Market Overview 2018-07-17


The EUR/USD is trading just north of the 1.1700 major technical level ahead of a Tuesday that will see market focus shift to upcoming US events with a thin calendar slated for the European session. There were some relevant macroeconomic news coming from both shores of the Atlantic, although they had little saying on price action. In the EU, the goods trade balance surplus shrunk in May to €16.5B amid a fall in exports combined with an increase in imports. The US released June retail sales, which were up by 0.5% as expected, while the control group reading remained pat.

On a positive note, May's readings were revised higher, offsetting the poor headlines, while the NY Empire State Manufacturing Index came in at 22.6, better than the 22.0 expected. This Tuesday, market's attention will center on Fed's Powell testimony before the Senate Banking Committee and any clue he can give of future monetary policy decisions. The EU won't publish macro news, while the US will release June Industrial production and Capacity Utilization expected better than May's numbers. 

The GBP/USD is still trading into 1.3250 after failing to make headway into the key 1.33 major figure on Monday. Brexit continues to spin out into a political mess, and the back-and-forth between leavers and the stayers is still dragging on the GBP. The Chequers deal that cost the resignation of two major political figures, came under scrutiny, with the House of Commons determined to wreck UK PM May's plan. However, a spokesman from Number 10 said that the government would accept amendments put forward by pro-Brexit lawmakers, as they are consistent with the White Paper. This Tuesday, the UK will release its latest employment data, which includes wages' growth for the three months to May. Average hourly earnings excluding bonus are expected to have risen by 2.5% while excluding bonus are seen up by 2.7%. The unemployment rate for the same period is expected to remain unchanged at 4.2%. 

Source : Exclusive morning call from FXCC, Tuesday, 2018-07-17, 07:00 GMT

FXCC Forex Trading

Market Overview 2018-07-20
Market Overview 2018-07-16

Related Posts



No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Monday, 25 October 2021
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

By accepting you will be accessing a service provided by a third-party external to

High Risk Attention and Disclaimer

HIGH RISK - ATTENTION : Forex imply an elevate level of risk which might be not suitable for all investors. Leverage generate further exposition and loss risks. Before to take decision of trading forex, consider carefully yours investment objectives, expertise level and propensity to risk. Past performance is not indicative of future results. Your starting investment might be lost partially or totally. Don’t invest money you cannot afford to lose.  
DISCLAIMER : Pages contained in this web site in any case constitute neither financial counsel service nor solicitation to public saving. Nothing contained in this web site constitute solicitation, offer or recommendation to purchase or sell any investment or to commit in any transaction. Nothing contained in this web site constitute solicitation to investment, fund raising or management for third party. Opinions, article, analysis report, operational report and other documents realized from INDOFOREX.INFO which have to do with market speculation, are dedicated to sustain our individual trading and in any case to represent, solicitation, advice or invest invitation. The web site has just a guise of sharing, cultural and expertise. Although the indication quoted are provided with a mere informative scope, we refuse all responsibility, charged to web site Administrator, for possible negative consequences which should come from an operational funded on their observance.