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!
5 important things this week will bring us
- AUD CPI, Trimmed Mean CPI (Wed, 04:30 MT (01:30 GMT)) – the Australian currency needs support to continue the upward movement. Higher than anticipated readings will boost the AUD.
- BOC Meeting (Wed, 17:00 MT (14:00 GMT)) - clouds are gathering over the future of the Canadian interest rates. Easing global growth fears to affect central banks worldwide and the BOC isn’t an exception. Experts can’t come to the consensus about the upcoming policy of the Canadian bank. If the central bank keeps its dovish tone, the CAD will suffer after the meeting. If the bank is able to adopt a holding stance, the loonie will get a chance to appreciate.
- BOJ Meeting (Thu, Tentative) - there will be no changes to the interest rate. The impact of the statement will be limited as well if only the bank doesn’t surprise with unexpected comments.
- US Core Durable Goods Orders (Thu, 15:30 MT (12:30 GMT)) – positive actual readings will push the USD up.
- US Advanced GDP (Thu, 15:30 MT (12:30 GMT)) – the forecast is neutral. If the actual release outperforms it, the USD will appreciate. Otherwise, American currency may suffer.
Japan Prime Minister has gone for a tour of Europe and North America. The most important event is a meeting with Mr. Trump. Parties are anticipated to discuss North Korea's denuclearization and Japan-US trade negotiations. Comments during this tour may affect related currencies a lot.
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
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 Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
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.