Today, the focus is on the P&G report, a call for a boycott of Facebook, and a preliminary estimate of US GDP.
Canada’s GDP growth rate report for May will be published. The indicator is forecast to grow by 3.5%. An upward deviation will lead to an increase in CAD.
Assets for trading: AUD/CAD, CAD/JPY.
Procter & Gamble beat experts’ forecasts for profit. Affects Procter & Gamble
The preliminary estimate of the US GDP for the II quarter showed a drop of -32.9% against the forecast of -34.1%. Affects USD
The organizers of the Facebook advertising boycott called for European companies to join. Influences Facebook
Germany’s GDP decreased by 10.1% in the second quarter. Affects EUR
Retail sales in Hong Kong plunged 24.8%. Affects Hang Seng
The first estimate of the US quarterly GDP was slightly more positive than analysts expected. However, the fall of such an important economic indicator by more than 30% may cause a decline in stock indices.
But the USD/JPY currency pair withstood the influence of such a negative. This speaks to the firmness of the bulls. We continue to wait for the asset’s trend reversal.
The French stock index has lost support from the uptrend, which may be a reason for a drop in quotations.
Currency pair quotes have been actively growing for almost a week. Traders are waiting for the asset’s correction, which may start from 1.75310. This is evidenced by the Fibonacci levels, calculated at the minimum and maximum for the period from August 2019.
- Since 2000, July 31st has been a trading day 14 times.
- On 57% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.96%.
- The downward trend was limited to 0.46%.