Week Ahead August 12th – 16th
EURUSD pair closed last week’s trading session unchanged on the luck of any high impact economic releases. As we previously mentioned the 2 weeks of summer holidays and the lack of liquidity, will keep markets muted.
As for this week, traders and investors will mainly focus on the US CPI number, and the technical levels of the pair. If CPI will confirm lower, pair could turn down as traders and investors will continue to price-in a September interest rate cut. The lack of any economic events in Europe will let the pair trade in the mercy of it US Dollar counterparty.
On the economic calendar we have on Tuesday, the US producer price index pointing lower at 0.2% on Wednesday, European gross domestic product to remain unchanged at 0.6% and US CPI lower at 2.9% On Thursday, US retail sales expected higher at 0.3% On Friday, US Michigan consumer sentiment pointing higher at 66.7
Technically the picture is positive after last week’s close above (50%) at 1.0912 In this week’s trading session if pair trades on the upside will test 1.1000 If trades on the downside will test 1.0871 (50%) Our traders opened new short positions at 1.0870 and 1.0932 targeting profits at 1.0800 We are expecting more aggressive short positions above 1.0930 and new long positions at 1.0800
GBPUSD pair closed last week’s trading session lower on the lack of any economic events from the UK and better than expected US ISM services PMI. Investors and traders are avoiding entering into new positions for now as they are waiting for stronger economic catalyst to clear the future path of both central banks on the new interest rate policy.
As for this week, traders and investors will focus on the UK’s heavy economic calendar and both the UK and US CPI numbers.
On the economic calendar we have on Tuesday, the UK ILO unemployment rate pointing higher at 4.5% and US Producer price index lower at 0.2% On Wednesday, UK Consumer price index expected higher at 2.3% and US consumer price index lower at 3.2% On Thursday, UK gross domestic product pointing lower at 0.6% and US Retail sales higher at 0.3% On Friday, UK retail sales expected higher at 0.8% and US Michigan consumer sentiment higher at 66.7
Technically the pair’s overall picture is negative after last week’s close below (38.2%) at 1.2759 As for this week, if pair trades on the upside, will re-test 1.2860 (23.6%) Alternative, if trades on the downside, will test 1.2670 (50%) Our traders opened new long positions at 1.2673 targeting profits above 1.2900. We are expecting new short positions at 1.2860 targeting profits at 1.2700 and more aggressive long positions at 1.2578 (61.8%)
Pour un calendrier économique plus détaillé, veuillez consulter notre calendrier économique en direct sur :
https://tentrade.com/economic-calendar/
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