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The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
Forex Market Wrap
This week investors were looking to the European Central Bank to hike interest rates. They followed through by hiking rates to 2.00% by 75bps, this was seen as a hawkish move by the ECB and could be followed up by further hikes. The Bank of Canada also hiked rates this week but failed to hike by the forecasted amount. They were expected to move to 4.00% from 3.25% but only managed a 50bps hike to 3.75%. This slowdown in rates has followed a similar path to other central banks lately and was also highlighted by Federal Reserve members last week. The Bank of Japan failed to move interest rates despite the weakening JPY, the latest interventions have been short lived in the market and this will likely continue unless the BoJ is decisive.
EURUSD Analysis
The ECB hiking interest rates led to the EURUSD price moving higher for the week. Ahead of the announcement the EURO strengthened significantly with EURUSD trading back into the range between 1.0100 and 0.9900. Price is currently trading around parity and if the price were to break above the highs we could see the EURUSD price rally to the next level of resistance.
GBPUSD Analysis
News of Rishi Sunak putting a hold on the budget was met with relief by investors seeing the GBPUSD price to trade higher. Currently the price is trading above the 1.1600 level which could invite further buying pressure. If this occurs the price could trade above the next major resistance level which rests around 1.1800.
USDJPY Analysis
The BoJ failed to hike interest rates this week which was not a surprise to the market. Instead investors are watching to see how the central bank intervenes and if they choose to defend the recently formed highs around 151.50. Currently the price is trading at 145.00 which is the previous highs on the weekly chart, this area could be an area of support for price with trend traders.
NZDUSD Analysis
The NZD remained strong this week as the market moved into a more risk on mode. This saw the NZDUSD price trade above the 0.5800 highs. If the price holds above this level and the risk sentiment remains we are likely to see a continuation higher with the next resistance level sitting at 0.6000.
Did you see our EURUSD Analysis? You can see it here.
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