Don’t waste your time – keep track of how NFP affects the US dollar!
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Personal areaThe week is going to be interesting for traders! Eurozone’s ZEW Economic Sentiment, US Inflation Rate, and OPEC+ meeting will shake the markets. Besides, the earnings season is almost over. Among the last companies to reveal their earnings results for the second quarter will be eBay on August 11 and Walt Disney on August 12. Don’t miss the releases!
The most important currency for the Forex market is the US dollar. Thus, traders will await eagerly the US Inflation Rate report on August 11. If inflation is greater than expected, the Fed may taper bond buys sooner than initially thought, and this move in turn will push the USD up. If it is the case, USD/JPY may reach the psychological level of 111.00. Speaking about EUR/USD, the USD looks stronger as the Fed is likely to tighten the policy earlier than the ECB, that’s why the long-term forecast for EUR/USD is mildly bearish.
Investors focus on eBay and Disney this week. The stock price of Disney has been at a relatively low level after Black Widow star Scarlett Johansson sued Disney. However, the reopening of its theme parks and cruise lines will help the House of Mouse to grow further. Besides, its Disney+ streaming services are adding tailwinds. It may hit $185.00 if the earnings are strong. The stock of eBay has been falling for the last two weeks, but the better-than-expected Q2 data may help it to recover the losses.
It will be a crucial week for oil. The OPEC+ alliance will meet on August 12 to decide how much oil countries will pump. The fresh Covid-19 outbreak in China raised concerns as it may lead to the declining oil demand. The last week was tough for oil and if OPEC+ keeps adding more barrels each month, the downtrend may continue. Gold looks weak as well. If the USD stays strong, XAU/USD may move lower towards the $1750 support level.
The following information is not investment advice. Remember that trading is risky. Manage your funds carefully and remember that you can use Take Profit and Stop Loss orders to maximize your gains and limit your losses.
