What drives the market on July 8?
The market takes breath after the long rally. What opportunities do traders have today?
Top events this week will bring us
This week brings us not so many important events in the market due to the central banks’ holidays on December 24 and December 25. However, there are still some opportunities for trading.
- Speech by the Bank of Japan Governor Mr. Kuroda (Thu, 6:00 MT (4:00 GMT) time) – The governor of one of the most dovish banks Haruhiko Kuroda is expected to speak on December 27. His speech may support the Japanese yen.
- American CB consumer confidence (Thu, 17:00 MT (15:00 GMT) time) - The level of US consumer confidence by the Conference Board is expected to decline to 133. If the actual data is higher, than expected, the USD will be supported.
Hot topics:
- The Chinese finance ministry has announced changes to the tariffs since the beginning of next year. China will remove export tariffs on 94 products, including iron ore and levy temporary tariffs on more than 700 items.
- US Treasury Secretary Steven Mnuchin will speak with the Federal Reserve on financial markets today.
- According to news, Trump has been discussing the possibility to fire the Fed Chair Jerome Powell last few days. He has been warned that firing the head of the Federal Reserve would be a destructive move towards the US economy. Moreover, it is not clear Mr. Trump has a right to fire Mr. Powell.
- Leaders of the US Congress failed to reach a deal with the White House on the border wall funding and the government was partially shut down. It is worth to mention, the Democrats will take control of the House on January 3, which means Trump may never get funding for the wall.
- OPEC plans to deepen or extend the reductions of the oil production. Its actions may support the oil prices at the beginning of the year.
Have a good week of trading and happy holidays!
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