BRICS, Jackson Hole, and the JPY are in Focus

BRICS, Jackson Hole, and the JPY are in Focus

The week was overfilled with events, especially from the BRICS summit and Jackson Hole meeting. Altogether, the market gained some fantastic opportunities. Here’s what we have for today’s session

The most important market news

  • ECB members don’t see a recession coming but want to be cautious at the next meeting. Downside risks to the economy have materialized. We might see one more rate hike despite the possible economic damage.
  • US Unemployment claims are below expectations (230K vs. 239K).
  • The US Fed says they should keep the restrictive monetary policy until next year and wait for inflation to go even lower. If inflation goes lower than expectations, the rates may decrease earlier.
  • Tokio Core CPI fell to 2.8%, down from 2.9% expectations. USDJPY is up 350 points today and 1670 points over the last two days.
  • BRICS invited Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates to join the bloc. If they accept the invitations, their membership will start on July 1, 2024. Together, these countries may become a massive oil-controlling power.
  • Central African Republic became the first country to tokenize land and natural resources. People of CAR can buy and sell land via blockchain technologies.
  • Donald Trump is back in X (Twitter) after two years of silence followed by his ban on the platform. He used to manipulate the stock market through his Tweets back in the day. This time, however, he is aimed at the presidential race.

Trade idea of the day

The JPY is falling against the USD, thus pushing the USDJPY pair higher. The trendline you see on the chart has a lot of liquidity above. We expect the pair to go and collect Stop Losses located there.

Therefore, the bullish scenario with a target of 146.40 is in favor today.


Have a great day!



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