Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
5 important things this week will bring us!
5 important things you need to know about this week!
US PPI (Wed, 15:30 MT time) – the USD needs strong support to exit the 95-95.50 channel. The forecast is encouraging; however, the actual data should beat the forecast to pull the USD up.
BOE Official Bank Rate (Thu, 14:00 MT time) – the market doesn’t expect any changes in the interest rate. However, clues on the future monetary policy will determine the further direction of the pound.
ECB Meeting (Thu, 14:45 MT time) – the market looks for the clues on the further tapering of the quantitative easing. If the bank is hawkish, the euro will rise.
US CPI (Thu, 15:30 MT time) – inflation data is the major driver of the currency. If the actual data is greater than the forecast, the USD will appreciate.
US Retails Sales (Fri, 15:30 MT time) – retail sales is one of the most important economic data. As a result, it affects the currency a lot. A rise of the figure will support the USD.
The NAFTA deal is still in the arena. Countries haven’t come to the agreement yet. As a result, the Canadian dollar is weak and is waiting for the support to appreciate against the USD.
OPEC/non-OPEC coalition meeting. Oil allies will meet on September 11 to discuss a new production strategy. Countries agreed to increase the oil production but haven’t come to an agreement on steps. The event will affect the oil market.
Let’s see whether there is more news this week.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.