Market updates on June 18

Market updates on June 18

·        The Australian dollar continued to weaken after the release of the Reserve bank of Australia meeting minutes. It indicated the possibility of another rate cut. AUD/USD has been trading near the support at 0.6828. The next support is placed at 0.6571. From the upside, there are resistance levels at 0.6934 and 0.7019.

·        The news that UK Chancellor of the Exchequer Phillip Hammond was prepared to resign due to the Prime Minister Theresa May’s budget spending plans weakened the British pound during the US trading session yesterday. The cable needs to stick above 1.2551 level to recover. After that, the next key resistance will lie at 1.2705. On the flipside, bears will keep the 1.2477 level in focus.

·        Gold has tested the highs above the resistance at $1,345. The next resistances are placed at $1,350 and $1,355. From the downside, there is a support at $1,333. If this level is broken, the next support will lie at $1,320.

Key events ahead:

The speech by the ECB President Mario Draghi - 11:00 MT time

The speech by the BOE Governor Mark Carney – 17:00 MT time


What to Trade on August 22–26?
What to Trade on August 22–26?

How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3­­ Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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