The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Monday started with volatility
Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine. The event involves the key economies of the world, so naturally, it influences the market.
Oil is once again rising. XBR/USD opened with a gap up and is near $100. The conflict will likely keep boosting commodity prices.
The US dollar is perceived as a safe haven in the current situation. That’s why EUR/USD and GBP/USD may remain under pressure. The Eurozone’s economy relies heavily on Russian energy, so traders are worried that it may be hurt. Support for EUR/USD is in the 1.1120/00 area. Resistance is located at 1.1230.
The US dollar index also opened with a big bullish gap and is trading at the highest levels since 2020. The US currency failed to overcome the 97.50/97.75 on Thursday and Friday. Notice that the return below 97.00 may lead to a correction. The most important thing now is how the Federal Reserve, the US central bank, reacts to the news. Will the events affect its planned series of interest-rate hikes starting March? The markets now think that the Fed may be less aggressive and may raise rates by just 6 times in 2022.
Gold is a traditional safe haven. We can see that the price of the yellow metal is volatile. After testing highs at $1928, XAU/USD subsided. The key support is around $1900.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
Welcome to the first week of October! As usual, at the start of the week, we are looking for valuable insights that will bring us profits in trading. Let’s observe the main events.
Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!