Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Market updates on July 18
Information is not investment advice
Key events ahead
- British retail sales– 11:30 MT time (9:30 GMT)
- Speech by the FOMC member Williams – 21:15 MT time (18:15 GMT)
- Rate Statement by the South African Reserve bank – 16:00 MT time (13:00 GMT)
- The European trading session started positively for the British pound. GBP/USD has risen on comments by Michel Barnier. He noted that the EU is ready to work on alternative arrangements for the Irish border. On H4, the cable is moving towards the resistance at 1.2477. If this level is broken, the next key resistance will be placed at 1.2504. From the downside, keep an eye on the support levels at 1.2422, 1.2399 and 1.2381.
- As the USD got weaker, the gold was supported yesterday. After the test of the $1,427 level, the yellow metal fell to the support at $1,421. The next support for gold will lie at $1,412. However, the uncertainty around the Fed decision on the rate cut continues, as a result, we may see the yellow metal retesting the $1,427 level with the following breakout and rise to the $1,433 level.
- USD/ZAR is awaiting the decision by the South African Reserve bank scheduled at 16:00 MT. According to analysts, we will see a rate cut today. In this case, the pair will break the resistance at 50-period SMA (14.0202) on H4 and target the next one at 100-period SMA at 14.0785. If the central bank is hawkish, the pair may fall below the 13.9568 levels. The next support will lie at 13.8567.
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.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
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!