The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
The ECB is going to move the euro
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.
Instruments to trade: EUR/USD, EUR/JPY, EUR/GBP
This October brought negative news to the Eurozone. The new wave of coronavirus cases across the Union as well as the uncertain outlook for the GDP growth in the fourth quarter may push the policymakers towards more actions. The officials have already warned the European banks about the possibility of negative rates coming soon. We recommend you to keep an eye on the statement as well as on the comments by the ECB President Christine Lagarde during the press conference at 15:30 MT time. Her remarks about the current performance of the euro and on the possible monetary policy changes will be in focus.
- If the ECB confirms more easing needed, the EUR will weaken;
- If the ECB doesn’t change its attitude, the EUR will strengthen.
Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
US PCE Price Index will be out on Friday at 15:30 MT.
Microsoft joined Apple in the $2 trillion dollar club! Follow PMI reports from the US, UK, and EU throughout the day!
The Bank of England will release its statement and announce its monetary policy decision on June 24 at 14:00 MT.