Weekly Cryptonews
Cryptocurrencies are going down... What may signal a recovery?
Daily news: traders remain optimistic
- The USD index is showing small declines on Friday after a big selloff on Thursday. Support is at 93.20, while resistance is found at 93.90. Demand for the greenback as a safe haven declined. Traders now think that the US-China trade tensions won’t lead to a global economic shock, so they buy higher-yielding riskier currencies like the AUD, the NZD and the CAD.
- Good news for the AUD: S&P Global Ratings revised its outlook on triple-A rated Australia from negative to stable. AUD/USD is at the strong resistance at 0.7300.
- Despite its general weakness, the USD is gaining against the JPY as the yen tends to weaken even more during the periods of market’s optimism. Plus everyone awaits a hawkish meeting of the Federal Reserve next week. Japanese CPI for August came our but didn’t have a visible impact on the market. The Bank of Japan trimmed its purchase of Japanese government bonds today. The central bank is moving away from its extremely loose monetary policy but is doing that in tiny steps. USD/JPY is targeting 113.00. Support is at 112.50.
- EUR/USD moved up and approached 1.1820 with the next resistance at 1.1855 and support at 1.1720. The euro area will publish manufacturing and services PMIs from 10:15 to 11:00 MT time. These are the most recent data that show the region’s economic health. The first releases already came out. French indexes turned out to be weaker than expected. German manufacturing index also slipped. Weak figures provide a reason for downside correction.
- GBP/USD retreated from the resistance at 1.3280. The 2-day summit between the UK and the EU was not a success. European Union leaders rejected the plan of British Prime Minister Theresa May and warned that time is running out for striking a deal. Theresa May promised to come up with fresh plans to break the stalemate in Brexit talks.
- Canada will release CPI and retail sales at 15:30 MT time. The forecast for CPI is negative, while the retail sales indicator, on the contrary, is expected to show better results than last month. USD/CAD is hanging at 1.29. Support is at 1.2860/50. Resistance is at 1.2940.
Similar
Jobs data for Australia may support the AUD
Australia will release the level of employment change and unemployment rate on August 15, at 4:30 MT time.
Wait for the inflation data for the US
The USA will release the levels of CPI and core CPI on August 13, at 15:30 MT time.
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