The German Finance Minister warns coins like Libra could present a number of issues, Trump administration to investigate accusations against Google, & Turkey plans to continue to search for fossil fuels near Cyprus.
Oil prices steadied yesterday as a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply from shale oil countered tensions in the Middle East, but not Chinese uncertainty. Affects Brent
President Trump said his administration would investigate accusations that Google worked with the Chinese government, but gave no other details. Affects Google
German Finance Minister Olaf Scholz said regulators must ensure that cryptocurrencies such as Facebook’s planned digital coin Libra do not threaten financial stability and consumer privacy. Affects Bitcoin
Turkey plans to send a fourth ship to waters off Cyprus to search for gas and oil despite European Union moves to curb contacts and funding for Ankara over the issue, the dispute stems from overlapping claims to regional waters by Turkey and Cyprus. Affects the TRY
France is poised to approve the first tranche of cryptocurrency-related companies under new rules on digital coins, some of the first such regulations to be launched by a major economy. Affects Bitcoin
The British CPI (YoY) for June will be published. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer and is a key way to measure changes in purchasing trends and inflation. Affects GBP.
The EU’s CPI (YoY) for June will be released. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer and is a key way to measure changes in purchasing trends and inflation. Affects the EUR.
U.S. Building Permits for June will be reported. Building Permits measures the change in the number of new building permits issued by the government and are a key indicator of demand in the housing market. Affects the USD.
U.S. Crude Oil Inventories will be announced. It measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of Brent.
Turkey continues to produce gas near Cyprus. The EU is outraged and demands an end the drilling, but Ankara continues to ignore Brussels.
The currency pair may rise, as the quotes are near the Fibonacci level.
If the asset stays above the support level of 1.24000, the probability of growth to 1.27500 will increase. Otherwise, a downtrend is activated.
The RSI in combination with the Fibonacci levels indicate a possible end of the bearish trend at the level of 1.76.
GBP/CAD on this day in history
- Since 2000, July 17th has been a trading day 14 times.
- On 50% of those days, the asset ended with growth.
- The maximum reinforcement range was 0.68%.
- The downtrend was limited to 1.02%.