The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
European Central Bank Will Meet on Thursday
What will happen?
The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3). The bank is expected to update its strategy and share its forecast for inflation. The ECB’s new strategy may allow inflation to overrun the 2% goal when interest rates are at record lows. If it is the case, it will signal that the central bank won’t tighten the policy earlier than expected, which will limit the upside potential for the euro.
How to trade on the ECB statement?
- If the ECB hints at any sign of policy tightening earlier than initially thought, the EUR will rise.
- If the ECB claims it would stay ultra-loose for longer, the EUR will drop.
Instruments to trade: EUR/USD, EUR/JPY, EUR/GBP
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The market sentiment is risk-off. Stocks are falling, while the safe-haven US dollar is edging higher. Meanwhile, oil advanced after the OPEC meeting.
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).