Weekly US employment: a chance for the USD
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
How to trade on June 23?
Fundamental factors
- Trump’s adviser Peter Navarro roiled the market. He said that the US-China trade deal is over during the interview by Fox News. Stock dropped
- Later, the US president calmed the market’s participants down. The phase one agreement of the trade deal is enforceable. Both sides officially claimed that they intend to stick to the deal.
- That situation has proven that the US-China relationship is still one of the key drivers of the market.
- The Australian Manufacturing PMI tuned out 49.8, it was better than analysts expected. That data encouraged investors as above 50.0 indicates industry expansion. AUD jumped.
- The Japanese Manufacturing PMI came worse than forecasts. JPY loosened.
Technical tips
S&P 500
Most analysts don’t expect another pullback this week. S&P 500 is headed towards new highs. It has just passed 3110. If bulls are as strong as most anticipate, the stock index will surge to 3225. Support levels are 3020 and 3000.
AUD/USD
The AUD/USD rose on the positive industry data. If it crosses the resistance at 0.6950, it will open doors toward the June high at 0.7020. Nevertheless, if risk-averse returns, the pair will slump to 0.6800.
USD/JPY
The Japanese yen weakened against the US dollar on the poor PMI data. The 50-day moving average at 107.40 is a key resistance that the pair struggles to break. If it crosses it, it will soar to 38.2 % Fibonacci level at 107.85. Support levels are 106.80 and 106.00.
WTI oil
The WTI oil price has reached the three-months high. It has crossed $40.5 a barrel. Now it’s moving up towards the early March highest point at $47.5. Support levels are $36 and $32.
To trade WTI with FBS you need to choose WTI-20N.
Upcoming news today:
- The French, German and EU PMI will be released at 10:15, 10:30 and 11:00 MT time, respectively.
- The UK PMI will be reported at 11:30 MT time.
- The US PMI will be published at 16:45 MT time.
Similar
Gold Skyrocketed, USD Dropped. What Drives The Market Today?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
High-Impactful Event for Forex: US Retail Sales
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Latest news
What will move the market on October 25-29?
Last week was full of surprises! Stock indices have shown significant growth…
Will USD Stop Falling Today? Market Wrap
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Major Event Alert: Canadian Retail Sales
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
Deposit with your local payment systems
