What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Emerging market updates
- USD/ZAR has been trading near the crossover of 100-day and 200-day SMAs. Today, traders need to pay attention to the State of the Nation (Sona) address where President Ramaphosa is expected to make comments on the future of Eskom. Will the support package be delivered to the South African electricity public utility? Let’s find out at 18:00 MT time. If the rand is supported, bears will push USD/ZAR below the 14.2761 level. The next support will lie at 14.14. If the ZAR weakens, the pair will rise back above the 50-day SMA. Bulls need to push the pair above the 14.47-14.53 levels to restore the uptrend.
- The Turkish lira was hurt by the news that the US considers three sanctions packages. Today, the Turkish president Tayyip Erdogan said that if Washington imposes sanctions, the countermeasures come immediately. On H4, USD/TRY tested the 5.81 level on his comments. Further uncertainties may push the pair above this level to the resistance at 5.84. Bears will keep the 5.7198 and 5.6975 levels in focus. As far as they are broken, the next support will be placed at 5.6606.
- The Singapore dollar has been strengthening since the beginning of the Asian trading session. USD/SGD has fallen below the 100-day SMA. At the moment, it is testing the support at 1.3560. After the break, bears will target the 1.3533-1.3520 levels. Break below this zone will pull the pair lower to the 1.3469 level. From the upside, there is a resistance at 1.3650 (200-day SMA). Next resistance levels are placed at 1.3688 and 1.3719.
What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!