Today’s focus is on the hurting Europen travel industry, Japan’s Q2 slump, and a continued decrease in British household finances
U.S. Building Permit numbers for July will be released. Forecast at 1, however, if the data is lower it could be a negative driver for USD.
European travel companies are trending down, while miners buoy the market. Affects STOXX
Japan’s economic slump in Q2 erased Abe’s gains. Affects JPY
On Monday, the Trump administration announced it will tighten restrictions on Huawei Technologies Co, to stifle its access to commercially available chips. Affects S&P 500
The Trump administration issued final approval to permit oil and gas drilling in Alaska’s Arctic National Wildlife Refuge. Affects Brent
British households’ financial stability has deteriorated quicker in August than last month. Affects GBP
With continued turmoil in the US and UK, their currencies have begun to plateau. There are a reported 1,000+ cases a day in each country and the two governments are working to minimize economic damage.
Looking at the pair’s chart, there is an Advanced Block Bearish formation as quotes neared the resistance level. A reversal to a downward trend is likely.
This pair’s quote has recently bounced downward off of its resistance line. The trend is expected to continue.
The precious metal’s chart has returned to growth, and will likely continue to follow its loose upward support.