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)…
Market updates on June 26
- Bitcoin is a rocket! During the Asian trading session, the price for Bitcoin jumped above the $11,000 and $12,000 levels. The digital asset nearly reached the $13,000 level. Bulls need to push the BTC above the $12,927 level to continue the surge. The next resistance is placed at $13,177. Bears need to pull the pair to the support at $12,080 to take over the market.
- During the RBNZ meeting, the central bank kept its interest rate unchanged and said that further easing would be needed to provide support for the economy. The dovish comments pulled the kiwi below the support levels at 0.6626, 0.6615 and made it test the 0.6598 level on H4. However, NZD/USD managed to correct to the upside. At the moment it is trying to stick above the 0.6666 level. If this level is broken, further resistance levels are placed at 0.6681 and 0.6693.
- Reportedly, China is going to halt all imports of meat from Canada. The news affected the CAD. The USD/CAD pair has tested the resistance at 1.3193 on H4. The next resistance lies at 1.3227. If this level is broken, bulls will target the resistance at 1.3266. From the downside, the levels are 1.3155, 1.3132 and 1.3116.
- After the Fed members soften their tone in the speeches, fading the fears of the aggressive rate cuts, the USD was supported. EUR/USD has fallen from 1.1395 to 1.1353 level. If the EUR strengthens back, the resistance levels lie, as follows at 1.1375, 1.1387 and 1.1395. On the other hand, bears will target 1.1353, 1.1344 and 1.1335 levels.
Key events ahead:
US core durable goods orders - 15:30 MT time.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
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.