How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
USD Recovers After Huge Drop
- The US dollar plunged sharply yesterday after a set of weak economic data. GDP dropped to 2.0% while the forecast was 2.6%. The previous GDP growth was 6.7%. It marked US growth slowed more than expected in the third quarter, pressed by supply chain problems and a resurgence in Covid-19 cases. US Pending Home Sales was worse than the market estimates as well: -2.3% vs the forecast of 0.4%.
- The US broad-market index S&P 500 dropped after Amazon reported poor earnings results. Apple delivered slightly better-than-expected earnings but the revenue was worse than the forecasts. Thus, Apple and Amazon dropped in after-hours trading.
- Australian PPI came out better than the forecasts: 1.1% vs the forecast of 0.6%. AUD/USD has approached the 4month high. Will it help AUD/USD to overcome the 200-day moving average of 0.7550?
- Mark Zuckerberg claimed on Thursday that Facebook will now be called Meta. The official corporate name will be Meta Platforms. Besides, the stock will be traded under the ticker symbol MVRS starting December 1.
EUR/USD has started falling after touching the strong resistance level of the 50-day moving average and the 50% Fibonacci retracement level at 1.1700. It is getting closer to the support zone of 1.1650-1.1660 near the 38.2% Fibo level, which will be hard to cross. We may expect the pair to trade sideways near this level. However, if it manages to drop below it, the way down to 1.1610-1.1600 will be open.
Gold is moving inside the ascending channel. Gold got closer to the lower line of the channel which also lies at the 200-day moving average of $1792. The metal should struggle to cross it and reverse up back to the recent high of $1800-1810.
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.