Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair has been in a strong uptrend in the past few weeks.

The EUR/USD pair pulled back ahead of the upcoming German Consumer Price Index (CPI) data and the Federal Reserve’s Beige Book.

The AUD/USD exchange rate pulled back after the strong US consumer confidence report triggered a risk-off sentiment.

Support confluence around $67,500.

GBP/USD is expected to extend its journey towards the top end of its 2024 range in the coming days, but a strong US PCE inflation reading at the end of the week could turn the tide.

The EUR/USD rate rose to 1.0867 in the last week of May, approaching two-month highs seen earlier in the month as traders adjusted their bets on a rate cut.

At the start of trading this week, the USD/JPY exchange rate remained stable around the resistance level of 157.00.

For the third day in a row, the price of gold is trying to rebound higher, but its gains stopped at the resistance level of $2,358 per ounce, before settling around the level of $2,352 per ounce at the time of writing the analysis.

USD/BRL has held onto its higher values, but it is still below apex marks seen in April.

The Aussie dollar rallied a bit during the course of the trading session here on Monday, as it looks like we continue to see the carry trade come into vogue.

Following yesterday’s U.S and U.K holidays which created a lack of volume in the broad Forex markets the USD/SGD is trading near the 1.34830 ratio early this morning.

The US dollar has bounce slightly against the Israeli Shekel during the trading session on Monday, after falling for quite some time.

The New Zealand dollar has rallied rather significantly during the course of the trading session on Monday.

The Euro has rallied significantly during the early hours on Monday against the Swiss franc, as we continue to see a lot of upward pressure.

The German index has rallied quite nicely during the Monday session, as we are now threatening the €18,800 level.