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 7:30 in the morning, the Swiss Central Bank issues its interest rate decision.
– At eleven o’clock the interest rate decision from the Central Bank of England, in addition to the minutes of its Monetary Policy Committee meeting. – At 12:30 the rate of jobless claims in the US for the previous week.
– At 2:00 PM, the European Consumer Confidence Index for June, and at the same time we follow the second day of the testimony of Federal Reserve Governor Jerome Powell before the US Congress.
– At 3:00 pm, the weekly report of US oil stocks is issued from the International Energy Agency.
Top News in Global Markets:
Yesterday’s highlights:
– From the National Statistical Office in Britain, the consumer price index was released on an annual basis for the month of May, and the result was higher than expected, and the core consumer price index also came above expectations.
– From the statistical center in Canada, retail sales came out higher than expected on a monthly basis for the month of April, and core retail sales came in higher than expected as well.
– The New York session indices continued to decline, as the Dow Jones Industrial Average fell by 102 points, and the Nasdaq Technology Index fell by 165 points.
And in the morning:
– The Australian ASX 200 index fell by 200 points, the Japanese Nikkei index fell by 186 points, and the Hang Seng index in Hong Kong fell by 388 points.
– Bitcoin continued its rise until it reached a price of $30,304.
– The US dollar index is currently recording 101.68 against a basket of major currencies, after falling yesterday to the level of 101.35.
We are waiting during the hours of the day:
– The interest rate decision issued by the Swiss National Bank.The interest rate decision issued by the Bank of England.
– The number of applications for unemployment benefits in the United States for the previous week.
– European Consumer Confidence Index for June.
– Day two of Federal Reserve Governor Jerome Powell’s testimony before the US House of Representatives Financial Services Committee.
– Natural gas inventories and crude oil inventories for the previous week.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index stabilized after reaching its lowest levels during the month, continuing under selling pressure, awaiting Powell’s testimony and the US unemployment claims numbers.
Technically, the index is trading below the 100-hour moving average, after rebounding from 102.304 points. We expect the index to move in a corrective move towards 101.90 and 102.00 points before returning and resuming the decline again.
Gold – 1 Hour Timeframe
The yellow metal fell yesterday to its lowest level since last March, to trade above $1930, as the markets await Powell’s testimony today, Thursday, and the Fed’s decisions in the coming period.
Technically, gold rebounded from its lowest levels, reaching 1937.60, to bring prices back below the 38% Fibonacci area. We expect the corrective movement to continue upwards until $1942.50 levels, in the event of a breach of $1934 resistance.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index fell from the level of 34,100 points, after Powell’s testimony, in which he confirmed the Fed’s continuation to fight inflation and the continuation of tightening.
Technically, the index is trading around the 61.8% Fibonacci correction area, where it faces support at 33,850 points, which we expect, if broken, to continue the decline towards 33,700, then 33,580 points.
US Crude Oil – 1 Hour Timeframe
US oil declined this morning, amid the slowdown in the Asian session
Technically, oil is trading above the 100-hour moving average, and we may witness some corrections around 71.60 levels, before returning to rise again towards 72.00, then 72.54 USD.
Bitcoin – 15 Min Timeframe
