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Next Week is Big for Forex Markets
07/12/2019 2:24 pm EST
Keep an eye on next week’s U.S. Retail Sales and Industrial Production reports as well as speeches from several U.S. Fed officials for clues to July 31 decision, says Ashraf Laidi.
If you're planning to take a short holiday and return just in time for the Jul 31 Federal Open Markets Committee (FOMC) decision, make sure to keep an eye on next week's release of U.S. June retail sales, industrial production and comments from Federal Reserve Governors.
There are also some crucial items FX traders need to be aware of next week.
With the announcement of a new UK Prime Minister on July 23, next week should witness some volatility in GBP pairs as articles, reports and breaking stories unfold about candidates Jeremy Hunt and Boris Johnson. UK and inflation data will also be key. So far, the British pound has managed to hold the January lows.
Next week is also the final week we hear from Fed speakers before the two-week silent period begins. Speeches from New York Fed President John Williams, Governor Michelle Bowman, Chicago Fed President Evans and Chair Jerome Powell will be most relevant to U.S. dollar and gold traders. USD remains held at 1.1240 and 109.00 vs EUR and JPY, while gold must secure the $1,382 support level.
Ashraf Laidi recently talked about the Dollar, gold and the Chinese yuan Triangularity at TradersEXPO New York.
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