United States Institute for Supply Management (ISM) will release services Purchasing Managers' Index (PMI) on October 5, 17:00 GMT+3.
Market updates on July 19
Key events ahead:
Core retail sales – 15:30 MT (12:30 GMT) time
- Yesterday, the speech by New York Fed President John Williams sent the US dollar lower. According to his words, the measures are needed to prevent disaster in the US economy. After that, his comments were confirmed by the FOMC member Richard Clarida. However, the comments by the NY Fed President Williams were clarified by the New York Fed, where the institution noted about the academic character of the Williams’ comments.
On H4, EUR/USD rose by 58 pips during the American trading session and tested the 200-period SMA at 1.1280. After the reassuring comments by the NY Fed, bears tried to pull the pair lower to the 50-period SMA. At the moment, EUR/USD is testing the support at 1.1253. The next support for bears will lie at 1.1237. From the upside, the first resistance lies at 1.1263. After the breakout, wait for the pair to reach the strong resistance zone at 1.1274-1.1280.
- The USD/CAD pair is awaiting the release of core retail sales at 15:30 MT time. If the actual figures outperform the forecasts, the pair will slide below the 1.3019 level. The next support will lie at 1.3003, which is the lower border of the downward trading channel. Otherwise, the first resistance level will be placed at 1.3060 (50-period SMA). The next resistance will lie at 1.3077 (100-period SMA).
- Gold reacted to the dovish speeches by the Fed members and the news that US ship took defensive action against Iranian drone. The yellow metal rose to its highest level since 2013 and tested the levels above the resistance at $1,448 on H4. Now, the price for gold is correcting to the downside. If it continues to weaken, the first support will lie at $1,423. If this level is broken, the next support will lie at $1,412. If bulls take over the market once again, XAU/USD will retest the $1,448 level.
The United States will publish the ISM Manufacturing PMI on September 1, at 17:00 MT time (GMT+3).
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
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.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).