Here are the top 5 forex currencies for intraday trading, along with their current bid prices
- EUR/USD
- Current Bid: 1.0785.
- Market Dynamics: The European Central Bank is expected to leave interest rates unchanged on December 14. Germany might be in recession, and other economies could follow, impacting the EUR/USD pair.
- GBP/USD
- Current Bid: 1.2563.
- Market Dynamics: The US Federal Reserve’s meeting on December 13 could significantly influence this pair. A weaker US jobs report on December 8 might suggest that high rates are impacting the labor market, potentially leading to rate cuts next year.
- AUD/USD
- Current Bid: 0.6605.
- Market Dynamics: There’s an expectation that the Reserve Bank of Australia may cut rates, as shown by the drop in inflation in October. This could influence the AUD/USD pair, especially if the RBA pauses rate hikes.
- USD/CAD
- Current Bid: 1.3582.
- Market Dynamics: The Bank of Canada is expected to stop raising interest rates, with a potential rate cut as early as March. Inflation in Canada has fallen, and a ‘soft landing’ for the economy may be possible, affecting the USD/CAD pair.
- USD/JPY
- Current Bid: 144.2900.
- Market Dynamics: The Japanese yen has rebounded against the dollar recently. The Bank of Japan’s statements on interest rates and yield curve control, along with inflation data, will be closely watched, influencing the USD/JPY pair.
