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:
– At exactly 6:30 am, the Swiss consumer price index is released on a monthly basis for the month of June.
– And at 7:30 the Swiss PMI for June is released.
– At eighth is the Eurozone manufacturing PMI for June.
Half an hour later, the British Manufacturing PMI for the same month.
– At a quarter to two in the afternoon, the same indicator is issued in the United States.
– And in the second, the same indicator is issued in the United States also from the Institute for Supply Management for the month of June.
Top News in Global Markets:
Weekend events:
A set of economic data was released in Japan, which are:
– Core CPI in Tokyo came in below expectations and slightly higher than the previous reading, on an annual basis for June.
– The Japanese unemployment rate came in similar to expectations for the month of May.
– From the Ministry of Economy, the preliminary reading of industrial production was lower than expected on a monthly basis for the month of May.
– In China, the manufacturing PMI was similar to expectations for June, while the non-manufacturing PMI was lower than expected for the same month.
– The final reading of the gross domestic product in Britain was similar to expectations, for the first quarter of the year.
– From the European statistical center Eurostat, the Eurozone CPI and core CPI were lower than expected on an annual basis for June.
In Canada, the GDP was lower than expected on a monthly basis for the month of April.
In the US, the core PCE price index came out similar to expectations and lower than previously on a monthly basis for the month of May.
– From the Institute for Supply Management in Chicago, the Purchasing Managers’ Index for June was released, and the results were lower than expected and higher than previously.
– From the University of Michigan, the Consumer Sentiment Index was released, and the result was higher than expected for the month of June.
– The US session indices rebounded, as the Dow Jones Industrial Index closed up by 285 points, and the Nasdaq Technology Index rose by 196 points.
And in the morning:
– From Standard & Poor’s Global, the final reading of the PMI for the manufacturing sector was released, and the result was similar to expectations and the previous reading for June.
– From the same source, the China Manufacturing PMI was released, and the result was higher than expected and lower than the previous one for June.
The Asian session indices rebounded, as the Japanese Nikkei index rose by 571 points, and the Hang Seng index in Hong Kong rose by 327 points.
– Brent crude is currently recording a price of $75.32 per barrel, while West Texas Intermediate crude is recording a price of $70.53 per barrel.
Among the most important events expected today:
– The final reading of the PMI for the manufacturing sector in Germany for the month of June.
– The same index is also issued for the euro area, Britain, and the United States.
– From the Institute of Supply Management issued in the United States also the same index.
The most important events of the week:
Tomorrow, the interest rate decision will be issued by the Reserve Bank of Australia.
– On Wednesday, the OPEC meeting will be held.
Finally, on Friday, the US jobs data for June will be released.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index continued its decline at the beginning of the week’s trading today, weighed down by data showing US inflation slowed in May, suggesting the Federal Reserve’s aggressive tightening campaign is having its desired outcome., to hold just below the resistance levels around 102.60 points.
Technically, the price is trading below the moving averages for the 20- and 50-day intersected negatively, so we expect more Bearishness during today’s trading on the index, targeting the support levels around 102.20 points.
Gold – 1 Hours Timeframe
The yellow metal prices rose today, Monday morning, with the market opening on a slight decline, reaching levels of 1914.66 dollars, to held near 1920, awaiting today’s industrial purchasing managers’ index data.
Technically, gold is trading near the 38% Fibonacci area and the 200-hour moving average. We expect that if the resistance of 1921.70 is breached, the rise will continue towards 1937.40 USD..
US Dow Jones – 1 Hour Timeframe
Resistance levels around 34,450 points succeeded in Stoping the Dow Jones industrial index’s rise to the upside, with the start of this week’s trading, supported by the anticipation of data on the activity of the manufacturing sector in the United States, scheduled for release this week.
Technically, the purchasing power declined on the index, but it is still moving above the 20-day moving average, so the index is likely to decline during today’s trading, touching the 20-day average around 34360, then targeting 34300 points.
US Crude Oil – 1 Hour Timeframe
Oil prices continued to rise for the fourth day in a row, reaching $70.60 levels Monday, after the positive data of the Chinese Purchasing Managers’ Index.
Technically, oil is trading above the 200-hour moving average and the Fibonacci 61.8% area. We expect more Bullishness towards $71.30.
Bitcoin – 1H Timeframe
The digital currency, Bitcoin, rose to levels of $30,790 on Monday morning, to continue its consolidation move after rebounding from its lowest level last week.
Technically, the digital currency is trading near the $30,600 support, which if broken, we expect the currency to witness a further decline toward $30,160 levels.
EUR/USD – 1 Hour Timeframe
The euro strengthened against the US dollar, with the start of the market opening today, to return to trading near the resistance levels around 1.0930, supported by expectations for the European Central Bank to raise interest rates in July and September.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 1.0930, and in case of a breach, we target the next resistance levels around 1.0965..
GBP/USD – 1 Hour Timeframe
The pound sterling against the dollar continued to trade in a narrow range with the opening of markets today, Monday, and the increasing expectations of the Federal Reserve to raise interest limits the continuation of the pair’s rise.
Technically, the pound-dollar pair is trading below the 200-hour moving average and near the 38% Fibonacci area, which we expect if broken, the decline will continue towards 1.2677, then 1.2660.
GBP/JPY – 1 Hour Timeframe
The (GBP/JPY) pair declined at the opening of the week’s trading, affected by the weak economic data on the Sterling pound that was issued last week regarding growth, which rose at the weakest expansion pace in two years, rebounding from the resistance levels around 183.75 Yen.
Technically, we expect a further decline on the pair during today’s trading, targeting support levels around 183.10 yen, and in case of a break, we target the next support levels around 182.65 yen.
