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)…
Oil and Bitcoin Dropped, Gold Recovers
- Oil dropped to the lows unseen since late May. The falling has stopped and oil prices have tried to recover some losses.
- The earnings season is underway! Are you following? After the stock market closed yesterday, IBM revealed better-than-expected earnings and the strongest revenue growth in three years!
- Today, Philip Morris will reveal its Q2 results at 14:00 GMT+3 and Netflix – after the stock market closes.
- The GBP has weakened amid the risk-off sentiment caused by rising cases of the Covid-19 Delta variant. Besides, Bank of England’s MPC member Haskel claimed that the bank will stay risk-averse and won’t tighten the policy any time soon. All that pressed the British pound down. Open the charts of GBP/USD and EUR/GBP.
- Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
EUR/USD is moving inside the descending channel. It’s likely to drop to the 1.1750 support soon. If it manages to break below this level, it will fall to the psychological mark of 1.1700. In the opposite scenario, the breakout above the key resistance level of 1.1800 will open the doors to the high of July 15 at 1.1850.
XAU/USD has reversed up from the $1810 support level. It’s edging higher to the 200-day moving average of $1825, which it’s unlikely to cross on the first try. However, if it does, the way up to the 50% Fibonacci retracement level of $1833 will be open. Support levels are $1810 and $1800.
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.