This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile. Don't miss it!
Risk-on is back. Market news and trade ideas on July 9
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
- Traders shrugged off increasing virus cases throughout the world. By the way, 12 million infections were confirmed, while 3 million of them were in the USA.
- As long as central banks will support the economy with stimulus measures, markets will rally, according to Bloomberg.
- US crude oil inventories came worse than analysts expected. They have risen by 5.7 million barrels since the last week, while the forecast was the 3.2 contraction. Nevertheless, the oil market’s reaction was really modest.
- The Swiss unemployment rate soared less than anticipated: 3.3% against the forecast for 3.6%. the CHF surged.
- The New Zealand’s business confidence improved. It has contracted by 29.8% since the last month, while the previous indicator decreased by 34.4%.
- The German trade balance came better than expected. It rose by 7.6 billion dollars, that is 1 billion more than analysts predicted.
EUR/USD has been moving up since yesterday. It has broken through two strong resistance levels at 1.1300 and 1.1330, which turned out to support levels. Now it is in a correction mode. It’s widely anticipated that it will bounce back from the support at 1.1330 and then it may surge higher to the high of June 11 at 1.1390.
Gold has been performing greatly since yesterday. It has passed the key resistance at $1 800. Today it tends to continue further its way up to $1 818. Look for support levels at $1 807 and $1 800.
The Swiss Franc gained on the encouraging data from Switzerland. The pair is moving down towards the support at 78.6% Fibonacci retracement level at 0.9337. If it crosses it, it may fall even lower to the next support at the low of March 9 at 0.9250. Anyway, look for resistance levels at 61.8% Fibo level at 0.9460 and at 0.9524.
The British pound is really on fire. It has been climbing up for the 8 day straight. It will meet the strong resistance at the 200-day moving average at 1.268. If it manages to break through this strong barrier, it will jump to the high of June 10 at 1.275. Support levels are 1.2600, 1.2413 and 1.2300.
- Eurogroup meetings will be held during the day. Follow news as it may make the Euro volatile.
- The US unemployment claims will be published at 15:30 MT time. Don’t miss out! It will change the whole market sentiment.
The G20 summit and the US PPI release gave us a lot of volatility to trade on. Luckily, today’s markets may be even more volatile with new vital releases and geopolitical decisions. The daily news report will surely help you!
Before Joe Biden sat face-to-face with Xi Jinping on Monday night at a seaside resort in Bali, US officials played down hopes for tangible progress. The outcome easily exceeded those low expectations.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Hello, dear traders! We hope you have a great day! Let’s see what news is worth following today! Market closing US stock exchanges will be closed due to the Thanksgiving holiday…
Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.