Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Market updates on November 13
Key events ahead:
US CPI and core CPI – 15:30 MT time (12:30 GMT)
Testimony by the Fed Chair Jerome Powell – 18:00 MT time (15:00 GMT)
Speech by the RBNZ Governor Adrian Orr – 21:10 MT time (18:10 GMT)
- During the Tokyo trading hours, the RBNZ decided to leave the interest rate unchanged at 1%. The RBNZ governor noted that the policy is already very stimulating at present. The unexpected decision supported the kiwi. As a result, we’ve seen the gains of the NZD against the USD. On H4, the New Zealand dollar has been testing the 0.6403 level. The next focus for the pair will be on the further updates concerning the updates on the US-China phase one trade deal. If the news results in the risk-on sentiment, the pair will break the current resistance and move higher towards the next key level at 0.6415. After that, bulls will pay attention to the 0.6426 level. The downward momentum for the pair is limited by the 0.6391 level. The next support will be placed at 0.6369.
- EUR/USD is awaiting the release of the American indicators of inflation. On H4, the pair is trading within a downward trading channel. Yesterday’s test of the 1.1003 level did not make bears stronger, as the pair managed to recover to the 1.1015 resistance level. If the indicators of inflation for the US are greater than the forecasts, the break of the 1.1003 level will be inevitable and bears will focus on reaching the 1.0994 level. The further fall will be limited by the 1.0984 level.
- Gold has been making its steady gains since yesterday. Bulls are looking forward to the reaching of the $1,466.3 level on H4. In case of a breakout, the chances of reaching the $1,471 level are high. On the other hand, bears may try to pull the price for the yellow metal below the $1,457.6 level. In that case, the next support will lie at $1,499.8.
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!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.