June 30th – July 4th
EURUSD pair closed last week’s trading session higher on easing geopolitics mainly on Israel-Iran ceasefire agreement. Trump’s decision to change FED’s chairman Powell was taken negative by markets and added more downside pressure on US Dollar as FED may lose its independence. By the end of the week the positive US PCE helped the US Dollar to gather some strength giving a pose for now on its downside pressure.
As for this week, traders and investors will mainly focus on the economic indicators mainly the US Nonfarm payrolls due to be released on Thursday due to Friday’s 4th of July market holidays. As we are writing this report, the US Senate is voting for Trump’s tax bill. The outcome of the voting will generate some volatility in the markets. From the Euro side, the scheduled speeches of ECB’s president Lagarde will be closely followed by traders in order to manage their positions on the pair.
On the economic calendar we have on Monday, German retail sales pointing higher by 0.5% German Consumer price index expected higher by 0.2% On Tuesday, European Harmonized index of consumer prices to remain unchanged at 2.3% US ISM manufacturing PMI expected higher at 48.8 On Wednesday, US ADP employment pointing higher to 80K new jobs On Thursday, US nonfarm payrolls expected to show 129K new jobs, average hourly earnings expected lower at 0.3% and US ISM services PMI higher at 50.3
Technically the picture is positive after last week’s close above (0%) at 1.1716 In this week’s trading session if pair trades on the upside will test 1.1753 A break out and close above 1,1753 will open the road for 1.1800 If trades on the downside will test 1.1588 (23.6%) A break and close below 1.1588 will add downside pressure and test 1.1492 Our traders are standing with short positions starting between 1.1263 and 1.1749 targeting profits at 1.1263 we are expecting more aggressive short positions on the way up and new long positions at 1.1336
GBPUSD pair closed last week’s trading session higher on easing geopolitics mainly on Israel-Iran ceasefire agreement. Trump’s decision to change FED’s chairman Powell was taken negative by markets and added more downside pressure on US Dollar as FED may lose its independence. By the end of the week the positive US PCE helped the US Dollar to gather some strength giving a pose for now on its downside pressure. Dovish comments from BOE’s officials triggered a cautious selloff in GBP and pushed the pair somehow lower by the end of the week.
As for this week, traders and investors will mainly focus on the economic indicators mainly the US Nonfarm payrolls due to be released on Thursday due to Friday’s 4th of July market holidays. As we are writing this report, the US Senate is voting for Trump’s tax bill. The outcome of the voting will generate some volatility in the markets. From the GBP side, there are no scheduled high impact events.
On the economic calendar we have on Monday, the UK gross domestic product to remain unchanged at 1.3% On Tuesday, US ISM manufacturing PMI expected higher at 48.8 On Wednesday, US ADP employment pointing higher to 80K new jobs On Thursday, US nonfarm payrolls expected to show 129K new jobs, average hourly earnings expected lower at 0.3% and US ISM services PMI higher at 50.3
Technically the pair’s overall picture is positive after last week’s close above (0%) at 1.3716 As for this week, if pair trades on the upside, will test 1.3753 A break and close above 1.3753 will open the road for 1.3800 Alternative, if trades on the downside, will test 1.3530 (23.6%) A break and close below 1.3530 will open the road for 1.3372 Our traders opened new short positions on the way up and now standing net short 100% from 1.3305 – 1.3762 targeting profits at 1.3300 we are expecting more aggressive short positions on the way up and new long positions starting at 1.3370 (38.2%)
Pour un calendrier économique plus détaillé, veuillez consulter notre calendrier économique en direct sur :
https://tentrade.com/economic-calendar/
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