What events to follow and how to trade during the week of July 2-6?
USD awaits the last important indicator of this year
The USA will publish Chicago PMI on December 30, at 16:45 MT time.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
Chicago is a big business center in the USA, therefore the data from there tend to reflect the country's overall economic trend. Just like a regular PMI, this one represents a survey of around 200 purchasing managers, which asks them to rate the level of business conditions. If the indicator is above 50, the situation is improving. On the other hand, the indicator below 50 signals worsening business conditions. As there are not so many events in the economic calendar these days, the release may result in volatility of the US dollar.
- If the indicator is higher than the forecasts, the USD will go up.
- If the indicator is lower than the forecasts, the USD will slump.
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
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The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).