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 6:30 am the Swiss producer price index on a monthly basis for the month of May.
– At 9:00 Am the trade balance in the euro area for the month of April.
– At 12:15 PM, the European Central Bank’s interest rate decision.
– At 12:30 US Unemployment Claims Rates and Retail Sales on a monthly basis for May.
– At 1:15 PM in the afternoon, the press conference of the European Central Bank will be held.
— at Fifteen after one US industrial production on a monthly basis for the month of May Will Release
Top News in Global Markets:
Yesterday’s highlights:
– From the British National Statistical Office, the Gross Domestic Product was released on a monthly basis for the month of April, and the result was similar to expectations and higher than previously.
– From the European Center for Eurostat, the industrial production index was released on a monthly basis for the month of April, and the result was higher than the previous and expectations.
– The US PPI came in on a monthly basis below expectations for the month of May, while the core PPI came out similar to expectations.
The Federal Reserve fixed US interest rates at 5.25%, unchanged.
– From the International Energy Agency, US crude inventories came much higher than expectations and the previous reading, which means lower demand for oil.
– The US Dow Jones Industrial Index fell by 232 points
And in the morning:
New Zealand’s GDP for the first quarter of the year was released, matching expectations.
In Japan, from the Ministry of Finance, the trade balance came in higher than expected in May.
– From the Australian Statistical Bureau, the change in employment for the month of May was released, and the result was higher than expected, while the unemployment rate was lower than expectations, and this indicates a decrease in the number of unemployed, and this is good for the economy.
– From the Chinese National Statistical Center, a set of economic data was issued for the month of May, the most important of which are:
The industrial production index decreased compared to the previous reading on an annual basis.
Retail sales fell relative to expectations on an annual basis.
The unemployment rate did not change from expectations and previous readings.
– The Hang Seng index in Hong Kong advanced by 160 points, and the Japanese Nikkei index rose by 133 points.
Bitcoin drops to $25,012.
– The US dollar index rises to 102.92 against a basket of major currencies.
The expected events during the hours of the day:
– Swiss Producer Price Index on a monthly basis for the month of May.
European trade balance for the month of April.
Interest rate decision by the European Central Bank, followed by its press conference.
And from the United States:
– Retail sales on a monthly basis for the month of May.
Manufacturing index released by the Federal Reserve Bank of New York.
– Weekly report of claims for unemployment benefits.
– Industrial production index on a monthly basis for the month of May.
– Weekly report of natural gas inventories.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index fluctuated yesterday, following the decision to keep US interest rates unchanged, forming a price gap between 103.00 points and 102.45 levels, bouncing back today, with a slight rebound after closing that price gap.
Technically, we expect more Bearishness on the index during today’s trading, to target the support levels around 102.70 again, then 102.45 points.
Gold – 4 Hours Timeframe
Gold prices fell sharply yesterday after bouncing back from $1960 as the US Federal Reserve stopped raising interest rates.
Technically, gold rebounded from its lowest level this morning around the price of 1930, to rise slightly to 1939 dollars, to trade below the moving average of 100 on the chart (4 hours). We expect more Bearishness towards $1909.18, provided it continues below the $1941 resistance.
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial Index declined violently, following the US Federal Reserve’s monetary policy decision, reaching support levels around 33,775 points, as we mentioned yesterday.
Technically, we expect further decline on the index during today’s trading, to target the support level of around 33,775 points again, then in the event of a break, we will target the next support level of around 33,450 points.
US Crude Oil – 1 Hour Timeframe
US Oil fell on Wednesday, breaching key support, after the Federal Reserve stopped raising interest rates and the unexpected increase in US oil inventories yesterday.
Technically, oil rebounded this morning from the support of $67.96 to return to the upside after breaching the Fibonacci 61.8% area. We expect the correction to continue upward near the 100-hour moving average around $69.20.
Bitcoin – 1 D Timeframe
The price of the digital currency, Bitcoin, continued to decline, as we mentioned yesterday, with the interest rate decision of the US Federal Reserve, to reach $24,797, reaching its lowest level since last March.
Technically, the digital currency is trading below the 38% Fibonacci area, which turned from support to resistance, and we may witness a correction towards it near 25195, before prices return to falling again towards the 200-day moving average around 24000 and 23750 USD.
EUR/USD – 1 Hours Timeframe
The euro pair fell against the US dollar at the end of yesterday’s trading, Wednesday, to reach the support levels around 1.0804, which represents the Support level of the price channel that the pair moves through on the short-term intervals.
Technically, we expect the pair to rise during today’s trading from the lower bound of the price channel, targeting the resistance levels around 1.0855.
GBP/USD – 1 Hours Timeframe
The GBP fell against the USD from its highest level of 1.2698, after yesterday’s decision by the Federal Reserve to set interest rates at 5.25%.
Technically, the pair is trading below the resistance of 1.2660 near the 100-hour moving average. We expect the correction to continue downward until 1.2617, and if this support is broken, we will target 1.2588.
GBP/JPY – 4 Hour Timeframe
The (GBP/JPY) pair continued to rise since yesterday, based on the support levels around 176.80 points, to complete the prevailing bullish trend over the medium term.
Technically, we expect more bullishness on the pair during today’s trading, to target the next resistance level of around 180.550 yen.
