Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Market updates on August 5
Information is not investment advice
Key events ahead:
American ISM Non-Manufacturing PMI – 17:00 MT (14:00 GMT) time
The weekend was hurtful for the market sentiment with the updates from the Chinese side. While Hong-Kong press informed that China questioned the chance of trade talks' continuation with the US, Beijing asked State buyers to halt US agricultural imports. It resulted in the risk aversion in the markets.
- USD/CNH has risen to the record highs above the 7th level and created resistance at 7.1050. If the Chinese yuan is supported, the first key level will lie at 6.9680. After that, pay attention to the next support levels at 6.9360 and 6.9270.
- As risk-off sentiment intensified, gold moved higher to the resistance at $1,473 on H4. In case of reversal, pay attention to the $1,448, $1,436 and $1,421 (100 and 50 period SMA)
- USD/JPY jumped to the lowest levels since January's flash crash. The first support for the pair lies at 105.65. After that, pay attention to the 105.3 level. If bulls take over the market the first resistance will lie at 107.45. After the break of this level, reaching the resistance at 107.79 will be possible.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.