Week Ahead July 15th – 19th
EURUSD pair closed last week’s trading session higher on softer US CPI number. The US CPI declined by 0.1% adding pressure on FED to reduce interest rates most probable in their next meeting. Investors and traders are selling-off the US Dollar and adjusting their position for next FED interest rate meeting.
As for this week, traders and investors will mainly focus on ECB monetary policy statement and interest rate decision. The central bank will not reduce interest rates at this meeting, although, the minutes and press conference need to be closely monitored as will guide investors and traders on what could expect on the next ECB meeting.
On the economic calendar we have on Monday, German retail sales pointing at 0% On Tuesday, US retail sales expected at 0% On Wednesday, European core Harmonized index of consumer prices to remain unchanged at 2.9%
Technically the picture is positive after last week’s close above (50%) at 1.0906 In this week’s trading session if pair trades on the upside will test 1.0933 If trades on the downside will test 1.0869 Our traders entered new short positions at 1.0913 targeting profits at 1.0815 we are expecting more aggressive short positions on the way up and new long positions at 1.0725
GBPUSD pair closed last week’s trading session higher on softer US CPI number. The US CPI declined by 0.1% adding pressure on FED to reduce interest rates most probable in their next meeting. Investors and traders are selling-off the US Dollar and adjusting their position for next FED interest rate meeting.
As for this week, traders and investors will mainly focus on the UK Consumer price index, with expectations to decline by 0.1% If the CPI will decline, will add pressure on BOE to reduce interest rate on their next meeting and this will add selling pressure on GBP and bring the pair on the downside.
On the economic calendar we have on Tuesday, US retail sales expected at 0% On Wednesday, UK consumer price index expected lower at 3.4% UK Producer price index higher at 0.01% On Thursday, UK ILO unemployment rate expected to remain unchanged at 4.4% On Friday, UK retail sales expected lower at -0.4%
Technically the pair’s overall picture is positive and pair entered overbought territory after last week’s close above (100%) at 1.2990 As for this week, if pair trades on the upside, will test 1.3100 Alternative, if trades on the downside, will test 1.2893 (100%) Our traders are standing with short positions between 1.2990 and 1.2720 targeting profits at 1.2667 we are expecting more aggressive short positions on the way up and new long positions starting at 1.2667
For more detailed economic calendar events please visit our live economic calendar on:
https://tentrade.com/economic-calendar/
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