Forex Daily Forecast, Analysis and Prediction

Preliminary June PMI data out of the Eurozone releases on Tuesday surprised to the upside but did little to rally the Euro.

South Africa’s economy is predicted to contract by 7.2% in 2020, as outlined during a budget adjustment delivered by Finance Minister Tito Mboweni.

Mexican President López Obrador acknowledged 85,000 formal job losses related to the Covid-19 pandemic, adding that the number is forecast to increase to 130,000 by the end of June, and 1,000,000 in total.

Even as global equity markets roiled late yesterday and early today the USD/MYR has been able to hold onto its known value range.

Silver markets fell hard during the trading session on Wednesday, reaching down towards the $17.40 level, but have recovered slightly showing signs of support again.

Saying the Argentine Peso is in trouble is too easy as the Argentina government continues to give critics plenty of ammunition.

Experienced traders know that forex demands different trading techniques depending on the currency pair which is being speculated.

The Pakistani Rupee touched vital resistance in early trading today and its overall trend appears weak as the currency continues to loss value to the US Dollar.

GBP/USD attempts to bounce back upward are still weak despite the decline in the US dollar, as gains did not exceed 1.2542 before settling around 1.2520

India’s Chief Economic Adviser Krishnamurthy Subramanian continues to believe the economy is on track for a V-shaped recovery, irrelevant of what developments take place.

Following the testimony of Dr. Anthony Fauci, the Director of the National Institute of Allergy and Infectious Diseases (NIAID) and member of the White House Covid-19 taskforce, to Congress yesterday, the US Dollar came under selling pressure.

Silver markets have rallied again during the trading session on Tuesday, as we have crossed above the $18 level.

Brazil became the second country to register over 50,000 deaths related to the Covid-19 pandemic behind the US.

The Australian dollar initially pulled back a bit during the trading session and then shot towards the 0.70 level during the trading day.

The British pound initially dipped during the trading session on Tuesday but found enough buyers to break back above the 50 day EMA and then reach into the range between the 50 day EMA and the 200 day EMA.