Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
All Eyes On The US CPI Release
Happy Thursday, dear traders! Today, markets will be volatile due to the US CPI releases! Let's get ready with FBS!
- US CPI m/m is expected to remain at 0.2%, while the CPI y/y may rise to 3.3%.
- Analysts believe the deflationary cycle in China and the reduction in consumer demand can help the central banks of developed countries reduce inflation.
- Chinese stocks rose despite US restrictions on investment in China's technology sectors. HK50 is up 0.70% today.
- XNGUSD gained 6.30% yesterday.
- OPEC+ reduced oil production to a two-year minimum in June. Oil has risen by a quarter (25%) since that.
- The US Securities and Exchange Commission (SEC) plans to appeal a recent court decision involving Ripple Labs (XRP token). XRPUSD fell 5.5%.
XAUUSD declined to the oversold zone ahead of the CPI release, which is the first bullish sign. The price is consolidating above the cross point of the support trendline and the 1913.00 support level. Today, we expect the price to collect liquidity below 1913.00 and skyrocket after.
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