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.
Time for Volatility in Gold, Euro, and Crypto
Good morning, traders! A week full of impactful events is waiting for us. US CPI, PPI, and UK Interest Rate will drive the market. Let’s not waste our time and delve into the economic calendar.
Time is given in the GMT+3 time zone. Check yours here.
- UK and French bank holiday. Expect low liquidity and irregular volatility in the GBP and EUR.
- China Trade Balance
- 19:05, FOMC Member Williams Speaks
- 15:30, US CPI and Core CPI
- 19:00, SNB Chairman Jordan Speaks
- 14:00, BOE Official Bank Rate and Monetary Policy Summary
- 14:30, BOE Governor Bailey speaks
- 15:30, US PPI and Core PPI
- 06:00, New Zealand Inflation Expectations
- 09:00, UK GDP
- 17:00, US Preliminary UoM Consumer Sentiment
Crypto market update
Binance temporarily closed BTC withdrawal due to higher-than-expected transfer fees. Later, the withdrawal was restored, and Bitcoin started to fall because of slight fear among traders.
Also, Ethereum Foundation sold 15 000 ETH. This is the first ETH sale from the foundation in two years. The ETH has marked a local top every time after such activity and started a downtrend. Thus, Ethereum is likely to remain bearish.
The price aims for the demand area. We marked it yellow. The main resistance level is $1900.
News to keep you informed
- According to provisional data from the German Statistical Office, real (price-adjusted) production in the manufacturing sector fell by 3.4% in March 2023 compared with February 2023.
- Those who voted in our poll on Friday were right: gold bounced from the level of $2000 and reached $2024. The mid-term outlook remains bearish: gold may touch $1995 this week.
- BoJ meeting minutes: Japan’s economy has picked up. However, it’s expected to face downward pressure from high commodity prices and slowdowns in overseas economies.
- Warren Buffet said at the annual investors’ meeting that the US government failed to handle the banking crisis. He is expecting a recession in the following years. Berkshire Hathaway announced a record-high buyback because the company doesn’t see any great investment opportunities in the current market.
Have a great day!
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%.