Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Market updates on October 24
Key events ahead
ECB monetary policy statement – 14:45 MT (12:45 GMT)
ECB press conference – 15:30 MT (12:30 GMT)
Core durable goods orders - 15:30 MT (12:30 GMT)
- The start of the European trading session has been volatile for the euro. After the releases of French flash services and flash manufacturing PMIs, where the actual figures came out higher than the forecasts, EUR/USD tested the 1.1160 resistance level, but inched lower on the disappointing German PMIs and flash manufacturing PMI for the Eurozone. Further attention of traders will be on the ECB meeting at 14:45 MT. If the ECB is hawkish, the pair will rise above the 1.1137 and 1.1151 levels, where it may retest the 1.1160 resistance level. If this level is broken, the next key resistance for bulls will be placed at 1.1172. On the other hand, if the ECB is dovish, EUR/USD will slide below the 1.1130 level. After that, reaching the support level at 1.1120 seems possible. The next key level from the downside will be placed at 1.11.
- USD/JPY has moved lower to the support at 108.59. If bears break this level, their next target will be at 108.45. After that, the next support in focus will lie at 108.36. If buyers continue to dominate in the market, the 108.7 level will be broken. A further rise will be limited by the 108.77 and 108.85.
- Gold has tested the support at $1,489 (50-day SMA). If the price for the yellow metal continues to fall, this level will be broken and the next support will lie at $1,486. After that, the $1,483 level will be important. Buyers will be looking for the retest of the $1,493.2 level. Further resistance levels will be placed at $1,495, $1,497 and $1,500.
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 US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.