☕️Meet the main Forex topics & news of Tuesday!
🔸 Trade tensions are easing. US President Donald Trump pledged to help Chinese telecoms firm ZTE Corp, which had been penalized for violating US sanctions with Iran. China’s top economic official will arrive in Washington today for a 5-day trade discussion. However, according to the US ambassador to China, the countries are “still very far apart” on trade. The results of negotiations will be important for risk-sensitive currencies like the AUD: in case of success, it they will rise, in case of failure they will fall.
🔸 Oil remains supported. Saudi Arabia told OPEC it pumped the least since early 2017.
🔸 Turkish lira (TRY) hit a new low after President Recep Tayyip Erdogan said he plans to take greater control of the economy after presidential elections next month.
🔸 EUR/USD formed a pin bar ahead of 1.20 – a bearish sign. Below the weekly pivot at 1.1911, the target is at 1.1850.
🔸 GBP/USD keeps struggling with 200-day MA at 1.3545 and stays in range between 1.36 and 1.3490.
Coming soon:
🔸 Euro Area’s flash GDP for Q2 is due at 12:00 MT time. German economic growth is already published: the figure disappointed – the country’s authorities are blaming trade wars for that.
🔸 The UK Prime Minister Theresa May meets with her Brexit cabinet to discuss plans for a post-withdrawal customs union.
🔸 US retail sales will be out at 15:30 MT time (mixed forecasts).
Have a great day and may the profit be with you!💚
🔸 Trade tensions are easing. US President Donald Trump pledged to help Chinese telecoms firm ZTE Corp, which had been penalized for violating US sanctions with Iran. China’s top economic official will arrive in Washington today for a 5-day trade discussion. However, according to the US ambassador to China, the countries are “still very far apart” on trade. The results of negotiations will be important for risk-sensitive currencies like the AUD: in case of success, it they will rise, in case of failure they will fall.
🔸 Oil remains supported. Saudi Arabia told OPEC it pumped the least since early 2017.
🔸 Turkish lira (TRY) hit a new low after President Recep Tayyip Erdogan said he plans to take greater control of the economy after presidential elections next month.
🔸 EUR/USD formed a pin bar ahead of 1.20 – a bearish sign. Below the weekly pivot at 1.1911, the target is at 1.1850.
🔸 GBP/USD keeps struggling with 200-day MA at 1.3545 and stays in range between 1.36 and 1.3490.
Coming soon:
🔸 Euro Area’s flash GDP for Q2 is due at 12:00 MT time. German economic growth is already published: the figure disappointed – the country’s authorities are blaming trade wars for that.
🔸 The UK Prime Minister Theresa May meets with her Brexit cabinet to discuss plans for a post-withdrawal customs union.
🔸 US retail sales will be out at 15:30 MT time (mixed forecasts).
Have a great day and may the profit be with you!💚