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Weekly Forex Forecast For DXY, EURUSD, GBPUSD, and USDJPY (October 21-25, 2024)
This week, traders will be closely watching the movements of the US Dollar Index (DXY), Euro to US Dollar (EURUSD), British Pound to US Dollar (GBPUSD), and US Dollar to Japanese Yen (USDJPY).
The DXY is expected to face some volatility as market participants digest the latest economic data and developments in the US-China trade negotiations. Traders will be looking for any signs of strength or weakness in the US economy that could impact the future direction of the dollar.
The EURUSD pair is likely to be influenced by the European Central Bank’s monetary policy meeting and any updates on Brexit negotiations. Any surprises from these events could lead to significant moves in the currency pair.
GBPUSD is expected to remain sensitive to Brexit-related news as the October 31 deadline approaches. Traders will be monitoring any developments in the negotiations between the UK and the European Union for clues on the future direction of the pound.
USDJPY is likely to be influenced by risk sentiment and any updates on the US-China trade talks. Traders will be watching for any signs of progress or setbacks in the negotiations that could impact the safe-haven appeal of the Japanese Yen.
Overall, traders should be prepared for a potentially volatile week in the forex markets as these major currency pairs react to economic data releases and geopolitical events.