Mario Blascak, PhD
Independent Analyst
What you need to know before markets open
- OPEC meeting is set to decide on the oil production quotas with leaders from Russia and Saudi Arabia wanting to pump up more oil to meet the demand, while Iran disagrees.
- Media ping-pong between China and the US continues regarding the US-led trade war.
- UK Government said it does not expect no-deal Brexit.
- The Eurozone agreed on the final elements of a plan to get Greece out of its eight-year bailout program and make its massive debt more manageable.
- The Eurozone final PMI rose in June mainly due to improved performance in services.
- Canada’s core inflation and retail sales data headline the North American session.
Friday's upcoming market moving events
- Canada’s retail sales are expected to stagnate in May with core retail sales seen rising 0.5% m/m in April.
- The Bank of Canada core inflation is expected to decelerate to 1.4% y/y in May.
Major market themes
- Sterling continues higher against the US dollar rising 200 pips above 1.3300 after the Bank of England’s hawkish turn with the Bank’s chief economist Haldane joining the camp of rate hike promoters.
- Euro jumped against the US Dollar boosted by the confidence stemming from a deal between creditors with Greece and the Eurozone PMI picking up in June.
- Watch CAD factoring in the combination of retail sales and inflation data. Rising inflation and retail sales are seen CAD positive.
Earlier in Asia/Europe
- Japan’s inflation rose 0.7% y/y in May with core inflation rising 0.3% y/y.
- French first quarter GDP is expected to rise 0.2% Q/Q.
- French composite PMI increased to 55.6 in June from 54.2 in May.
- German composite PMI rose to 54.2 in June from 53.4 in May.
- The Eurozone composite activity PMI rose to 54.8 in June compared to 54.1 in May.
- UK Government: We do not expect no-deal Brexit.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.