Forex Daily Forecast, Analysis and Prediction

The S&P 500 initially rallied on Wednesday, but the stronger than anticipated CPI numbers had a lot of volatility entering the market.

The British pound initially tried to rally but found enough resistance at the 1.24 level to turn things around and start selling off again.

The euro went back and forth on Wednesday as the 1.05 level continues to offer a lot of support.

The BTC/USD crashed below the support at 30,000 as demand for cryptocurrencies waned.

The GBP/USD pair is in a consolidation phase after the better-than-expected US inflation data and ahead of the UK GDP numbers.

The AUD/USD pair moved sideways as investors assess the current market conditions as data point to peaking inflation.

For the second week in a row, the price of the EUR/USD currency pair is moving in narrow ranges.

Gold prices continued to decline, losses of the yellow metal this week, and reached the support level of $ 1832 for an ounce, the lowest in three months.

The stability around the highest levels in 20 years still characterizes the performance of the currency pair USD/JPY characterizes the performance of the currency pair for two consecutive weeks.

For four consecutive trading sessions, the price of the GBP/USD currency pair is stabilizing amid a strong and sharp bearish momentum that pushed it towards its lowest level in two years.

The Turkish lira fell by about half a percent during trading today, Wednesday, as the US dollar continued to rise due to the pressures caused by inflation on the local currency price.

Spot natural gas prices (CFDS ON NATURAL GAS) rose in their recent trading at the intraday levels, to achieve new daily gains until the moment of writing this report, by 1.98%.

The Dow Jones Industrial Average declined during its recent trading at the intraday levels, to record losses for the fourth consecutive day, by -0.26%, to lose about 84.96 points.

SHIB/USD has suffered a strong selloff like many of its major cryptocurrency counterparts the past week of trading and important lows are being challenged.

ETH/USD is still within the lower part of its long term price range, as support levels try to hold back selling and reversals higher fail to impress.