Today, the focus is on Boeing’s temporary withdrawal of the 777X, Moderna’s progress in vaccine trials, and improving the business climate in Germany.
Calendar
14:00 UTC
The Conference Board’s updated U.S. Consumer Confidence Index for July will be released. The forecast is 94.5 points, while the previous report showed 98.1 points. If the new data exceeds expectations, USD may feel positive momentum.
Assets for trading: EUR/USD, USD/CHF, AUD/USD, USD/JPY.
News
The business climate in Germany is improving for the third month in a row. Affects EUR
American Republicans have offered to allocate $1 trillion. to pay increased unemployment benefits. Affects USD
Hong Kong authorities are reintroducing stringent quarantine measures due to the new outbreak of COVID-19. Affects Hang Seng
Boeing plans to postpone serial production of the new 777X by approximately 1 year. Affects Boeing
Moderna has begun its third phase of COVID-19 vaccine trials. Affects the S&P 500
Technical Analysis
EUR/NZD
The leaders of European countries last week came to an agreement on the most difficult issue of economic recovery in the region. This forced traders to turn to European assets, including the euro. However, the positive news continued. Germany published a positive report on the business climate, while unemployment fell in France.
Traders may look at the EUR/NZD as the asset’s chart has moved beyond the descending channel. That is, the uptrend potential has opened before the pair.
CAD/JPY
The currency pair is trading at the lower border of the strategic range 78.36 – 80.21. Against this background, an upward reversal of the asset is possible.
GBP/AUD
We expect an increase in the quotes of the currency pair, since the “Pin-Bar” candlestick pattern has formed on the 1-week timeframe.
GBP/AUD on this day in history
- Since 2000, July 28th has been a trading day 13 times.
- On 53% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.11%.
- The downward trend was limited to 0.46%.