In-Depth Analysis

Forex Today: Pound Sterling rises on hot UK inflation, US Dollar extends slide

Here is what you need to know on Wednesday, May 21: Pound Sterling (GBP) gathers strength against its rivals early Wednesday following the release of April inflation data from the UK, while the US Dollar (USD) continues to weaken on trade uncertainty and political woes.

EUR/USD climbs to multi-week highs above 1.1400 after US data

EUR/USD extends its daily rally and trades at its highest level since late April above 1.1400. The broad-based US Dollar weakness on re-escalating US-China trade tensions and disappointing Manufacturing PMI data allow the pair to push higher in the American session.

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Fibonacci Mastery: Applying 71.7% Retracement in Forex Analysis - 1545112269

Fibonacci Mastery: Applying 71.7% Retracement in Forex Analysis - 1545112269

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Weekly Forecast

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Musk changes tune on BTC as adoption and miners continue to make headway

BTC continues to rise after briefly dipping below the $30,000 level. Musk reveals his opinions on the big crypto since Tesla stopped accepting BTC payments. Core Scientific mining firm announced its plans to list on the NASDAQ.

[EDITED] XAU/USD bears await break below 100-day SMA at $1,796

[EDITED] Gold closed near the lower limit of the weekly channel. Additional losses are likely if XAU/USD breaks below the 100-day SMA. FOMC meeting and US Q2 GDP data highlight next week’s economic calendar.

AUD/USD: No respite for the aussie ahead of Fed

Deteriorating economic conditions in Australia hurt the aussie. Eyes on the US Federal Reserve, as it may hint at tapering. AUD/USD is set to extend its decline in the upcoming days.