Forex Daily Forecast, Analysis and Prediction

Despite new forecasts for a more severe recession in the Indian economy than previously anticipated, coupled with increasing doubt over the ₹20 trillion spending package

USD/JPY: Weakly bullish with strong USD

BTC/USD: Wide consolidation below $10,000

GBP/USD: Pound one of the weakest risk currencies

EUR/USD: Yet strong resistance above 1.1000

Silver markets have rallied a bit initially during the trading session on Wednesday, breaking above the $18.00 level.

Bitcoin markets have gone back and forth during trading again on Wednesday as the $10,000 level above continues offer significant resistance.

Gold markets have been pretty choppy during the trading session on Wednesday, gapping higher to kick off the session before pulling back to fill the gap and then rallying again

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Wednesday, as we simply cannot keep this market down.

Over the past 24 hours, new global Covid-19 infections recorded the highest single-day increase, per statistics presented by the World Health Organization.

New Zealand Prime Minister Ardern suggested a four-day workweek as part of a post-Covid-19 economic recovery plan.

Preliminary PMI reports out of Australia for May show the manufacturing sector contraction at a steeper rate than in April,

Abandoning safe havens amid markets’ optimism after recent positive comments by Federal Reserve Governor Jerome Powell and the sudden announcement of a successful first vaccine trials that might destroy the Coronavirus which paralyzed the global economy.

The profit-taking operations after the recent record gains for the gold pushed performance towards the $1725 support.

As expected a lot, Sterling gains will remain a selling target, and after two trading sessions in which the GBP/USD witnessed an upward correction that contributed to the pair's rebound towards the 1.2296 resistance.