15,800 level.

The S&P 500 rallied a bit on Wednesday to reach the 4440 level.

The NASDAQ 100 initially tried to rally on Wednesday but gave back the gains as the market continues to look a bit sloppy.