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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 Analysis

This week the news was full of central bank member speeches mainly from the Federal Reserve. These members continued to reflect the Federal Reserve Chairman’s comments recently of hiking rates further. In another central bank news the ECB President Lagarde also announced that the ECB will do what they need to in order to bring down the inflation rate, including hiking rates. 

In a surprise move this week the Bank of England intervened in the market to prevent the GBP from devaluing further. This came after the UK Government released their budget to provide tax cuts and put a cap on energy bills. 

In other data CPI rose in Europe showcasing the need for the ECB to raise interest rates again. 

USD Index Analysis

Forex Market Wrap

The USD gave back its recent gains this week after falling to trade above the 114.50 highs. The price traded through the 113.00 lows before continuing to move lower back towards the daily highs of 111.80 where the price found support. If this turns out to be a retracement phase on the weekly time frame we could see the price trade to the 110.80 highs. 

EURUSD Analysis

Forex Market Wrap

The EURUSD price benefitted from the USD weakness with the price rebounding from the key 0.9600 lows. The 4hr time frame changed trend here making new highs before the price found resistance at 0.9800. If the USD index continues to move lower the price could reach the 0.9900 lows. 

GBPUSD Analysis

Forex Market Wrap

The price of cable fell on the open into new lows of 1.0355. The price then rallied before forming a consolidation for a few days. The Bank of England then announced an intervention which pushed the price higher. The 1.1200 offered resistance with the price looking to retest the consolidation. 

GBPJPY Analysis

Forex Market Wrap

The GBPJPY price followed a very similar path to the GBPUSD price. The price traded down on the open into the 149.00 lows. This saw the price reject support and move higher before consolidating around the 156.00 resistance. The BoE announcement led to price breaking higher into the 161.00 resistance. Price has since stalled here for now, if the risk on environment remains we could see the price move higher. 

Did you see our EURUSD Analysis? You can see it here.

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