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The US central bank turned the market upside down. It signaled that higher inflation is a concern and that it’s considering tapering policy. 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!
The outlook for the USD is now strong, so levels below 1.20 may be more appropriate for EUR/USD. Traders will continue monitoring comments from the ECB and the Fed that are expected on Monday and Tuesday, Wednesday, and Thursday respectively. Overall, it won’t be easy for EUR/USD to recover.
The British pound will be in the center of the market’s attention not only versus the US dollar, but also against the euro, the yen, and other currencies as everything will depend on the Bank of England’s policy statement that will be out on Thursday. If the UK central bank follows the path of the Federal Reserve and acknowledges economic recovery and inflation, the GBP will recover. Otherwise it will fall.
The yellow metal dropped below $1800, as the Fed’s talk about policy normalization makes gold less attractive to investors. XAU/USD will remain under pressure as long as the price is staying below $1855. Market players will likely keep selling gold on recoveries.
At the start of last week, Brent rose to the highest levels since 2018 above $73 a barrel. Then there was a correction down on the Fed’s press conference. Still, global economic recovery and rising demand are going to keep the price supported, so the idea is to keep looking for buy opportunities.
Risk warning
The following information is not investment advice. Remember that trading is risky. Manage your funds carefully and remember that you can use Take Profit and Stop Loss orders to maximize your gains and limit your losses.
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
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