Forex Daily Forecast, Analysis and Prediction

The USD/BRL remains on the stronger side of its one-month range for the Brazilian Real and traders may be tempted to continue seeking selling positions.

Canada reported a surprise 289,600 jobs additions for May, against predictions for 500,000 losses.

While the World Bank predicts a 3.2% GDP contraction for India’s fiscal year ending 2021, Fitch Ratings is looking ahead to a robust 9.5% recovery for 2022.

Yesterday’s press conference by US Federal Reserve Chairman Powell dented misplaced optimism running rampant across the global financial system.

A second Covid-19 infection wave will derail the fragile Australian economy, new research by the Organisation for Economic Co-operation and Development (OECD) revealed.

The silver markets rallied a bit during the trading session on Wednesday, breaking above the crucial $18 level again as the US dollar has weakened.

Low water marks of 3.2500 were tested in April as traders sought the relative safety of the JPY, but as the markets resume a more confident nature the Thai Baht has begun to pick up strength against the JPY.

For 4 consecutive sessions, the GBP/USD is trying to maintain recent risk on gains, which pushed it towards the 1.2755 resistance, the highest level in 3 months, but the Brexit file continues to be a pressure factor on any Pound gains.

The Australian dollar has fell during most of the session on Tuesday but then saw buyers come into the market late.

While some traders may correlate the decline in value for the NGN as part of a reaction to the Coronavirus pandemic, the African currency has not rebounded and remains within a stubborn weak trading range against the US Dollar likely due to the collapse of trading in the world’s Crude Oil industries.

For the third straight day, the USD/JPY continues its bearish correction.

For three trading sessions in a row, the gold price is back to correct upwards and compensate for its recent losses, which extended to the $1671 support at the end of trading last week.

EUR/USD Technical Analysis: The US inflation Reception on the Rise.

The British pound has broken down a bit during the trading session initially on Tuesday, reaching towards the 200 day EMA.

Brazil became the epicenter of the global Covid-19 pandemic.