
Gold still has space to fall, and the euro is trying to price the ECB rate hike. Inflation readings, Elon Musk problems, earning reports, and the overall market outlook for forex await you in this video.
We are staring a new month and the final quarter of 2018. Will there be new trends at the currency market? Let’s see what trading opportunities await us during the next few days.
What lies ahead for the USD?
The US central bank raised interest rates and maintained its plans to steadily tighten monetary policy. A rate hike is a rate hike, and the Federal Reserve stand aside from many other central banks which still haven’t started increasing rates. This helps the USD recover. Moreover, the final data confirmed that American economy expanded at the fastest pace in 4 years.
If the USD index settles above 95.00, it will get a chance to return to 95.70 and 96.00.
Will the EUR recover?
The euro was shaken by concerns about Italy. This third largest economy of the euro area has a large debt. Italian government agreed on a budget that can boost its debt even further. The news surprised the market and made EUR/USD fall. If Italy’s Finance Minister Giovanni Tria resigns, the EUR will suffer more. In addition, although the ECB president Mario Draghi spoke about higher inflation, the actual data release disappointed the market.
EUR/USD broke the support line and can target 1.1550 and 1.15. Resistance is at 1.1650 and 1.1720.
Economic events to watch
No calm for the GBP. Britain’s Conservative Party will hold its annual conference from Sunday, September 30, to Wednesday, October 3. Traders will watch it with great attention to see whether Prime Minister Theresa May can win the political battle. We expect news and announcements during all days of the conference. The culmination will be around May’s speech on Wednesday that will start at 12:00 MT time.
GBP/USD formed a lower high and may test support at 1.2980 and 1.2935. Resistance is at 1.3150. The release of British PMI indexes can also move the GBP.
The Reserve Bank of Australia is not expected to change interest rates at the meeting on Tuesday. The positive impact on the AUD is unlikely.
On Friday, October 5, the US will release Nonfarm Payrolls. This indicator, also known as NFP, tends to have a great impact on the USD in all major pairs, especially EUR/USD and USD/JPY.
Gold still has space to fall, and the euro is trying to price the ECB rate hike. Inflation readings, Elon Musk problems, earning reports, and the overall market outlook for forex await you in this video.
The latest US jobs report helped to ease fears of a recession. The US dollar fell after Friday's job reports, but only in short term. The USD is still the market’s #1 currency.
The selloff of the stock market continues, bearish rumors for gold, levels for USD ahead of NFP, a preview of the rate statement by the Reserve Bank of Australia, and our trade results of June…
The release of the US CPI on Wednesday will determine whether US500 continues its advance or reverses down. Tensions between the US and China boosted the demand for gold, but will it persist?
A lot of exciting events are happening this week, including nonfarm payrolls, BOE and RBA rate hikes, and earnings season.
The trading world is looking forward to the FOMC meeting on Wednesday! The rate hike is obvious…
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