British inflation may send the GBP up
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
Market updates on August 7
Key events ahead:
The speech by the FOMC member Evans – 16:30 MT time
- During the RBNZ meeting, the regulator cut its interest rate by 50 basis points (vs. 25 bpt expected). As a result, the New Zealand dollar fell to the lowest levels in 3 years. On H4, the support levels for kiwi lie at 0.6367-0.6377. If these levels are broken, the further fall will be limited by the 0.6296 level. At the moment NZD/USD is trying to rebound towards the resistance at 0.6451. Technically, RSI is about to leave the oversold zone, which may provide a buying opportunity.
- Gold has risen even more to its highest levels since 2012 on global fears surrounding trade war between the US and China and comments on the launch of missiles by North Korea. On H4, the price for the yellow metal is trading above the $1,480 level. The next resistance for gold will be placed at $1,515. In case of a reversal, pay attention to the support level at $1,446. If it is broken, the next support will lie at $1,412. RSI is looking up, which means that the rise may continue.
- AUD/USD fell to the 10-year low, as investors are afraid that the Reserve Bank of Australia will follow the path of its antipodean colleague. On the 4-hour chart, AUD/USD tested the 0.6676 level below the border of the downward trading channel but bounced back within the borders. If the aussie recovers more, the first resistance will lie at 0.6778. After the breakout, pay attention to the 0.68 and 0.6819 levels. On the other hand, strong bears may pull the pair down once again and try to break the 0,6676 level with the following test of the 0.6622 level.
Similar
New Zealand Cash Rate will define the fate of NZD!
Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
United States Purchasing Managers’ Index Will Move The Dollar
United States Institute for Supply Management (ISM) will release services Purchasing Managers' Index (PMI) on October 5, 17:00 GMT+3.
Latest news
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).
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).
Deposit with your local payment systems
