Abstract：The euro rose sharply against the dollar yesterday failed important events in the euro area this week. The euro will discuss the volatility that will be announced at this week's ECB Thursday and the European Union meeting (EU Summit) on Friday. The ECB is expected to keep interest rates, but the market will look at the decision of ECB President Christine Lagarde, who can provide guidance on policy direction.
The euro rose sharply against the dollar yesterday failed important events in the euro area this week. The euro will discuss the volatility that will be announced at this week's ECB Thursday and the European Union meeting (EU Summit) on Friday. The ECB is expected to keep interest rates, but the market will look at the decision of ECB President Christine Lagarde, who can provide guidance on policy direction. Meanwhile, the ECB meeting will be overshadowed by the European Union (EU) summit on Friday. A compilation of bloc leaders will debate the recovery plan for the corona virus, which requires support from 27 EU member states, making negotiations difficult. Ahead of Friday's meeting, Germany and Italy have supported plans to recover the corona virus funds asking for € 750 billion. EUR / USD strengthened 0.69% to 1.1369.
The dollar lost back yesterday as market protection was awaiting corporate reports and retail sales data this week, which will gauge optimism for the US economic outlook. The Dow Jones index rose yesterday after getting PepsiCo Inc. released better than expected. While major US banks will report earnings on Tuesday. The dollar index declined 0.3% to 96.53.
The price of gold held above $ 1800 for profit after an increase in the number of new corona viruses in the world approved safe-haven demand. The soaring number of Covid-19 cases in the US has raised doubts over the economic opening of the lockdown, as well as the resumption of schools in the fall. In California, Governor Gavin Newsom shut down all activity in the room, including restaurants, bars and screenings after the death toll of 7 corona viruses escaped.
Oil prices disappeared yesterday at a meeting of global oil producers this week amid data showing rising reserves at the US storage center in Cushing, Oklahoma. Global oil producers, also known as OPEC +, asked to meet via the web to discuss production. Saudi Arabia, which is the leader of OPEC, de facto, has pushed its members, reducing production to drive prices, which in April went down below $ 0 to around $ 40 a barrel at the moment. Meanwhile, data showed a surge in reserves in the center of Cushing, Oklahoma. Genscape, Cushing's main indicator as a market reference, reported 1.2 million barrels at the hub during the week ending July 10. While Seevol.com, a source reporting at Cushing, reported an increase of 1.75 million barrels at the hub.
Asian stocks declined today amid renewed US-China opposition to the economy from the replacement of coronavirus cases. Shares in Tokyo, Sydney and Seoul were monitored falling. While the US S&P 500 Futures Index gained after the index reached its highest level since panic sales occurred in March.
Today's Focus: China Trade Data & US CPI
There will be a lot of data today, while the data are of medium impact. In Asia, China will release trade data, followed by Australia which will release business confidence data. From Europe, the UK will release GDP data in May and several other data, including manufacturing production. Finally from the US, CPI data will be released, which released a 0.6% growth in June.
[About The Author]
Fanny has started her self-learning of Forex since 2005 and has joined an Indonesian broker as a financial consultant in 2009. Through “trial and error”, she has learnt a lot from failure experiences. She is now a renowned trainers for the forex beginners and has helped the clients to get the profits from trade.
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