PMI reports from the EU, the UK, and the USA will be released during the day!
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.
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Oil dropped to the lows unseen since late May. Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
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 will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…