Mohammad Omar

The dollar index is getting weaker this week falling from the 105 level, and major currencies and metals are increasing significantly. Gold touched the $1824 level, but will it further increase? On Friday, January 6th, 2023, NFP will be released at 5:30 PM (GMT + 4), and the whole market is waiting.  

The U.S. economy will show strong volatility after releasing the U.S Weekly Jobless Claims data on 29-12-2022 at 5:30 PM (GMT +4) with an expected result of 225K. If as expected, we might see a huge increase in gold prices and a major drop in DXY.

Gold prices increased sharply in a time frame 5 minutes later on December 27, 2022. The issue was analyzed by the possibility of China invading Taiwan. Gold prices increased from 6:00 P.M (GMT + 4) to 8 P.M (GMT + 4) from $1802.00 to $1833.00 showing the sharpest increase since Russia invaded Ukraine.  

The U.S. economy will show strong volatility after releasing the U.S Weekly Jobless Claims data on 22-12-2022 at 5:30 PM (GMT +4) with an expected result of 222K. If as expected, we might see a huge increase in gold prices and a major drop in DXY.

The Canadian economy might show some strength versus major currencies after releasing the Core CPI data on 21-12-2022 at 5:30 PM (GMT +4) if the result comes out more than 0.4% it would be bullish for the Canadian, otherwise it would be bearish.

The German economy might show strong volatility following the release of the PPI data on 20-12-2022 at 11:00 AM (GMT +4) with an expected result of -2.6%. A bullish fundamental signal is already there for the EURUSD.  

Eyes and Ears were on today’s Switzerland unemployment indicator decision. The unemployment index was previously 2.1% and was expected to come at 2.1% as well on December 7th, 2022, but the actual result came to be 2.0%. A higher-than-expected reading is considered Bearish for the CHF, and a lower-than-expected reading is considered bullish for the CHF. 

Eyes and Ears earlier today on the Reserve Bank of Australia interest rate decision that was released on December 6th, 2022. The RBA meeting earlier led to an increase of 25 bp in interest rates where traders, central banks, and governments are watching what will the rest of the central banks will do regarding rate increases in the upcoming meetings.

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.