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)…
Market updates on August 27
Key events ahead:
CB Consumer confidence – 17:00 MT (14:00 GMT)
- On H4, the USD/JPY pair has been falling after the test of the 100-period SMA. The price has reached the 105.64 level. If it manages to break it, the next support will lie at 105.51. After that, the retest of the 105.27 level seems possible. In case of a more risky environment, bulls will try to push USD/JPY higher, where the resistance at 106.23 lies. The next level in focus of bulls will be placed at 106.4.
- EUR/USD has been trading with low volumes during the Asian trading session. On the H4, it has been testing the 2-week resistance at 1.1106. If bulls break this level, we will focus on the next resistance, which lies at 1.1137. If the USD gets stronger today on the release of CB consumer confidence, the pair will fall below the 50-period SMA at 1.1098 level. After that, the next support will be placed at 1.1088. If that level is broken, too, keep an eye on the support at 1.1077.
- The cable got support after the comments by the Labour lawmaker Keir Starmer that a no-deal Brexit will be prevented. GBP/USD has risen to the 1.2250 level on H4. If buyers are strong enough to break the current level, the next resistance will lie at 1.2272 (200-period SMA). Sellers will be focused on the breakout of the 1.2211 level. In that case, the next support will lie at 1.2171.
- Gold retested the $1,535 level. In case of risk aversion, the price will likely break the current resistance and target the next key level at $1,555. The near-term target for sellers will lie at $1,525 (50-hour SMA). After that, it is recommended to keep an eye on the $1,508.8 level.
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!
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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.