Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
GBP Awaits BOE Rate Decision and Apple's Sales Disaster
Welcome to Thursday, dear friends! Let’s review the main market trends for today.
- The US stock market slid heavily on Wednesday after Fitch downgraded the US credit rating from AAA to AA+. The Dow Jones Industrial Average index fell 0.54%, while Nasdaq dropped by 1.74%.
- The Bank of England is holding a meeting today at 14:00 GMT+3. Analysts widely expect the regulator to raise the interest rate by 25 basis points. At the same time, the markets will be looking at the indications of the end of the rate hiking cycle, as UK CPI reached 7.9%, easing off 8.7% in May.
- The Bank of Japan intervened with the bond-buying for the second time second time this week, to slow gain in benchmark sovereign bond yields.
- Today, Apple is expected to deliver the largest third-quarter revenue drop since 2016 amid the slowdown in iPhone sales. Wait for the release of the earnings report today after the market closes.
- Turkish CPI rose by 9.49% in July. The previous release was at +3.9%.
Technical analysis of GBPUSD
The pair broke below the lower border of the trading channel. If the BOE surprises with monetary policy changes, we may either see a strike to the upside with the resistance at 1.2728. On the downside, the support is located at 1.2600.
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