Forex Daily Forecast, Analysis and Prediction

I recognize that we have a situation where the market is going to continue to be very noisy.

It’s easy to see that this asset is strengthening, as we have bounce significantly from the 1.1050 level to reach the crucial 1.11 level.

The USD/MYR pair looks very interesting, as we did pull back a bit in the overall downtrend over the last couple of days, only to see it fall yet again.

The GBP/USD pair bounced back after the JOLTs report and the Beige Book pointed to a slowing US economy.

The EUR/USD currency pair bounced back after the relatively weak European services PMI and US job vacancy numbers.

The AUD/USD pair pulled back after the latest Australian services PMI and GDP numbers.

Despite the financial markets being positioned for further gains by the pound sterling, business leaders have sent the first clear warning signal that the outlook is slowing.

The US dollar is nearing a two-week high against the euro, driven by market expectations for the upcoming US payrolls report and its potential impact on the US Federal Reserve’s policy.

The USD/JPY pair saw a sharp decline to near 145.00, driven by hawkish guidance from Bank of Japan Governor Kazuo Ueda. Ueda reiterated the need for the Bank of Japan to raise interest rates further this year, stressing that the central bank will not hesitate to act if economic and inflationary conditions are in line with expectations.

Recent selling pressure since the beginning of September has pushed the gold price below the significant $2500 per ounce level, with losses extending to the $2473 per ounce support level before stabilizing around $2480 per ounce at the time of writing.

During my daily analysis of cross pairs, I've noticed this one has bounced quite drastically and has even threatened the 200 day EMA.

The USD/BRL closed near the 5.6490 ratio yesterday, essentially turning in a sideways day of Forex.

The euro has fallen a bit against the US dollar during trading on Tuesday as Americans came back from the Labor Day weekend.

The US dollar rallied a bit during the course of the trading session on Tuesday and we have launched from the 1.35 level, and it looks like we are trying to recover.

During the trading session on Tuesday, we seen Tokyo sell off quite drastically as the Nikkei 225 fell rather significantly to test the 50 day EMA.