Earnings Season is In Focus
Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Finally, Some Good Events to Trade
Jackson Hole, ten PMI releases, and the BRICS summit. This week will be full of market movements, and we will be there to trade them. Get ready, and let’s roll!
Economic calendar:
The time zone is GMT+3. Check your time zone here.
Monday:
- No important events
Tuesday:
- Day 1, BRICS summit
- USD 17:00, Existing Home Sales
Wednesday:
- Day 2, BRICS summit
- EUR 11:00, Europe Flash Services and Manufacturing PMI
- GBP 11:30, UK Flash Services and Manufacturing PMI
- USD 16:45, Flash Services and Manufacturing PMI
Thursday:
- Day 3, BRICS summit
- Day 1, Jackson Hole Symposium
- USD 15:30, Unemployment Claims
- USD 19:00, FOMC Member Harker Speaks
Friday:
- Day 2, Jackson Hole Symposium
- JPY 02:30, Tokio Core CPI
- EUR 11:00, German ifo Business Climate
- USD 17:05, Fed Chair Powell Speaks
- EUR 22:00, ECB President Lagarde Speaks
News you must know today
- Chinese 1-y Loan Prime Rate reached 3.45%, up from 3.40% in July. The 5-y Rate is at 4.20%, up from 4.05%. USDCNH is up 330 points today.
- Wall Street Journal writes that China’s economic growth is over after 40 years. WSJ suggests the reason is the tensions with Western countries.
- Capital inflow into gold-backed funds has been lowering for 16 weeks in a row, reaching the 2.5-year low. Gold interest is decreasing due to the US treasury yield growth.
- Global bond yields hit a 15-year high despite the hope for central banks’ pivot from QT to QE. The market probably doesn’t believe the economy will be robust in the following years.
- There will be a lot of discussions about national currencies at the BRICS summit starting tomorrow. We expect a lot of movements in the CNH (China), BRL (Brazil), and ZAR (South Africa).
Gold analysis for the week ahead
The metal collected liquidity below the level of $1885. The breakout of the upper trendline will push gold higher to the $1895-1902 area. That’s where short trades become preferable.
The decline below the support level would mean XAUUSD will continue falling.
Have an amazing week!
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