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)…
News to trade on December 26
- The US dollar has risen on the Wednesday’s morning after the US president Donald Trump expressed confidence in the US Treasury secretary, Federal Reserve and US economy yesterday. As a result, EUR/USD has dropped to the support at 1.1385. If Trump expresses more confidence towards the Fed Chair Jerome Powell, EUR/USD will break that support and fall further to the next one at 1.1283. Otherwise, in case of more uncertainties, the pair will rise towards the resistance at 1.1470.
- Gold is trading at last June’s highs. Up to this moment, the price for the yellow metal is testing the resistance at $1,269. If this level is broken, the next resistance is placed at $1,283. If the USD gets stronger, the price for gold will fall towards the support at $1,252.
- On Monday, the price for oil tested the fresh lows. The WTI’s price stuck below the $42.86 level. Any updates on the output cut by OPEC will push the price higher above the $42.86 level to the resistance at $47.49. If the bearish pressure continues, the price for WTI will fall further to the next support at $40.73.
- As for Brent’s price, it has tested the support at $50.43. Positive news on the production cut will help bulls to pull the price towards the resistance at $55.12. Otherwise, it will break the support at $50.43 and target the next support at $47.40.
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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.
Every week we expect many interesting events that can shake the market.