News for The Week
US stock markets started falling, while the US dollar is rising. What to expect from
US Inflation Rate, Apple's Event, and More News
The US will reveal its Inflation Rate, while Apple will launch iPhone 13 today. How will the markets react? Let’s find out.
- The key event of the week for traders is the US Inflation Rate. If the actual inflation numbers are higher than the forecasts, it may signal that the Fed will tighten the policy sooner than expected: cut bond buys or hike rates. The anticipation of this tightening may push the USD up. This event may hugely affect EUR/USD and XAU/USD.
- Apple will hold its most significant event of the year: the launch of the new version of the iPhone. It will be at 20:00 GMT+3 (MetaTrader time). The stock of Apple has dropped ahead of this event after news of a court with Epic Games. Apple is required to offer alternatives other than the App Store for making in-app buys. Now, App Store generates nearly 7% of total revenue, while this rule may cost the company 2% or 4% of its revenue. Apple is trading near $150 now, and it’s really interesting whether the Apple event would be able to push the stock up.
- AUD/USD has sharply dropped after the Reserve Bank of Australia Governor Phillip Lowe said that interest rates are unlikely to rise before 2024 because of the slow wage growth.
- A rumor about the partnership between Walmart and Litecoin sent prices of all cryptocurrencies higher, especially after Litecoin seemed to confirm it. Walmart denied these rumors, which push crypto back down.
- Crude Oil has been rising due to the Hurricane Nicholas going through the Gulf of Mexico, threatening to disrupt oil output.
Tech analysis
A hammer has occurred in the EUR/USD chart, which signals the reverse up. Besides, there is a 50-day moving average at 1.1800 just below the current price, which supports the pair. Thus, the pair is likely to rise to the recent high of 1.1850. If it breaks above this resistance level, it may jump to the high of September 3 at 1.1880. On the flip side, if it breaks below the support level of 1.1800, it may fall to the next support level of 1.1750. The US inflation report will significantly affect EUR/USD.
AUD/USD has been pressed by the speech of the RBA’s Governor. There is the support line at the 23.6% Fibo level of 0.7320. The pair may struggle to cross it and even reverse up back above the 50-day moving average of 0.7365. If AUD/USD manages to break below 0.7320, it may fall to the low of late August at 0.7285.
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