The market takes breath after the long rally. What opportunities do traders have today?
|The Federal Reserve is expected to raise interest rates at least three times this year. The firm economic growth and inflation in the United States give the central bank reasons to increase the interest rate this time. If the Fed raises the rate, it will support the dollar that has been suffering for a long time. On the other hand, the absence of a rate hike will be a big disappointment and lead to a selloff in the USD. The Fed’s decision will be known at 20:00 MT time. Press conference of the Fed’s Chair Jerome Powell will start at 20:30 MT time.|
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.