Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Bank of Japan Supports the Yen
Happy Friday, dear traders! Today is a great day to trade the yen, as the Bank of Japan will announce its monetary policy statement during the day. Let's check more news moving the markets today!
- The GDP report showed that the US economy grew by 2.4% in the II quarter.
- The world's leading central banks continued another round of rate hikes this week despite decelerating inflation but have now shifted in unison to a more cautious stance on moving forward. This is a sign that a year-long round of global monetary tightening may be coming to an end. However, some experts remind of several waves of inflation in 1970 - 1980 and warn that now it is too early to relax.
- Sales in US government bonds have resumed, and yields, which usually act as a forward indicator for the USD, are rising.
- The current BTC halving cycle is 81% complete.
- Lagarde: if the ECB takes a break in September, it won't be for long.
- The Central Bank of Japan promised to increase flexibility in yield curve control. USDJPY loses 1000 points.
USDCAD trade idea
USDCAD is breaking above the resistance range. Consider waiting for a retest and opening a BUY trade with the target at 1.3380.
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