The Week ahead: Euro advances; Stocks to advance firm
InvestingOnline.com
9/07/2018, 11:49The Euro is trading positive for the sixth day in the last eight as the Dollar index is losing its mojo and investors are betting more on the single currency and less on safe havens such as the greenback.
EURUSD daily chart July 9
The EUR/USD is trading 0.30% positive on the day at 1.1780. The pair is extending gains after opening above the 50-day moving average level of 1.1735 and beyond July 6 highs of 1.1770.
The EUR/USD now focuses on the double top level of 1.1840, and the technical conditions seem to support the expectations as the pair looks overbought but with momentum signaling the health of the upside potential.
The Dollar index, on the other hand, is trading negative for the third day in a row. The DYX is now trading below the 50-day moving average, and it is heading now to the 93.30 area.
Stocks market around the world is trading positive as investors are welcoming a breath in the trade war between the United States and the World. European stocks are posting gains even though the Brexit secretary David Davis has resigned. Wallstreet points for a solid opening.
Investors are opening a week with a positive tone. However, risky events will take place this week. The market will focus on the Bank of Canada interest rate decision, the GDP in the United Kingdom and the inflation in the United States.
On the trade and tariffs conflicts, pay attention to new Trump’s government measures and responses from Europe. Also, check the China trade balance report on Friday.
Events to watch this week:
Monday, July 9
Switzerland: Unemployment rate
Germany: Trade Balance
New Zealand: Electronic card retail sales
Tuesday, July 10
China: Consumer Price Index
China: Producer Price Index
United Kingdom: Industrial Production
United Kingdom: Manufacturing Production
United Kingdom: Trade Balance
United Kingdom: Gross Domestic Product GDP
Germany: ZEW Economic Sentiment
Canada: Housing Starts
Japan: Machinery orders
Wednesday, July 11
Australia: Westpac Consumer Confidence
Australia: Home Loans
United States: Product Price Index
Canada: BoC Interest Rate Decision and monetary policy report
Thursday, July 12
Eurozone: Eurogroup Meeting
Australia: Consumer Inflation Expectation
Germany: Consumer Price Index
Eurozone: Industrial Production
Eurozone: ECB Monetary Policy Meeting Accounts
United States: Jobless Claims
United States: Consumer Price Index
United States: Monthly Budget Statement
New Zealand: Business PMI
Friday, July 13
China: Trade Balance
Japan: Industrial Production
United States: Import and Export Price Index
United States: Michigan Consumer Sentiment Index
United States: Fed’s Monetary Policy Report
