Earnings Season is In Focus
Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
The Most Crucial Events for The Week
Hello guys, and Welcome to the new trading week.
Economic calendar
The time zone is GMT+3.
Monday:
All day: US, Canada Labor Day
Tuesday:
AUD 07:30, RBA Interest rate decision
EUR 10:00, ECB President Lagarde Speaks
GBP 11:30, S&P Global/CIPS US Composite PMI (Aug)
USD 17:00, Factory orders (Jul)
Wednesday:
AUD 04:30, Australian GDP YoY
USD 15:30, US Trade Balance (Jul)
CAD 15:30, Canadian Trade Balance
USD 17:00, ISM Non-Manufacturing PMI
CAD 17:00, BoC Interest rate decision
USD 21:00, the US Beige Book
Thursday:
AUD, 04:30, Trade balance
EUR 12:00, European GDP YoY
USD 15:30, US Initial jobless claims
Oil 18:00, US Crude oil inventories
Friday:
CAD 15:30, Unemployment change
Oil 20:00, US Baker Hughes Oil rig count
News to watch for today
Due to the lack of an approved budget for the new fiscal year, a US government shutdown is possible, which will happen as early as October 1st if Congress does not have time to approve the relevant legislation by then. This is a new risk factor for the US dollar. Meanwhile, Gold prices may rise.
XAUUSD broke the trend line and continued rising. In the weekly timeframe, moving averages are heading up - the trend is bullish, while in the daily timeframe, the price is still below 100MA. The situation is a bit controversial. On the one hand, the price will continue rising; on the other hand, local correction is possible. Wiliams %R is still in its overbought zone. What's so interesting? The line started falling but jumped from its upper channel level and reversed.
The local support is at $1935 in case of correction.
BlackRock and Pimco are confident that the Fed's rate hike is over. “Employment data suggests the Fed is on pause for now and may be ending the cycle,” Pacific Investment Management Co. said in a statement.
A steady growth of Asian sites today on the announced new measures to support Chinese developers from the state began.
According to ECB: core inflation remains robust; an additional rate increase may be required; there are signs that inflation is easing, but the 2% target will not be reached until 2025; we may pause at some point, but it's premature to talk about a complete halt in rate hikes.
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