In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
Market updates on August 29
US preliminary GDP – 15:30 MT (12:30 GMT) time
- After correcting to the 1-2235-1.2249 levels on H4, GBP/USD moved lower. The cable has tested the ground below the 50-period SMA at the 1.2194 level. If this level is broken, the next support in focus will be placed at 1.2171. In case of an upside movement, we will be looking for a retest of the 1.2213 level. After that, the retest of the levels placed between 1.2235 and 1.2249 will be in focus.
- EUR/USD has been trading between 1.1073 and 1.1086 levels. If the USD gets stronger on today’s release, the pair will slide below the 1.1073 level. The next support for the pair will be placed at 1.1065. The further downward movement will be limited by the lower border of a long-term symmetric triangle. On the other hand, bulls will pay attention to the 1.1086 level. If it is broken, the next resistance level will lie at 1.1095 (50-period SMA).
- USD/JPY is looking for a break of 50-period SMA and 106.22 level on the more risky sentiment. Buyers may focus on the next level at 106.4 if the current resistance is broken. The next key level will lie at 106.6. From the downside, the first support level will be placed at 105.82. The break of this level will make the pair vulnerable to a fall towards the 105.64-105.51 levels.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Lagarde says difficult times have come, and the ECB raised the rate not to cause a recession but to stabilize prices. Read the report to learn the freshest news of the day!
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Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.