HomeForex MarketDay by day Foreign exchange Information and Watchlist: EUR/USD

Day by day Foreign exchange Information and Watchlist: EUR/USD

The U.S. is printing the primary studying of its Q2 GDP!

How will USD pairs react? Will the discharge have an effect on EUR/USD’s short-term downtrend?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out a confluence of inflection factors on GBP/AUD’s 1-hour chart. Remember to try if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Knowledge:

Inflation, protection plane purchases push U.S. core sturdy items 1.9% larger vs. 0.8% anticipated in June

U.S. pending house gross sales plunge by 8.6% in June as demand is weighed down by surging mortgage charges

EIA: U.S. crude stockpiles drop as exports surge to file excessive final week

As anticipated, Fed hikes charges by 75bps to 2.25%-2.5% vary, the very best since December 2018

Powell: The trail [to a soft landing] has clearly narrowed and will slender additional

Powell: One other “unusually giant” improve in rates of interest could also be applicable in September

Powell: It’ll doubtless turn into applicable to “gradual the tempo of will increase” whereas assessing impression of coverage changes

Powell: Time to go to a gathering by assembly foundation and never present clear steerage

Australia’s retail gross sales momentum slowed from 0.9% to 0.2% in June

U.S. advance GDP at 12:30 pm GMT
U.S. preliminary jobless claims at 12:30 pm GMT
U.S. Treasury Sec Yellen to provide a speech in DC in the present day
Tokyo’s core CPI at 11:30 pm GMT
Japan’s unemployment fee at 11:30 pm GMT
Japan’s industrial manufacturing at 11:50 pm GMT
Japan’s retail gross sales at 11:50 pm GMT
AU quarterly PPI at 1:30 am GMT at 5:00 am GMT (Jul 29)
Japan’s client confidence at 5:00 am GMT (Jul 29)

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

EUR/USD 1-hour Foreign exchange Chart

Should you didn’t catch sufficient motion from the Fed’s rate of interest improve, then in the present day’s U.S. advance GDP launch may get you a pip or two.

Markets see Uncle Sam rising by 0.4% in Q2 after contracting by 1.6% in Q1 however some predict that the economic system will print its second adverse development this week.

Two consecutive adverse development quarters would put the U.S. economic system in a technical recession!

As you’ll be able to see, EUR/USD is buying and selling on the high of a descending channel proper when the 100 SMA crossed beneath the 200 SMA on the 1-hour timeframe.

An upside shock would work in favor of those that have already noticed EUR/USD’s short-term downtrend. EUR/USD might drop beneath the SMAs and revisit the 1.0100 earlier assist zone.

However what if in the present day’s numbers encourage risk-taking?

If the U.S. narrowly avoids a technical recession, then we might see extra of the risk-taking and anti-USD theme that we’ve been seeing this week.

EUR/USD might bust above its channel resistance and goal earlier areas of curiosity like 1.0270 or 1.0350.

Don’t even consider lacking in the present day’s launch!

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