The main economic news and events for this week

The main economic news and events for this week include the rise of the euro against the US dollar,
important data starting from the European Central Bank on Thursday with interest rate decisions,
and the US Consumer Price Index and Producer Price Index on Wednesday and Thursday, respectively,
among other events and news presented in this report.

 

Content
Economic Calendar

Gold

Oil 

Dow Jones

GBPUSD

EURUSD

USDJPY

 

 

 

Economic Calendar

Wednesday, April 10

USD Core Consumer Price Index (excluding food and energy) (monthly) for March

USD Consumer Price Index

CAD Interest Rate Decision from the Bank of Canada

USD Minutes of the Federal Open Market Committee Meeting

Thursday, April 11

EUR Interest Rate Decision from the European Central Bank
USD Producer Price Index
EUR European Central Bank Press Conference

Friday, April 12, 2024

GBP Gross Domestic Product

 

Gold

Gold prices surged by over 4.00% last week, registering new historical peaks despite positive US unemployment data.
The Gold awaits several important US data releases, including the Consumer and Producer Price Indexes.
With prices stabilizing above $2300, gold’s next target is expected to be around $2350.

 

Oil

West Texas Intermediate crude prices stabilized around $86 per barrel,
retreating after nearing $88. With prices above critical levels on the daily chart,
an upward trend is expected to continue if prices hold above these levels.
A confirmed break below could lead to a retest of the support levels between $83 and $80,
aligned with the uptrend line since the start of the year.

 

Dow Jones Industrial Average

The Dow Jones Industrial Average fell more than 3% last week before closing with a 2.50% decline.
The markets await several important US data releases this week,
including the Consumer Price Index on Wednesday and the Producer Price Index on Thursday.
With the index rising from the support level of 38600 and the presence of a harmonic pattern,
a continued rise to levels 39225-39295 is expected.

 

 

GBPUSD

The pound stabilized around 1.26 USD after forming a base near the 1.2500 support level.
On the daily chart, it remains in a sideways range,
with a potential return to an uptrend to levels 1.2710 and 1.2895 if a higher base forms.
A break below support could likely lead to a continued decline to support levels at 1.2280 and 1.2035.

 

EURUSD

The euro rose against the US dollar by about 0.5% last week.
The markets await important data starting from the European Central Bank on Thursday with interest rate decisions
and the US Consumer Price Index and Producer Price Index on Wednesday and Thursday, respectively.
With the price stabilizing above the support levels of 1.0795-1.0805, the pair is expected to continue rising to 1.0885-1.0900.

 

USDJPY

The USDJPY pair hovers around the 152 resistance level and above the 200-day moving average,
in a rectangular continuation pattern on a 4-hour timeframe.
A break above the resistance and holding above it is expected to lead to a continued rise,
targeting levels 153.50 and then 155.00. However, if it declines and breaks below the pivotal level of 148.90, a retest of level 146 is likely.

The main economic news and events for this week