Market Weekly Outlook Jul 08 2019

Last week recap: The U.S dollar boosted on positive U.S Nonfarm Payrolls (Jun) last Friday. The indicator jumped 224K, from 72K a month earlier, passing a forecast of 160K. The Unemployment Rate (Jun) was negative a bit by rising to 3.7%, from 3.6% in the preceding month. This development supported the U.S dollar against all major currencies. The EURUSD declined to 1.1207 levels, from 1.1270 levels. GBPUSD came under heavy pressure. The pair dipped to 1.2480 levels, from 1.2560 levels. USDJPY jumped to 108.62 levels, from 108.05 levels. AUDUSD was unable to clear the critical daily chart resistance 0.7030. Therefore; It declined to 0.6955 levels. Finally: USDCAD retreated to daily chart resistance around 1.3150, then pulled back to close lower by the end of the week at 1.3075 levels.

In the week ahead: The global financial market will shift its focus to Fed Chair Powell Testifies as well as FOMC Meeting Minutes next Wednesday. ECB and BoC will also be in focus.

Let’s take a quick look at the most important events that are likely to affect the market:

Tuesday, July 08 

Fed Chair Powell Speaks at 12:30 GMT

Wednesday, July 09 

U.K Gross Domestic Product (GDP) at 08:30 GMT

U.K Manufacturing Production (MoM) (May) at 08:30 GMT

Fed Chair Powell Testifies at 14:00 GMT

BoC Interest Rate Decision at 14:00 GMT

FOMC Meeting Minutes at 18:00 GMT

Thursday, July 10

ECB Publishes Account of Monetary Policy Meeting at 11:30 GMT

U.S Consumer Price Inflation at 12:30 GMT

Fed Chair Powell Testifies at 14:00 GMT

Friday, July 11

U.S Producer Price Index (PPI) at 12:30 GMT

Fed Monetary Policy Report at 15:00 GMT

You can follow events in real-time from here:

Live Economic Calendar

Conclusion: The U.S dollar is bullish. The currency most likely will continue moving upward against all major currencies…