BOE chief, Bailey, will report to the Treasury committee on Wednesday. According to insiders, British Prime Minister, Johnson, and Chancellor, Sunak, may present plans to increase taxes, and new information is also expected on negotiations between the EU and Britain regarding amendments to the Northern Ireland protocol. The statistics block on Friday is of...
The statistics of the current week are interesting only for general analysis; there will be no speculative reaction. We pay special attention to Lagarde's press conference and the comments of the ECB officials on Friday morning. Until then, the balance will be shifted towards buying.
The decline in the number of active oil rigs (according to Baker Hughes) is a temporary effect of Hurricane Ida, but still represents a positive for oil in the short term. The reasons for the slowdown in the US economy are also temporary. OPEC has left the plan to increase oil production unchanged; there is no progress in negotiations on Iran's nuclear agreement....
XTI/USD Market awaits OPEC + non-OPEC meeting; Kuwait's oil minister said that it is necessary to adjust the monthly increase in oil production by 400K bpd due to the fourth wave of the pandemic. The price growth is most likely to continue with the renewal of the highest level of the year.
USD/JPY The breakdown of the 109.50-110.50 range will determine the direction for 1.5-2 weeks. At the moment, sales with medium-term targets below 108.50 are more likely.
GBP/USD The priority of buying remains, but there is not enough foundation for active growth, speculative volumes are visible only above 1.3850/80. For a downward correction, a confident breakdown of the 1.36 zone is needed. We pay attention to the PMI data for industry and services.
EUR/USD The breakdown of the 1.1850 resistance zone and the NFP results are needed to confirm a confident upward reversal. We pay attention to the consumer data on price inflation, as well as PMI of industry and services. With a neutral NFP, the Euro will only react to its own statistics. ⠀
EUR/USD Despite the traditional weak reaction of the euro to all fundamental events in August, the Eurozone PMI will have a potent influence on the trend for 1.5-2 weeks. The pair has every chance of a reversal for a powerful upward correction.