Join us as we follow the market’s most significant events and provide technical analysis of the most important financial assets, so you are more aware of the factors driving daily price changes and economic data.
Today’s Economic Calendar
We follow today’s events in GMT:
Switzerland Manufacturing PMI at 7:30 am.
– At 8:50 minutes, the final reading of the German Manufacturing PMI.
At 8:00 am, the Eurozone Manufacturing PMI.
– And at eight-thirty, the final reading of the manufacturing PMI in the United Kingdom.
The ninth core consumer price index in the eurozone on an annual basis. The index includes prices of goods and services excluding food and energy.
At the same time, the European Unemployment Rate for April is released.
– At 9:30 ECB Governor Christine Lagarde’s speech.
At 12:30 a US report on jobless claims.
– At 2 pm the US Manufacturing PMI for May.
– In the third, the US report on crude oil inventories
Top News in Global Markets:
Yesterday’s events:
– Retail sales in Switzerland came in lower than expected on an annual basis for the month of April.
– The change in German unemployment decreased for the month of April, and the lower this indicator is, the better for the economy.
In Canada, the GDP came in above expectations, but still below the previous reading. The index was released on a monthly basis for the month of March.
– From the US Institute for Supply Management, the Chicago Purchasing Managers’ Index for May was released, and the results were lower than expected.
– The US Employment Survey also came out higher than expected for the month of April.
– Most members of the US House of Representatives voted in favor of a bill to suspend the current government debt ceiling of $31.4 trillion.
– New York indices closed the trading session lower, the Dow Jones Industrial Average fell by 134 points, and the Nasdaq fell by 82 points.
This morning’s events:
– From Standard & Poor’s Global, the final manufacturing PMI for Japan came in lower than expected for the month of May.
In Australia, retail sales came in similar to expectations on a monthly basis for the month of April.
– The performance of trading indices varied in the Asian session, the Japanese Nikkei index rose by more than 244 points, and the Hang Seng index in Hong Kong rose by more than 141 points.
Bitcoin fell to 26850 against the dollar.
– Swiss Trade Balance for April came in lower than expected.
– German Retail Sales came in lower than expected, but higher than previously, on a monthly basis for April.
We are waiting during the hours of the day:
– Final German Manufacturing PMI for May.
Swiss Manufacturing PMI for May.
– The final reading of the Eurozone manufacturing PMI for the month of May.
– The final reading of the manufacturing PMI in England for the month of May.
– Final estimate of CPI in the Eurozone on an annual basis for the month of May.
European Unemployment Rate for April.
– US weekly report on jobless claims for the previous week.
– Canada Manufacturing PMI for May.
– Manufacturing PMI in the US from the Institute for Supply Management for May.
– The weekly report of natural gas inventories, and the US crude oil inventories report.
Tomorrow’s most important events:
US jobs data for May, including average hourly earnings, non-farm payroll change, and unemployment rate.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The dollar index is still moving sideways over the short-term intervals, bouncing down yesterday from the upper limit of that sideways movement around 104.50 points, and rising today to trade around the resistance levels of 104.30 points.
Technically, we expect the index to retest the resistance levels around 104.30 points, and then in case of showing a negative price Action around it, we target a further decline around 103.75 points.
Gold – 1 Hours Timeframe
The resistance levels around $1975 succeeded in halting the yellow metal’s rally to the upside yesterday, as we mentioned, bouncing down from it and continuing its decline at the start of today’s trading.
Technically, in case of the XAUUSD breaks the support levels around 1963 and Closes below it, we expect a further decline in gold during today’s trading and target the support levels around $1955, which we expect the yellow metal to rebound around to the upside again.
US Dow Jones – 1 Hour Timeframe
Support levels around 32,745 points succeeded in halting the slide of the Dow Jones Industrial index yesterday, Wednesday, as we mentioned, bouncing back to the upside during the first hours of today’s trading.
Technically, we expect more Bullishness on the index during today’s trading, targeting the resistance levels around 33,200 points again, with the release of the manufacturing sector data later in the day.
US Crude Oil – 1 Hour Timeframe
After a rapid decline yesterday on the black gold, due to the Canadian data, which indicates stable growth without change, and the positive data of the US labor market, the support levels around $67.60 a barrel succeeded in stopping that downward bleeding, bouncing back to the upside with the beginning of Thursday’s trading.
Technically, we expect more bullishness on oil during today’s trading, targeting the resistance levels around $69.30 a barrel again, which we expect to retreat around again and resume oil to complete the decline.
Bitcoin – 1 Hour Timeframe
The digital currency ‘Bitcoin’ rose slightly today, Thursday, from around the support levels of $26,741, in a corrective movement within the bearish trend prevailing over it over the short term.
Technically, we expect bitcoin to rise during today’s trading, targeting resistance levels around $27045.60, which we expect the correction to end around, and the digital currency to decline again, targeting 26741 levels again.
EUR/USD – 1 Hours Timeframe
The euro against the US dollar rebounded downwards, at the beginning of trading today,around the resistance levels of 1.0700, supported by some recovery in the dollar during the sideway move.
Technically, we expect the pair to decline during today’s trading around the support levels 1.0660, around which we expect the euro to rise again to the resistance levels around 1.0700.
GBP/USD – 1 Hours Timeframe
After the rapid bullish of the (Pound / Dollar) pair yesterday, the purchasing power diminished on the pair, to rebound down from the resistance levels around 1.2450, continuing to move below it with the first hours of today’s trading.
Technically, we expect further decline on the pair during today’s trading, targeting support levels around 1.23850 on the short-term intervals, with the markets awaiting the final reading of the British manufacturing PMI.
GBP/JPY – 1 Hour Timeframe
The (GBP / JPY ) pair retreated, sliding downwards around the resistance levels of 174.40 yen, breaking the support levels around 173.075 yen.
Technically, we expect a further decline on the pair during today’s trading, targeting the support levels around 172.35 yen, around which we expect the pair to bounce upwards to correct and target the resistance level 173.075 again.
