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Weekly Economic Calendar


April 22-26, 2024



Economic Focus This Week
Keep an eye on:

• US Treasury yields (2-year and 10-year) for signs of shifting investor sentiment.
• The US dollar index to gauge its strength.
• Energy markets, particularly oil prices, which could be impacted by Middle East tensions.

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Market Analysis and Forecasts


April 23, 2024



USD/JPY:

• Technical analysis shows a potential breakout to the upside with a target of 155.80. Intervention by the Bank of Japan is a wildcard. Support at 154.25.
• Carry trade sentiment and a strong USD continue to put pressure on the yen.

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Market Analysis and Forecasts


April 25, 2024



CAD/USD:

• Canadian dollar dips after retail sales data disappoints.
• Resistance at 1.3701 and 1.3773, support at 1.3651 and 1.3579.
• Forecast: Neutral to slightly bearish. CAD/USD could trade sideways or potentially fall slightly on expectations of a rate cut from the Bank of Canada.

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Market Analysis and Forecasts


April 26, 2024



USD/JPY:

1. The Japanese yen continues to depreciate against the USD.
2. The Bank of Japan is expected to maintain its accommodative monetary policy.
3. Fed might be considering rate hikes to combat inflation.
4. This interest rate differential could keep the pressure on the JPY.
5. The pair is likely to continue its uptrend if US data is strong today. However, intervention by the Bank of Japan remains a risk.

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Weekly Economic Calendar


April 29 - May 3, 2024



Economic Focus This Week
Other Potential Movers:

• Earnings Season Continues: Look for company earnings reports that might affect specific currencies.
• Holiday Market Conditions (Wednesday): Reduced liquidity due to holidays in China and Europe could lead to choppier trading.
• Potential Yen Intervention: If the Japanese Yen weakens significantly, authorities might intervene.

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Market Analysis and Forecasts


April 30, 2024



GBP/USD:

1. Forecast: Likely continuation of downtrend. Resistance around 1.2560/1.2610, support around 1.2200/1.2150.
2. Trading recommendation: Selling after reversal signals near resistance zones. Buying may lead to losses.

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Market Analysis and Forecasts


May 2, 2024



NZD/USD:

1. NZD steadied after a decline.
2. The RBNZ is closely monitoring inflation data.
3. Resistance levels to watch: 0.5918, 0.5951.
4. Support levels: 0.5855, 0.5822.

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Market Analysis and Forecasts


May 3, 2024



USD/JPY:

1. Current Price: Around 155
2. Recent Movement: Yen strengthened after suspected intervention by the Bank of Japan.
3. Forecast: The direction is unclear. Further intervention by the Bank of Japan is possible, leading to a stronger yen. Resistance at 157.26. Upward movement is also possible if risk aversion increases. Downward movement is likely if the intervention ceases and risk appetite returns.

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Weekly Economic Calendar


May 6-10, 2024



Economic Focus This Week
Other Data Points to Watch

1. Reserve Bank of Australia (RBA) Meeting (Tuesday): Another hold on rates is anticipated.
2. Canadian Employment Data (Friday): This report could impact the Canadian dollar (CAD).
3. University of Michigan Consumer Sentiment Survey (Friday): This survey gauges consumer confidence in the US economy.

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Market Analysis and Forecasts


May 7, 2024



GBP/USD:

1. Short-term bullish trend weakening against the USD (GBP/USD).
2. Potential for a decline towards 1.2450 and 1.2289 this week.
3. Bearish trend likely to resume in the long-term.

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Market Analysis and Forecasts


May 9, 2024



USD/JPY:

1. The Yen is likely to remain volatile.
2. The BoJ's comments about potential tightening could offer temporary support but further intervention by Japan might be needed to prevent a decline towards 160.
3. Short-term bullish, long-term neutral.
4. Resistance at 155.91, support at 154.43.

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Market Analysis and Forecasts


May 10, 2024



GBP/USD:

1. Technical Analysis: Bearish pattern suggests a decline towards 1.2039, with resistance at 1.2470 not broken decisively.
2. Fundamental Analysis: The Bank of England (BoE) hinted at potential rate cuts in the coming quarters, weakening the pound.
3. Forecast: GBP/USD is likely to weaken further.
4. Trading Tips: Consider selling GBP/USD with targets below 1.2039.

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Weekly Economic Calendar


May 13-17, 2024



Economic Focus This Week
Other Events This Week

1. US Retail Sales (Wednesday): This data reflects consumer spending, a key indicator of economic health.
2. Australia Employment Data (Wednesday): This could influence the Reserve Bank of Australia's monetary policy.
3. China Industrial Production (Friday): This data shows signs of China's economic activity.

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Market Analysis and Forecasts


May 14, 2024



GBP/USD:

1. Technical Analysis: Sideways movement expected in the near term with potential for a breakout above 1.2597 or below 1.2449.
2. Fundamental Analysis: UK employment data on Tuesday is expected to be weak, potentially weakening the pound. The BoE's stance on rate cuts will also be watched closely.
3. Key Levels: Resistance - 1.2597, 1.2680 | Support - 1.2524, 1.2490
4. Focus: UK employment report on Tuesday, May 14th. Weak data could lead to a decline in GBP/USD.
5. Forecast: GBP/USD may decline in the short term due to weak data, but a reversal is possible later in the week.

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Market Analysis and Forecasts


May 16, 2024



GBP/USD:

1. Overall: Neutral to slightly bullish. Similar to EUR, the pound waits on US CPI data and might rise if inflation shows signs of cooling down.
2. Support: 1.2602, 1.2557
3. Resistance: 1.2627, 1.2680
4. Trading Tips: Buy GBP around 1.2627 if US data weakens the dollar.

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Market Analysis and Forecasts


May 17, 2024



GBP/USD:

1. The British pound is also facing pressure due to a lack of positive economic data from the UK.
2. Technical analysis suggests support around 1.2643 and resistance at 1.2671 and 1.2734.
3. Forecast: The outlook for the British pound is uncertain in the near term. The lack of data from the UK makes it difficult to predict the direction of the pound. However, the Bank of England's dovish stance could eventually lead to a weaker pound.

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Weekly Economic Calendar


May 20-24, 2024



Economic Focus This Week
Friday:

1. UK releases Retail Sales data.
2. SNB's Thomas Jordan's speech could impact the Swiss franc.
3. Canada releases Retail Sales data.
4. US releases Durable Goods figures and University of Michigan's Consumer Sentiment and Inflation Expectation data.

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Market Analysis and Forecasts


May 21, 2024



GBP/USD:

1. Forecast: Neutral to slightly bearish.
2. Resistance: 1.2727
3. Support: 1.2660
4. The GBP/USD is also expected to trade within a sideways channel. Sellers are likely to emerge around the resistance level of 1.2727, while buyers may enter near the support level of 1.2660. Speeches from Fed representatives may weigh on the pound.

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Market Analysis and Forecasts


May 23, 2024



GBP/USD:

1. GBP/USD: The British Pound is also under pressure after UK inflation data came in higher than expected, dampening hopes for a Bank of England rate cut in June. The FOMC minutes will be a key factor for GBP/USD as well.
2. Support: 1.2641, 1.2570
3. Resistance: 1.2772, 1.2843
4. Trading Signal: Similar to EUR/USD, short-term trading opportunities may be present based on the FOMC minutes and US data releases.

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Market Analysis and Forecasts


May 24, 2024



GBP/USD:

1. Forecast: Bullish, but may be short-lived.
2. Key levels: Resistance - 1.2788-1.2801, Support - 1.2611
3. Trading strategy: Sell if the price rebounds from the resistance zone or falls below 1.2690-1.2705, Buy if the price closes above 1.2705.

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