What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
5 important events this week will bring us!
- Canadian GDP growth (Tue, 15:30 MT) – If the indicator outperforms the forecasts, the loonie will get boosted.
- Jobs data for New Zealand (Wed, 01:45 MT) – Analysts anticipate the level of employment change to increase by 0.5%. As for the unemployment rate, it is projected to decline to 4.2%. Higher figures for the employment change and lower for the unemployment rate will be positive for the NZD.
- FOMC statement (Wed, 21:00 MT) – The Federal Reserve will keep its interest rate unchanged at 2.5%. Traders need to pay attention to the tone of the statement and comments by the Fed Chair Jerome Powell. If they are hawkish, the USD will be supported.
- BOE monetary policy summary (Thu, 14:00 MT) – The Bank of England’s future steps have been covered with the Brexit fog after the previous meeting, that is why any supportive comments by the BOE governor will be good for the GBP.
- NFP (Fri, 15:30 MT) - The most anticipated indicator will advance by 181 thousand payrolls, according to forecasts. If the actual level is higher, the USD will rise.
- The US-China trade talks will continue this week on April 30 in Beijing. According to the US Treasury Secretary Steven Mnuchin, the sides are heading close to the final agreement. However, the key issues including intellectual property and forced technology transfer are still unresolved. Positive progress in these negotiations will increase the risk-on sentiment in the market.
- Oil fell after the demand of US president Donald Trump to raise the output to soften the impact of the American sanctions against Iran.
- Theresa May tries to find a way to secure the Brexit deal before the EU elections on May 23. Reportedly, the government is not ready to have another vote for the deal in Parliament this week.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!