The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Instruments to trade: EUR/USD, GBP/USD, USD/JPY
It's not a secret that GDP represents an important indicator that demonstrates the economic activity of a country. Thus, the fall of 5% announced during the previous release indicated the weakening US economy. The reasons behind that plunge were, of course, connected with Covid-19, shutdowns, and uncertain economic outlook. Since then, the situation has got better with restoring business activity and employment. However, the outlook is still uncertain and the coronavirus cases in the US keep rising. Will we see the advance GDP growth rate for the previous quarter going down or stabilizing?
- If the indicator is higher than the forecasts, the USD will rise;
- If the indicator is lower than the forecasts, the USD will fall.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.