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Much impactful news will come out this week: US inflation and retail sales, central banks’ statements of New Zealand, Canada, and Japan, Australian labor data, and even China’s GDP! Indeed, that’s a lot! How will this impact various financial assets?
The last week’s risk-off sentiment pushed safe havens up (the USD, the CHF, and the JPY), while risky currencies (the AUD, the NZD, the GBP) were pressed down. The upcoming indicators may change the situation. The US inflation on Tuesday will shed a light on whether the Fed may start tightening the policy soon or not. If the Bank of Canada cuts bond buys again on Wednesday, the CAD may recover the losses caused by falling oil prices. NZD/USD awaits the Reserve Bank of New Zealand’s decision on Wednesday. The pair has reversed up from the 0.6930 support. The breakout above 0.7000 may open the doors to the next resistance level of 0.7050.
S&P 500 and Nasdaq hit all-time highs again! Meanwhile, individual stocks have interesting price movements too. For example, Amazon skyrocketed to a new record after Pentagon decided to divide the $10 billion contract of a cloud-computing deal between Microsoft and Amazon. Apple kept soaring as iPhone 12 became the most successful launch of an Apple lineup since the iPhone 6 in 2014! In addition, the expectations of iPhone 13 in September are boosting the stock price. A break above $145.00 will open the way up to $155.00.
Oil prices sharply dropped due to the stalemate in OPEC+ talks. If the alliance makes a compromise, the prices may stabilize. Gold had been rallying up for three weeks in a row, but the steam waned by the end of the last week. If the uptrend continues and gold breaks above $1815, it may jump to $1830. The level of $1790 will remain strong support as it lies at the 100-day moving average and the 23.6% Fibonacci level.
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 held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
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).
What events to follow and how to trade during the week of July 2-6?
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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