Today the focus is on inflation concerns, corporate news, and the US budget.
The ECB will publish the Account of the Monetary Policy Meeting. Hawkish tones may push EUR upwards.
Assets to trade: EUR/USD, EUR/GBP, EUR/JPY
The US Initial Jobless Claims will be announced. Forecast: 348K. If the figure is higher than expected, it may press on USD.
Assets to trade: USD/JPY, USD/CAD, GBP/USD
Tesla’s approach to fighting workplace racism is questioned by its shareholders. Affects Tesla
Inflation concerns are back in the market and pressing on investors’ moods. Affects S&P 500
OPEC agreed on a plan to gradually increase oil output. Affects Brent
The proposed $3.5 trillion budget is being opposed in the US Senate. Results of this process may affect USD
Globally, inflation worries are supporting investors’ demands for the US dollar as a safe-haven currency. In Japan, the change of the Prime Minister and his cabinet is fueling JPY weakness. Together, these factors are pushing USD/JPY upwards.
Currently, it’s at the resistance level of 111.90. If this level is crossed, the next target for bulls may be at 112.00.
Gold keeps sliding. If it crosses the support level of $1,750, it will likely drop to $1,700.
This long-term downtrend suggests Alibaba will keep falling. $140 is the immediate threshold. If it is stepped over, $130 may be the next level down.