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EUR/USD, GBP/USD, and USD/JPY Market Analysis Today, investors are focusing on the December minutes of the US Federal Reserve meeting, which will help clarify the regulator’s plans for the near future: more than 70.0% of analysts expect that officials may resume the program to reduce borrowing costs in March. Also during the day, December data on the index of business activity in the manufacturing sector from the Institute for Supply Management (ISM) will be published: a moderate increase in the indicator is expected from 46.7 points to 47.1 points. It is worth noting that a similar index from S&P Global presented the day before did not meet analysts’ expectations, falling from 48.2 points to 47.9 points with neutral forecasts. EUR/USD According to EUR/USD technical analysis, the EUR/USD pair is showing slight growth, correcting after a rather sharp decline the day before, as a result of which the local lows of December 20, 2023, were updated. The single currency is trading near the 1.0960 mark, and market participants expect new drivers to appear in the market. Immediate resistance can be seen at 1.1000, a break higher could trigger a move towards 1.1047. On the downside, immediate support is seen at 1.0947, a break below could take the pair towards 1.0869. The EU will present December inflation statistics within a week, which may affect the ECB's further monetary policy. The German consumer price index may rise by 0.1% in monthly terms after -0.4 and in annual terms from 3.2% to 3.8%. Final inflation data in the eurozone will be published on Friday. The annual rate is expected to accelerate from 2.4% to 3.0%. In addition, investors will evaluate the December report on the American labour market, which may also have an impact on future decisions of the US Federal Reserve. Based on the lows of two days, a new downward channel has formed. Now the price is in the middle of the channel and may continue to decline after approaching the upper limit. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

2024 Is All About Interest Rate Policy, but Who Is Right? There are high hopes for the year ahead, especially given that 2023 was mostly a period in which rebuilding Western economies was steady and relatively progressive within the financial markets. Britain slowly moved forward, away from the cost of living crisis, double figure inflation and government-enforced lockdowns that dogged the early part of this decade, with 2023 having been a gradual move upwards for the British economy, in which inflation became more palatable, and in which it avoided any of the toxicity from some of the high profile bank demises in the United States during last year. Similarly, the United States economy has been getting itself very much back on track, with inflation now well under control and productivity reasonably high. Despite the collapse of some major banks, which brought memories of the 2008/2009 banking catastrophe back to the forefront of many minds, the US continued steadily and calmly with a strong Dollar and good overall figures. Even the tech stocks are now back to a good level of trading volatility and out of the doldrums, leading US investors to be back to positivity. There has been a lot of discussion and speculation regarding the potential monetary policy on both sides of the Atlantic for 2024. Will the central bankers begin to stop increasing interest rates? Will they pursue quantitative easing policies? One school of thought centres around quantitative easing, which is a monetary policy strategy used by central banks in which they purchase securities in an attempt to reduce interest rates, increase the supply of money and drive more lending to consumers and businesses. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Market Analysis: GBP/USD Retreats From Highs, USD/CAD Grinds Higher GBP/USD declined below the 1.2715 support zone. USD/CAD is rising and might aim for more gains above the 1.3330 resistance. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound started a fresh decline below the 1.2715 support zone. There is a key bearish trend line forming with resistance near 1.2680 on the hourly chart of GBP/USD at FXOpen. USD/CAD is showing positive signs above the 1.3260 support zone. There was a break above a major bearish trend line with resistance near 1.3260 on the hourly chart at FXOpen. GBP/USD Technical Analysis On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2820 zone. The British Pound traded below the 1.2715 support to move further into a bearish zone against the US Dollar. The pair even traded below 1.2680 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2610 level. A low was formed near 1.2610 and the pair is now attempting a recovery wave. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.2827 swing high to the 1.2610 low at 1.2660. The first major resistance is near a key bearish trend line at 1.2680 or the 50-hour simple moving average. A close above the 1.2680 resistance might spark a steady upward move. The next major resistance is near the 50% Fib retracement level of the downward move from the 1.2827 swing high to the 1.2610 low at 1.2715. Any more gains could lead the pair toward the 1.2820 resistance in the near term. Initial support sits near 1.2610. The next major support is at 1.2565, below which there is a risk of another sharp decline. In the stated case, the pair could drop towards 1.2500. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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The Dollar Stopped Falling The US dollar is trying to win back losses, trading at 100.800 in USDX, however, key statistics on the labour market were negative: the number of initial applications for unemployment benefits amounted to 218.0k, much higher than 206.0k a week earlier and the expected 210.0k, as a result of which the total number of citizens receiving government assistance increased from 1.861 million to 1.875 million, putting pressure on the US currency. Market participants expect an adjustment in monetary policy from the US Federal Reserve, and also hope for a threefold reduction in borrowing costs next year. According to a CNBC survey of 300 leading investors, most expect the transition to dovish rates to begin in the second half of 2024, with some predicting it will begin in March. EUR/USD The EUR/USD pair is trading in the main range of 1.1083-1.1060, with the price trying to resume growth after a correction the day before, when it retreated from six-month highs at 1.1138. Immediate resistance can be seen at 1.1145, a break higher could trigger a rise towards 1.1177. On the downside, immediate support is seen at 1.1066, a break below could take the pair towards 1.1000. The euro quotes were put under pressure by the continuing uncertainty regarding further actions (by the ECB) in the field of monetary policy. Previously, it was assumed that the European regulator, like the US Federal Reserve, would begin a cycle of easing monetary policy, but recent comments by ECB board member Robert Holtzman have somewhat changed these forecasts. The day before, in an interview with Bloomberg, the official said that it was too early to talk about the beginning of a reduction in borrowing costs in the region, while admitting that the measures taken by the department led to a noticeable weakening of inflation. The potential for the EUR/USD pair to resume its upward dynamics after the Christmas holidays remains. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

USD/JPY Analysis: Outlook for 2024 The Japanese yen has been one of the worst performing currencies over the past couple of years. The situation could improve in 2024, writes WSJ. The yen has lost about 20% against the dollar since the end of 2021, underperforming other major currencies. The reason is that Japan's central bank kept interest rates ultra-low while most of its peers raised them aggressively. This was possible because it did not grow so rapidly in Japan. Japan's core inflation rate, which does not include fresh produce, was 2.5% in November. Although this is already above its 2% inflation target, the Bank of Japan is reluctant to raise interest rates too quickly for fear of a hit to the economy. But the situation may change in 2024. The central bank has already made several changes to its “yield curve control” policy in the bond market. And the yen has risen about 7% against the dollar since mid-November, partly because traders expect the Bank of Japan to continue reforms. On the other hand, the dollar may weaken, including due to the expected easing of Fed policy. VIEW FULL ANALYSIS VISIT - FXOpen Blog... Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.