Euro zone suffers loss of economic activity
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Market updates on July 16
Speech by the BOE Governor Mark Carney – 15:00 MT time
If the governor’s comments regarding monetary policy are hawkish, the British pound will move up.
Speech by the FOMC member Bowman – 15:15 MT time
If the policymaker softens his comments concerning the rate cut, the USD will go up.
US retail sales and core retail sales – 15:30 MT time
The key release for the USD today. Both headline and core indicators are expected to advance by 0.1%. Higher figures will bring positive momentum for the USD.
Speech by the Fed Chair Powell – 20:00 MT time
Speech by the FOMC member Evans – 22:30 MT time
Pay attention to the hints on the rate cut by the Fed speakers.
- The New Zealand dollar was supported today by the release of its CPI during the Asian trading session. The indicator came out in line with the forecasts as it advanced by 0.6%. On H4, NZD/USD retested the resistance at 0.6734 but failed to break it. If the USD is supported today, the pair will move lower to the support at 0.6716. The next key support levels lie at 0.67 and 0.6670. From the upside, pay attention to the resistance at 0.6734. If this level is broken, the further rise will be limited by the 0.6748 level. RSI is about to leave the overbought zone and Stochastic indicator formed a crossover. These facts may provide us a short-term selling opportunity.
- The British pound weakened significantly ahead of the employment data and the speech by the BOE governor. It has tested the ground below the 1.2479 level on H4. The next support in the focus of bears will lie at 1.2439. If the cable reverses, the pair will retest the 1.2520 level. If this resistance is broken, bulls will target the 1.2538 level. Stochastic indicator formed a crossover within the oversold zone.
- EUR/USD has been consolidating between the 1.1284 and the 1.1236 levels since July 11. Today it has already tested the levels below the 50-period SMA at 1.1249. If the USD is supported today, bears will break the 1.1236 level and target the next support at 1.1220. Key resistance levels for the euro are 1.1263, 1.1274 and 1.1284.
Similar
USD: easy there
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?
Asian recovery from coronavirus crisis
According to the International Monetary Fund, the global economy could suffer from the coronavirus pandemic even more than from the financial crisis a decade ago.
Latest news
Pound Sterling is recovering against Dollar
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Euro zone suffers loss of economic activity
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
USD: easy there
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?
Deposit with your local payment systems
