What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Evergreen buck sticks with 13-month maximum
On Thursday, the major US currency kept bargaining near a 13-month maximum because the political downtime in Turkey receded, while worries as for China's economic health kept backing safe-haven assets.
Versus a pack of its main rivals the evergreen buck demonstrated 96.756 having leapt to the 13-month maximum of 96,984 yesterday.
The greenback rallied following a tough week for emerging market assets, initially headed by the tumble of the Turkish currency. The Turkish lira slumped to a record minimum at the beginning of the week due to the fact that the conflict between America and Turkey burst out, and Turkish leader Tayyip Erdogan got anxious.
Since that time Turkey’s currency has managed to revive to 6.00 a dollar having sagged to a record minimum of 7.24 on Monday.
However, the rebound of the Turkish currency did little to back the assets of other emerging markets.
Japan’s currency, like the evergreen buck, is considered to be a safe haven asset and it’s still under the bullish control. However, the Japanese currency dived a bit affected by the publication of the country’s trade balance.
In July, Japan’s trade deficit accounted for Y231 billion, as the Ministry of Finance uncovered.
Market experts actually foresee that Japan’s trade deficit is going to amount to Y50 billion, following a record surplus of about Y721 billion
Japan’s exports tacked on by up to 3.9% year-on-year hitting Y6.774 trillion. The given outcome failed to meet expectations for a 6.3% leap. In July, the country’s exports managed to rally by 6.7%. As for imports, they ascended by 14.6% being worth Y.6,997 trillion following surge of 2.6% in June. Market experts forecast a 14.2% jump in imports.
As for the Australian dollar, it surged after the publication of data from the country’s labor market.
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.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
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.