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Discover the Forex Market Wrap: Uncover the week’s top movers and pivotal levels to look out for.
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Forex Market Wrap Analysis
In Australia, the Consumer Price Index (CPI) for the first quarter of the year showed a slowdown in the rate of inflation. The q/q CPI fell from 1.9% to 1.4%, suggesting that the cost of living is rising at a slower pace. On a yearly basis, the CPI also decreased from 6.8% to 6.3%. These figures may offer some relief to Australian consumers and policymakers, who have been grappling with the impacts of elevated inflation on the economy.
Meanwhile, in the United States, GDP growth for the first quarter also took a hit, falling from 2.6% to 1.1%. This slowdown in economic expansion could be attributed to the Federal Reserve hiking interest rates. It remains to be seen whether this trend will continue, either way the Federal Reserve will welcome this type of data.
On the other hand, Japan’s economy has shown signs of expansion, with the Tokyo Core CPI (which excludes fresh food prices) rising on a yearly basis from 3.2% to 3.5%. This increase in inflation indicates that consumer demand is picking up in the country, which could help to boost economic growth. The Bank of Japan has decided to keep interest rates unchanged at -0.1%, reflecting their commitment to supporting the economy as it continues to recover from the pandemic’s impact.
In summary, the latest economic indicators present a mixed picture for the global economy.
Australia and the United States are witnessing slowdowns in growth and inflation, while Japan is experiencing an uptick in consumer demand. Market participants and policymakers alike will be keeping a close eye on these trends, as they navigate the challenges and opportunities that lie ahead.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- We expected the price to trade lower this week, into the key weekly support of 0.6575.
- Now the price is here we could see the price find support in the short term.
- If the AUD remains weak, the price could break towards the lower support of 0.6500.
GBPJPY
The price on the chart has traded through multiple technical levels and some observations included:
- One of the biggest movers this week was GBPJPY, rallying over 450 pips.
- In a previous GBPJPY video, we outlined 166.00 support being used by traders looking to get long.
- The price has rallied into the key resistance of 169.00.
- Now the price is above this level we could look for prices to trade higher towards 171.50.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- This week we looked for the price of AUDJPY to trade down to the 87.75 support zone.
- Since the price found support, price has moved higher back towards 90.50.
- This has been down to the Bank of Japan keeping monetary policy the same.
GOLD
The price on the chart has traded through multiple technical levels and some observations included:
- The price of Gold remained within last week’s range.
- This was largely down to the lack of direction for the USD.
- If the USD does start to strengthen the price of Gold could come into the support zone around $1945.00.
Have you watched our GBPUSD analysis? You can see it here.
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