September 8th – 12th
EURUSD pair closed last week’s trading session higher on FED’s interest rate cut expectations. The higher European CPI and the lower than expectation economic release in the US kept the pair trade higher. By the end of the week the US nonfarm payrolls came out negative for first time in recent years and this sealed the September interest rate cut, with US Dollar selloff.
As for this week, traders and investors will mainly focus on the ECB’s meeting and interest rate decision. No interest rate change is expected on this meeting, although minutes and comments from press conference will guide investors and traders on what the central bank’s monetary path will be. CPI from the US will be the main catalyst behind any US Dollar price action.
On The economic calendar we have on Wednesday, the US producer price index pointing lower at 0.3% On Thursday, ECB interest rate decision and press conference, and US Consumer price index with expectation to point higher ta 0.3% On Friday, German Harmonized index of consumer prices expected to remain unchanged at 2.1% and US Michigan consumer expectations higher at 59.2
Technically the picture is positive after last week’s close above (23.6%) at 1.1713In this week’s trading session if pair trades on the upside will test 1.1850 A break out and close above 1,1850 will open the road for 1.1950 If trades on the downside will test 1.1650 (23.6%) A break and close below 1.1650 will add downside pressure and test 1.1530 Our traders are standing with short positions at 1.1640 targeting profits at 1.1400 we are expecting more aggressive short positions on the way up and new long positions at 1.1348
GBPUSD pair closed last week’s trading session unchanged after a volatile choppy weekly trading session. The initial downside move was due to BOE’s Bailey speech on interest rates reduction. Although the downside was reversed by the end of the week as nonfarm payrolls negative number triggered a selloff in US Dollar with traders and investors pricing in September’s interest rate cut.
As for this week, traders and investors will mainly focus on the BOE’s officials’ speeches. CPI from the US will be the main catalyst behind any price action on the pair.
On The economic calendar we have on Wednesday, the US producer price index pointing lower at 0.3% On Thursday, US Consumer price index with expectation to point higher ta 0.3% On Friday, UK Gross domestic product expected to remain unchanged at 0% and US Michigan consumer expectations higher at 59.2
Technically the pair’s overall picture is neutral after last week’s close below (23.6%) at 1.3505 As for this week, if pair trades on the upside, will test 1.3530 A break and close above 1.3530 will open the road for 1.3800 Alternative, if trades on the downside, will test 1.3372 (38.2%) A break and close below 1.3372 will open the road for 1.3255 Our traders are standing with short positions at 1.3383 and 1.3527 targeting profits at 1.3200 we are expecting more aggressive short positions on the way up and new long positions at 1.3243
Per un calendario economico più dettagliato, visitate il nostro calendario economico in tempo reale su:
https://tentrade.com/economic-calendar/
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