The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
5 important things this week will bring us!
What this week will bring us!
- British Average Earnings Index (Tue, 11:30 MT time) – the forecast is neutral. Only greater economic data will pull the GBP out of the negative area.
- British CPI (Wed, 11:30 MT time) – the forecast is encouraging. Will the GBP finally strengthen?
- US Retail Sales and Core Retail Sales (Wed, 15:30 MT time) – the forecast is mixed. Let’s see whether the actual data brings the USD to new highs.
- Australian Job data (Thu, 4:30 MT time) – the forecast is weak. Weak economic data will pull the AUD to lows of the end of 2016.
- Canadian CPI (Fri, 15:30 MT time) – the Canadian dollar needs support in times of the strong USD and the unstable oil market.
- The Turkish lira extends fall, as there is no progress in Turkish-US tensions. Early on Monday, USD/TRY broke above 7. Although the pair has been moving down up to now, the soon recovery of the lira is not anticipated.
- The fall of lira causes problems for the EUR. The European central bank is worried about the European banks’ exposure to Turkey. The euro is in the dangerous zone.
- The plunge of the Turkish lira caused a fall of the emerging market currencies. The South African rand and Mexican peso significantly fell early on Monday. The further escalation of Turkish-US tensions will pull EM currencies further down.
On Wednesday, China posted shockingly weaker surge in retail sales as well as industrial output for April, thus increasing pressure on the Chinese cabinet to roll out more stimulus because the trade conflict with America escalates…
In April, American import prices surged less than anticipated in April due to the fact that jumps in the cost of food and petroleum were tamed by the largest tumble in the price of capital goods for a decade, dropping a hint at the fact that inflation…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.