Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
Australia's iron ore export is forecast at record high
Information is not investment advice
According to the recent report by the Australian Department of Industry, the country is forecast to earn around 136 billion Australian dollars from the ore exports this year. If it happens, it will mark a new record for the ore-producing continent.
It’s not a secret that Australia is the largest iron ore producer in the world. Driven by the stabilization of the demand from the largest iron ore producers – China and India, the production levels have increased. Post-shutdown euphoria adds fuel to the prices of iron ore as well. Now, the government expects the export volumes to grow to 1.1 billion tonnes by 2025-2026 due to new mines opening in Western Australia.
The optimistic forecasts improve the long-term outlook for Australia, as they signal a rapid recovery from the pandemic. This factor may add bullish momentum to the Australian dollar, which is currently trading above the weekly support of 0.76. The strength of the USD pulled AUD/USD lower from the long-term trend line. However, the situation can change. If bulls try to take over the market once again, they will push the currency pair to 0.7830.
Similar
EUR, USD, GBP: all attention to PMI reports
PMI reports from the EU, the UK, and the USA will be released during the day!
Oil and BTC Surged, EUR Awaits ECB
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Popular
Ideas for trading US stocks on July 26-30
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports.
Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
EUR, USD, GBP: all attention to PMI reports
PMI reports from the EU, the UK, and the USA will be released during the day!
Choose your payment system
