In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
News to trade on October 25
- The European Central Bank will announce its official rate and conduct a press conference at 15:30 MT time. We do not anticipate the rate hike, however, the European Central Bank president Mario Draghi can make some hawkish comments for the EUR. For now, EUR/USD is testing the resistance at 1.1421. The hawkish comments by the European Central Bank President can make the pair rise to the next resistance at 1.1521. However, if the USD is strong or more concerns on the Italian budget come out, it will fall to the support at 1.1331.
As for the USD the level of core durable goods orders of the United States will be published. Analysts expect it to increase by 0.5%. If today’s data support the USD, the next resistance will be at 96.6. Otherwise, it will fall below the support at 96.02 to the next support at 95.25.
- Yesterday Fitch placed Australia higher on the credibility rating. It made the aussie to rise towards the resistance at 0.7083. If the USD is strong, the pair will fall below the support at 0.7050. Otherwise, the pair will rise above 0.7083.
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It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.