What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Market updates on July 18
Key events ahead
- British retail sales– 11:30 MT time (9:30 GMT)
- Speech by the FOMC member Williams – 21:15 MT time (18:15 GMT)
- Rate Statement by the South African Reserve bank – 16:00 MT time (13:00 GMT)
- The European trading session started positively for the British pound. GBP/USD has risen on comments by Michel Barnier. He noted that the EU is ready to work on alternative arrangements for the Irish border. On H4, the cable is moving towards the resistance at 1.2477. If this level is broken, the next key resistance will be placed at 1.2504. From the downside, keep an eye on the support levels at 1.2422, 1.2399 and 1.2381.
- As the USD got weaker, the gold was supported yesterday. After the test of the $1,427 level, the yellow metal fell to the support at $1,421. The next support for gold will lie at $1,412. However, the uncertainty around the Fed decision on the rate cut continues, as a result, we may see the yellow metal retesting the $1,427 level with the following breakout and rise to the $1,433 level.
- USD/ZAR is awaiting the decision by the South African Reserve bank scheduled at 16:00 MT. According to analysts, we will see a rate cut today. In this case, the pair will break the resistance at 50-period SMA (14.0202) on H4 and target the next one at 100-period SMA at 14.0785. If the central bank is hawkish, the pair may fall below the 13.9568 levels. The next support will lie at 13.8567.
What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!