How Much Did the US Economy Grow in Q2?
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Biden's stimulus is unveiled
Latest news
- “Help is here,” Biden tweeted as the House passed the much-awaited $1.9 trillion COVID-19 relief bill, one of the largest stimulus packages in US history.
- US Core Consumer Price Index came out worse than expected and calmed down the markets about the US economy overheating and eased inflation fears.
- The Dow Jones surged to a record high of 32,420.
- Investors are still cautious about high-priced growth stocks (Amazon, Netflix, Facebook), which dropped on rising yields. Whereas, cyclical stocks such as airlines, hotels, automakers, and banks (General Motors, Booking, JPMorgan) keep rising on optimism over the global recovery.
- Crude Oil Inventories fell short of analysts’ expectations. 13.8M barrels were held in inventories in the last week, while the forecast was 3.0M. However, oil prices are rising due to the US stimulus package.
Technical analysis
EUR/USD has approached the key level of 1.1.1950, which was acting as resistance in 2020 and as support in 2021. Thus, it’s likely to bounce off 1.1950 rather than break out. Support levels are at the 200-day moving average of 1.1815 and 1.1775.
GBP/USD has gotten closer to the resistance at the high of March 3 at 1.3950. If it manages to break it, the way up to the next round number of 1.4000 will be open. Support levels are at Monday’s low of 1.3800 and 1.3750.
Gold is climbing. If it manages to break through the high of March 2 at $1740, doors will be open to the 100-period moving average of $1750. Support levels are the intraday low of $1725 and the 50-period MA of $1715.
Follow ECB meeting at 14:45 MT time and ECB press conference at 15:30 MT time!
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