How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
Gold Skyrocketed, Markets Await Powell Today
- Gold has skyrocketed to $1820 – the level unseen since the start of September!
- The stock market has started the week steady. The S&P 500 has already closed the fifth consecutive week in green! Today, we may see the short pullback.
- Non-farm payrolls came out greater-than-forecasted which indicated progress caused by vacancies. NFP was 531K versus the expected 455K. The unemployment rate was better than thought as well, and Average Hourly Earnings came out exactly as planned.
- Today, Fed Chair Jerome Powell will speak at 17:30 GMT+2 (MetaTrader time) and his comments may affect the US dollar.
- The crypto market is on the rise! Bitcoin has approached the all-time high of $66,000. If it manages to sustain above this resistance level, the way up to $70,000 will be open. Ethereum has set a new record above 4760.
- The earning season is almost over, but still, there are some interesting reports this week. Today, PayPal, TripAdvisor, and British American Tobacco will deliver their earnings results.
EUR/USD is moving inside the descending channel. The pair has failed to cross the support level of 1.1530 and reversed up. It is getting closer to the resistance level of 1.1585. If it manages to close above it, the way up to the November peak at 1.1615 will be clear. Support levels are the recent low of 1.1535 and the psychological mark of 1.1500.
Gold keeps moving inside the symmetrical triangle pattern. It has approached the strong resistance level of $1820. The move above this resistance level will clear the way up to the next barrier at $1830, which the pair will struggle to break. Support levels are the recent low of $1810 and the psychological mark of $1800.
GBP/USD tries to recover the losses. It has reversed up from the support level of 1.3425 but still failed to cross 1.3500. When it manages to do so, the way up to the next round number of 1.3550 will be clear. Support levels are 1.3470 and 1.3425.
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.