The Bank of England will publish a monetary policy summary on Thursday, June 16, at 14:00 MT time (GMT+3).
Trading on Tuesday: Earnings Reports and US Inflation
Information is not investment advice
- The earnings season starts today! Traders await a report from Goldman Sachs at 14:30 GMT+3. As a rule, the strong financial results push the stock price up, while poor data press it down. To get more tips, read the article: ‘How to trade on earnings reports’.
- Banks and financial stocks led the S&P 500 to a new all-time high, while Tesla, Nvidia, and Google helped push the tech-heavy Nasdaq 100 to a fresh record.
- Virgin Galactic has lost almost $500 million on the stock-sale plan after its founder Richard Branson flew to space. Virgin Galactic dropped by 17% to nearly $40.00, which was the biggest decline since December 14.
- The market awaits the US inflation today at 15:30 GMT+3 (MetaTrader time). It will shed a light on whether the Fed may start tightening the policy soon or not.
EUR/USD is moving inside the descending channel. If it manages to cross the 50-period moving average of 1.1845, it may fall to the low of July 9 at 1.1830 and then even to 1.1810. On the flip side, the breakout above the 100-period moving average of 1.1880 will push the pair to the psychological mark of 1.1900.
Gold has been rising for almost the whole July so far. However, it has still failed to cross the 38.2% Fibonacci retracement level of $1815. The breakout above it will push the pair to the next resistance level of $1833, which lies at the 50% Fibo level.
NZD/USD has failed to cross the 50-period moving average of 0.7000. Now, the pair is edging lower to the 0.6965 support. If it manages to cross it, it may fall to the low of July 9 at 0.6930. In the opposite scenario, the jump above the 0.7000 threshold will open the doors to 0.7040.
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.