Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Market updates on July 29
Information is not investment advice
- The Chinese yuan suddenly weakened during the Asian trading session, pushing USD/CNH to the highs above the 200-period SMA on the 4-hour chart. The pair has been testing the resistance levels which lie at 6.8958-6.8988. If the resistance zone is crossed, the next resistance for the pair will lie at 6.9080. In the case of the fall, pay attention to the 6.8858 (200-period SMA) level. After that, the next support will lie at 6.8798. The pair is awaiting the releases of Chinese manufacturing PMIs on Wednesday and Thursday and the restart of trade talks between the US and China on July 30-31.
- The British pound has been going down on the fresh worries over the no-deal Brexit after UK Secretary of state for foreign affairs Dominic Raab said the EU is being stubborn and if the European policymakers don't change their attitude, Great Britain should prepare for a no-deal Brexit. At the moment, GBP/USD is testing the support at 1.2335 on H4. If it's broken, the next support level will be placed at 1.2285. In case of a reversal, pay attention to the resistance level at 1.2399. After that, the 1.2419 level will be the next target for bulls.
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.