OPEC has reasons to continue prolonging reduced output, Chinese authorities are ready to retaliate with war, & Russia may have invaded Korean airspace.
OPEC has shifted the goalposts for assessing an overhang in oil inventories, giving the group more room to prolong production cuts, while analysts warn the move will offer a distorted view of market conditions. Affects Brent
Accusing the United States of undermining global stability and denouncing its arms sales to the self-ruled island – which it is legally bound to do, China warned on Wednesday that it was ready for war if there was any move toward Taiwan’s independence. Affects AUD
Moscow said that it had not apologized for an alleged airspace violation yesterday, South Korea said that a Russian attache had expressed “deep regret” while blaming malfunctioning equipment. Affects RUB
The announcement of a broad antitrust investigation by the U.S. Justice Department into the sector dropped U.S. stock index futures pressured by a fall in big tech companies after. Affects USD
The economics think-tank IHS said on Wednesday, Austria’s economy should grow 1.6% a year on average over the 2019-2023 period, helped by robust private consumption. Affects EUR
The ECB Interest Rate Decision will be announced. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. Affects EUR.
The U.S. Core Durable Goods Orders (MoM) for June will be released. These orders measure the change in the total value of new orders for long-lasting manufactured goods, excluding transportation items. Affects USD.
An ECB Press Conference will take place. Could affect the EUR.
If there is an increase in the rate from the Central Bank of Japan, the situation on the foreign exchange market may change dramatically. The fact is that such a turn would mean the defeat of the policy of the head of the department.
A false rise in quotes above 110 may indicate a resumption of the downtrend. The first goals are 109.200 & 108.800.
Unfortunately, the quote failed to consolidate above 8.67 after the breakdown of the base of the Double Bottom. Perhaps quotes will drop to 8.55, as the trend line runs at this level.
It is recommended to make trades planning for a raise, as the chart has formed a head and shoulders reversal pattern has.
GBP/USD on this day in history
- Since 2000 July 25th has been a trading day 15 times.
- On 60% of those days, the asset ended with growth.
- The maximum reinforcement range was 0.77%.
- The trend down was limited to 0.65%.