GBP prices weakened as UK inflation showed a drastic decline that could lead to the BoE cutting rates earlier than expected.

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Gold enjoyed a rally toward the $2050/Oz mark before facing some selling pressure as Fed rate cut expectations continue to sway back and forth. PCE data later in the week could prove key to where Gold prices end the week.

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This article focuses on the outlook for the U.S. dollar and analyzes the technical profile for major FX pairs such as EUR/USD, USD/JPY and GBP/USD.

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A concerted effort by various Fed officials over the past few days to dampen market expectations of multiple rate cuts in 2024 is not having the desired effect at the moment.

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US indices continue to consolidate, but the Bank of Japan’s (BoJ) decision to leave policy unchanged has given the Nikkei 225 a boost.

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