The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
FOREX Market Wrap Analysis
The FOMC meeting minutes released this week suggested that the Federal Reserve will remain flexible on interest rates as inflation continues to fall. In other economic news, the Non-Farm Payroll report showed a decrease in Average Hourly Earnings from 0.4% to 0.3%. On the bright side, the unemployment rate fell from 3.6% to 3.5%. Employment figures came in above estimates at 223k. Overall, these developments in the economy this week have seen the USD fall back within its range on the USD Index.
The USD this week ended up remaining within its trading range between the highs of 105.50 and the lows of 103.50. Earlier in the week the price rallied from the lows of the range after the JOLTS jobs opening data came in higher than expected. However, after the NFP figures the price rallied and rejected the 105.50 level. This means investors are no step closer to any direction from the USD index just yet.
This week we expected the GBPUSD price out of the range that had developed between 1.2125 and 1.2000. Price initially broke through and traded below the 1.2000 level before trading back to the range. Price then found resistance but with the nature of the news this week the price has ended up back within the trading range.
The price of USDJPY was also one to watch this week as the price was at support of 131.00. The price looks to find resistance at the previous highs and the trendline resistance which could see the price return back to the 131.00 lows.
The price of GBPJPY was on our watchlist for a short opportunity into the key 157.00 level. This level is significant as it has been used as support for price on numerous occasions with each time leading to the price trading higher. This weekly close could lead to the price remaining within the trading range.
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