Lots of top-tier reports on tap this week! Here are chart levels and potential catalysts that might affect the major dollar pairs. Check it!
1-Hour Charts of the Majors
Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA
1. FOMC statement – On Wednesday at 6:00 pm GMT Janet Yellen and her gang will publish their monetary policy decision for the month of July.
The Fed had just raised their rates last month and there’s no scheduled press conference this week, so practically no one is expecting changes from the central bank. That doesn’t mean that the event will be a non-mover, though. Watch out for signs that members are backing/deviating from their recent biases!
2. Jared Kushner’s testimony – Trump’s son-in-law is scheduled to give his testimony in closed-door Senate hearings this week as he addresses concerns regarding his meeting with Russian officials before the election.
Any major issues from the hearing could point to more trouble for the POTUS but more importantly, it could further delay the Trump administration’s fiscal reform schedule. Will Trump-related headlines weaken the dollar as much as it did last week?
3. Overall risk sentiment – Now that Draghi has shared his two cents on the ECB’s monetary policy direction, market players are moving their positions to adjust.
In this case, some high-yielding assets are taking hits on the possibility of less stimulus from major central bankers. In addition, market bees seem to buzzing about oil price movements again. Watch out for major news reports that might affect risk sentiment!
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