What news has been happening in the crypto market this week?
Forex today: investors are waiting
The US dollar does not show any big movement. The greenback is again near $89.30. Today investors will look at two important data for the USD: Core Retail Sales and Retail Sales (15:30 MT time). If figures are greater than the forecast, the greenback has chances to rise.
- The USD/JPY pair is falling today. According to the poll, public support for Prime Minister Shinzo Abe's Cabinet has declined to 37.0%. Prime Minister’s cabinet is famous for its dovish policy. So, the news from Japan could encourage the yen. The support lies at 107. If the pair breaks it, the next level of the support (50-days MA) will lie at 106.75.
- The EUR/USD pair managed to break the resistance at 1.2347 and moved further. Now the pair is trading near the next resistance at 1.2365, if it is able to break it, the euro has chances to rise to 1.2386. No important data for the euro is anticipated in the next future days.
- The pound has gained momentum. The GBP/USD pair has broken the resistance at 1.4281. Now the pair is climbing to the next important level of 1.4327. No important data for the pound will be released today, however, tomorrow traders will pay attention to average earnings index. The forecast is greater than the previous figure, however, let’s look at the actual one.
- The Australian dollar is rising. However, its strength is not big. The AUD/USD pair is trading below the pivot point of 0.7773. If the pair is able to break this level, it will climb to 0.7797. However, there is a possibility that the AUD/USD pair will turn around soon. The 50-days MA has crossed the 100-days MA upside down signaling the downward movement.
Tomorrow the RBA will announce monetary policy meeting minutes. Let’s look if the aussie will react.
- The US, Britain, and France hit the territory of Syria on Saturday. Despite the escalation of the conflict in Syria, oil is declining. Last week oil reached the highest levels since December 2014. However, Monday is not so positive for the black gold. Brent fell from $72.58 to $71.60 a barrel; WTI that was near $67.80 declined to $66.50. It is a fact that investors started to fix their profit after such an incredible rise. Moreover, the number of oil rigs rose to 815, the highest number since March 2015.
- Bitcoin is declining again. On Monday the cryptocurrency has fallen below $8,000. The fall of the digital currency between the end of March - the beginning of April can be related to the tax season in the US. According to forecasts, after April 17 bitcoin will reach the bottom. The first support lies at $7,700. If bitcoin breaks it, the 200-hours Moving Average will be the next level of the support at $7,550.
There is no change in the direction of other currencies.
That is all for today. Follow markets news with us!
A lot of political uncertainties are driving the British pound down.
The United States anticipates the release of headline and core durable goods orders on May 24, at 15:30 MT time.
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.