The Bank of England will publish a monetary policy summary on Thursday, June 16, at 14:00 MT time (GMT+3).
EUR/USD is in focus ahead of US inflation and ECB
Information is not investment advice
- Biden canceled bans on TikTok and WeChat, imposed by Trump. He ordered an investigation of the apps from foreign adversaries to check a possible security risk.
- The US inflation will come out today at 15:30 GMT+3. Traders can’t wait to see the numbers as they will shed the light on when the Fed might start talking about tapering asset purchases. It will impact hugely EUR/USD.
- The ECB will make a policy statement at 14:45 GMT+3. The optimistic tone of the bank will support the euro, while the cautious or uncertain tone may press the euro down.
- Bitcoin recovered some losses due to El Salvador’s President, who allowed to use the BTC as a legal tender.
EUR/USD is moving inside the descending channel. If it manages to cross the lows of early June at 1.2160, it may fall to the 200-period moving average of 1.2145. On the flip side, the move above the 50-period moving average of 1.2185 will open the doors up to yesterday’s high of 1.2200.
Gold has started the day on the back foot as the USD strengthened. If it drops below Monday’s low of $1885, it may fall to the low of June 4 at $1870. In the opposite scenario, the move above the psychological mark of $1900 will push the pair to the next resistance level of $1910. The long-term trend is bullish, and since gold tends to stick to its long-term trend, we would expect gold to rise in the long run.
Brent oil (XBR/USD) dropped but was supported by the lower trend line at $71.50. The way to $72.00 is open now. If the price manages to cross it, the way up to yesterday’s high of $72.50 will be open. Support levels are the 50-period moving average of $71.00 and Tuesday’s low of $70.50.
USD/JPY is edging higher inside the ascending channel. The move above the high of May 28 at 109.80 will open the doors to the high of June 4 at 110.30. On the flip side, if it drops below the lower trend line at 109.15, the pair may fall to the low of May 24 at 108.65.
The Federal Reserve will make a statement regarding the future monetary policy on Wednesday, June 15, at 21:00 MT time (GMT+3).
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.