Week Ahead November 11th – 15th
EURUSD pair closed last week’s trading session lower on US election results as Donald Trump crashed out all its opponents and claim victory as the next US president with control of the congress and the house. Apart from this the FED 0.25% interest rate reduction was not enough to weigh negative on US dollar and in combination with dovish comments that the FED may reduce interest rates three times in 2025 instead of seven, boosted demand for US Dollar and pushing the pair on the downside.
As for this week, traders and investors will mainly focus on the economic calendar. No other schedules events are due for the week. The pair will be technically and data traded. FED officials are due to speak out during the week. Their speech may provide additional information on FED’s future path on interest rates.
On the economic calendar we have on Tuesday, the German Harmonized index of consumer prices to remain unchanged at 2.4% On Wednesday, the US consumer price index pointing higher at 3.3% On Thursday, European gross domestic product to remain unchanged at 0.9% and US Producer price index higher at 2.9% On Friday, US retail sales pointing lower at 0.3%
Technically the picture is negative after last week’s close below (61.8%) at 1.0718 In this week’s trading session if pair trades on the upside will re-test 1.0835 (61.8%) If trades on the downside will test 1.0600 (100%) . Our traders are net long with positions between 1.0767 – 1.0684 targeting profits above 1.1000 We are expecting new short positions above 1.0913 and more aggressive long positions on the way down.
GBPUSD pair closed last week’s trading session unchanged after a choppy weekly trading on US election results as Donald Trump crashed out all its opponents and claim victory as the next US president with control of the congress and the house. Apart from this the FED 0.25% interest rate reduction was not enough to weigh negative on US dollar and in combination with dovish comments that the FED may reduce interest rates three times in 2025 instead of seven, boosted demand for US Dollar and kept the pair on the downside. From the GBP side the BOE also reduced interest rates by 0.25% giving no chance to the pair to recover. On the contrary added more downside pressure and kept the pair on multi months lower level.
As for this week, traders and investors will mainly focus on the economic calendar. No other schedules events are due for the week. The pair will be technically and data traded. FED and BOE officials are due to speak out during the week. Their speech may provide additional information on both central banks’ future path on interest rates.
On the economic calendar we have on Tuesday the UK ILO unemployment rate pointing higher at 4.1% On Wednesday, the US consumer price index pointing higher at 3.3% On Thursday, the US Producer price index higher at 2.9% On Friday, UK gross domestic product expected higher at 1% and US retail sales pointing lower at 0.3%
Technically the pair’s overall picture is negative after last week’s close below (61.8%) at 1.2920 As for this week, if pair trades on the upside, will test 1.2973 (61.8%) Alternative, if trades on the downside, will re-test 1.2829 last week’s lower level. Our traders are net long between 1.3038 and 1.2867 targeting profits above 1.3200 We are expecting new short positions above 1.3200 and more aggressive long positions on the way down.
For more detailed economic calendar events please visit our live economic calendar on:
https://tentrade.com/economic-calendar/
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