United States Economy 🇺🇸 ⬆️
The US Dollar held steady this week, showing a 0.0% change in value. Contributing factors included the Bank Holiday and the release of the CB Leading Index m/m with a forecast of -0.1%, leading to muted performance. Market participants remain cautious as they await further economic data and geopolitical developments.
📊 Key Takeaways for Traders:
Monitor upcoming economic indicators for potential market-moving news.
Keep an eye on key support and resistance levels for price movement signals.
European Economy 🇪🇺 ↔️
The Euro stayed relatively stable this week, with no significant changes in value. Upcoming events such as the German PPI m/m, German ZEW Economic Sentiment, and the Eurogroup Meetings could provide insights into the Eurozone’s economic health. ECB President Lagarde’s speeches may also drive volatility.
📈 Trading Outlook:
Focus on central bank communication and key economic releases.
Watch for a breakout from the current range-bound pattern against major currencies.
British Economy 🇬🇧 ⬇️
The British Pound fell -0.82% this week, weighed down by mixed economic data. While the Average Earnings Index 3m/y beat forecasts at 5.6%, Public Sector Net Borrowing increased to 11.2B, and unemployment remained steady at 4.3%. The BOE Quarterly Bulletin and CBI Industrial Order Expectations are pending.
📌 What to Watch:
Upcoming economic data releases and Brexit developments could heavily influence the Pound.
Key support at 1.30 and 1.28, with resistance at 1.32 and 1.34, will be critical levels for traders.
Japanese Economy 🇯🇵 ⬇️
The Japanese Yen weakened by 0.64%, driven by concerns over a projected decline in Core Machinery Orders and a worsening Trade Balance. Despite challenges, resilience is seen in the services sector, with a slight rise in Tertiary Industry Activity expected.
🔮 Future Considerations:
Keep an eye on global risk sentiment and trade-related developments.
Key technical levels: Support at 110.00, resistance at 112.00.
Australian Economy 🇦🇺 ↔️
The Australian Dollar remained stable this week as traders awaited the MI Leading Index m/m data release. Limited economic activity led to a range-bound trading pattern, with the AUD showing resilience near key support levels.
📌 Trading Strategy:
Focus on upcoming economic releases and global risk sentiment for direction.
Key technical levels will determine trading opportunities.
New Zealand Economy 🇳🇿 ↔️
The New Zealand Dollar showed no significant movement this week. Traders are awaiting the BusinessNZ Services Index, GDT Price Index, and CPI q/q data, with forecasts set at 0.5%.
📊 Key Insights:
Range-bound trading is likely until clearer economic drivers emerge.
Watch geopolitical developments and global market sentiment for shifts.
Canadian Economy 🇨🇦 ⬇️
The Canadian Dollar declined by -0.69%, driven by mixed economic data. Core CPI m/m was negative at -0.1%, while IPPI and RMPI showed growth, hinting at inflationary pressures.
📌 Next Steps for Traders:
The Bank of Canada’s Business Outlook Survey will be a critical focus.
Technical analysis highlights support at 1.25 and resistance at 1.27.
Swiss Economy 🇨🇭 ↔️
The Swiss Franc remained stable this week with a marginal change of -0.0%. Upcoming PPI m/m data is forecasted at 0.2%, signaling potential inflationary pressures.
📈 Market Focus:
Traders should track the PPI data for insights into inflation trends.
Technical levels to monitor: Support at 0.9100, resistance at 0.9200.
Key Trading Tips for the Week Ahead 📌
Stay updated on economic data releases across major currencies.
Use technical analysis to monitor support and resistance levels.
Keep a close watch on geopolitical developments and central bank policies.