Mohammad Omar

Gold prices dipped after record highs, as a stronger dollar from surprising jobless data and easing Iran tensions weighed.

The Canadian economy might show some bearish trend versus major currencies after releasing the Canadian Current Account Index on 28-11-2022 at 3:30 PM (GMT +2) with an expected result of -4B. USDCAD might increase by 20-30 PIPS breaking the resistance level at 1.3455.

The German economy showed strong volatility following the release of the PPI data on 21-11-2022 at 11:00 AM (GMT +4) with a result of -4.2%. A bullish fundamental signal is already there for the EURUSD.

The British economy showed some strength versus the U.S Dollar after releasing the U.K Unemployment rate data on 15-11-2022 at 11 AM (GMT +4) with an unexpected result of 3.6%. GBPUSD increased from 1.1789 to 1.1880, but is this increase because of the unemployment rate?

The EU economy showed some weakness versus the U.S Dollar after releasing the Eurozone Industrial Output data on 14-11-2022 at 2 PM (GMT +4) with an unexpected result of 0.9%. EURUSD dropped from 1.0325 to 1.0280.

The dollar index is getting stronger day after day, and major currencies and metals are dropping significantly. Gold touched the $1620 level, but will it further decline? On Tuesday, September 27th CB will release the consumer confidence index and the whole market is waiting.

Eyes and Ears on today’s FOMC meeting and fed rate hike. Traders, Central Banks, and Governments are waiting patiently for today’s rate decision on the 21st of September 2022. While it is expected that the interest rate will increase by 75 base points up to 3.25%, there are some leaks mentioning the 100 base points increase, and some leaks mentioning the 50 base points increase. 

Selling at the bottom might be a painful experience for EUR/USD traders. The EUR is expected to bounce back up due to the recovery plan that the central bank might launch soon, and the fundamentals in the upcoming weeks.