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A relatively quiet week saw more hawkish rhetoric from the Fed on inflation, leading to a bid in the greenback, while the major technology Index the NASDAQ 100 closed at a new record high.
The GBP/USD closed trading for the week near 1.27345.
Lower momentum continued into Tuesday and a price of 77.660 was tested.
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Get the weekly Forex forecast for major currency pairs for the week of May 27-31, 2024 here.
The 1.08000 ratio in the EUR/USD was penetrated higher on Tuesday the 14th of May and prices were sustained above this key psychological level the remainder of the week.
Risk-on sentiment recovers firmly after last Wednesday’s lower than expected US CPI print, sending major stock indices to new record high prices.
The price of WTI Crude Oil went into this weekend near the 79.460 ratio; this after a low around the 76.700 value was touched on Wednesday.
Get the weekly Forex forecast for major currency pairs for the week of May 19-25, 2024 here.
Risk-on sentiment continued to grow during most of last week before souring somewhat Friday with the release of declining consumer sentiment and expectations of higher short-term inflationary pressure in the USA.
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The ability of the GBP/USD to climb back from lows around the 1.24460 ratio seen on Thursday may spur speculators with a buying interest.
WTI Crude Oil finished the week of trading slight below its starting point last week.
Get the weekly Forex forecast for major currency pairs for the week of May 13-18, 2024 here.
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The upwards wave of buying began on Thursday and built into a powerful move Friday with the publication of U.S jobs data.
WTI Crude Oil which has been flirting with higher prices and testing resistance on a fairly regular basis a bit over the past month suddenly found selling pressure build.
The US Federal Reserve maintained unchanged interest rates at its policy meeting, assuring there would be no rate hike and committing to rate cuts as soon as inflation allows, indicating a dovish tilt.