Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
Greatest sale of Bitcoin, markets await US inflation
- The greatest sale of Bitcoin continues! It has approached the psychological mark of $30,000. The breakout will open the doors to further dips.
- The traders’ focus remains on Thursday’s report on US inflation, which may push the Federal Reserve to start discussing tapering bond-buying.
- The oil keeps rallying up. WTI oil surpassed the key level of $70 a barrel as investors believe the recovery from the pandemic will boost oil demand.
- Pfizer and BioNTech will start vaccine trials on children less than 12 years old. The stock trading opens at 16:30. Check these stocks, they may significantly rise on this positive news!
- Today, the Bank of Canada will make a statement at 17:00 GMT+3. The BOC was the first one to tighten its policy. This time, most analysts expect the bank won’t make any hawkish moves but may hint at tapering in July.
- Crude oil inventories will be released at 17:30 GMT+3. Follow the report and keep an eye on oil prices: XBR/USD (Brent oil) and XTI/USD (WTI oil).
The most-traded pair in the Forex market is moving inside the descending channel. The move below yesterday’s low of 1.2170 will press the pair down to Monday’s low of 1.2160. On the flip side, if it manages to break above the 50-period moving average of 1.2185, it will rally up further to 1.2200.
XAU/USD is trending up but has failed to cross the psychological mark of $1900 so far. If it manages to break the resistance zone of $1900-1910, it may surge to January highs of $1950. Support levels are at the recent lows of $1885 and $1870.
The Canadian dollar gained after the Bank of Canada cut asset purchases. If the bank hints at more tapering in July Durant today’s meeting, the USD/CAD could fall even more and break the support level of 1.2000. If it does so, the way down to the next round number of 1.1900 will be open. Resistance levels are at the recent highs of 1.2150 and 1.2200.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
The US dollar has surged to levels unseen since April after the Fed's decision back on Wednesday. Gold has reversed up from the local dips. Still, this week was the worst for gold in more than a year.
The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Good news for FBS Traders! Top UK stocks have been just added to our platforms: MetaTrader 5 and FBS Trader App.