XAU/USD (Gold/US Dollar) Strong Buy: Currency in Focus and Technical Analysis (15-Minute Chart) - May 17, 2024
EUR/USD (Euro/US Dollar) Sell
EUR/USD has retreated from its highest level since March 21, testing 1.0855. The market is awaiting the release of Eurozone inflation data, but if the data meets expectations, a significant reaction is unlikely. The CPI is expected to increase by 0.6% monthly and 2.4% annually, while core CPI is expected to rise by 0.7% monthly and 2.7% annually. US initial jobless claims slightly exceeded expectations, and continuing claims also increased. April industrial production showed zero growth, and the Philadelphia Fed Manufacturing Index fell short of expectations.
GBP/USD (British Pound/US Dollar) Strong Sell
GBP/USD is trading around 1.2690, having declined from its highest level since April 10. Technical factors and weak US economic indicators are influencing the pair. The Philadelphia Fed Manufacturing Index came in well below expectations, and industrial production showed zero growth. Building permits for April also decreased. Investors are focusing on speeches from Fed representatives and comments from the Bank of England's Catherine Mann. The UK's Q1 GDP exceeded expectations, showing economic growth, but industrial production declined.
AUD/USD (Australian Dollar/US Dollar) Sell
AUD/USD has declined around 0.6660, retreating from its highest level since January 12. US inflation statistics and Australia's labor market report are influencing the pair. April's core CPI decreased to an annual rate of 3.6% and a monthly rate of 0.3%, still above target levels. Australia's employment increased by 38.5 thousand, surpassing expectations, but full-time employment decreased. China's industrial production exceeded expectations, supporting an optimistic outlook for investors.
USD/JPY (US Dollar/Japanese Yen) Strong Buy
USD/JPY has shown growth, recovering from the previous day's decline. US inflation statistics and a decrease in retail sales are impacting the pair. April's CPI and core CPI decreased as expected, and retail sales showed zero growth. Japan's Q1 GDP fell short of expectations, while industrial production increased.
XAU/USD (Gold/US Dollar) Strong Buy
XAU/USD shows mixed trading trends, hovering around 2380.00. Market activity is subdued, with investors partially securing existing positions. Fed representatives are scheduled to speak, but their comments are not expected to significantly impact rate cut expectations for the year. April's inflation data showed core CPI decreasing to an annual rate of 3.6% and a monthly rate of 0.3%. Retail sales for April also showed zero growth, falling short of market expectations.
