The key economic events scheduled for this week: As we approach a pivotal week in the financial markets,
key economic events across major economies are set to shape trading strategies and market sentiments.
Content
Economic Events
Monday, April 22,
CNY PBoC Prime Lending Rate
Tuesday, April 23
USD Manufacturing PMI (April)
USD Services PMI (April)
Wednesday, April 24
USD US Crude Oil Inventory
Thursday, April 25
USD Gross Domestic Product (Quarterly) (Q1)
USD Unemployment Claims
Friday, April 26
JPY Bank of Japan Interest Rate Decision
USD Core Personal Consumption Expenditures Price Index (Yearly) (March)
Gold
Gold prices rose about 1.5% during last week’s trading after opening with an upward price gap
and amid ongoing geopolitical tensions between Israel and Iran and the military responses between the two,
leading to a continued rise in gold regardless of the rise in the dollar index.
Gold is trading above the support levels at 2358 and above an upward trend line,
making it expected to continue its ascent to reach levels of 2430.
Oil
West Texas Intermediate crude oil prices stabilized around $82 per barrel near the daily demand area,
having experienced a downturn after an increase in US inventories last week.
If the support at $80.30, coinciding with the demand area, is not broken,
it will likely rise again to $87.60 and then to resistance at $90.
However, if it breaks downward with a full-day candle close below, a retest of the $76 – $75 levels is expected.
Dow Jones Index
The Dow Jones Index fell about 1.95% during last week’s trading before rebounding
and nearly recovering all its losses by the end of Friday’s trading.
This week, markets await the manufacturing and services PMI data on Tuesday and GDP data on Thursday.
The index now trades above the support levels of 37765-37880.
If it breaks the downward trend line upward, we can expect the price to reach 38470-38600.
GBPUSD
The pair exited the sideways range on the daily frame after breaking the 1.2500 support
with increasing bearish momentum and forming a lower high.
If the pair closes below the 1.2375 level and forms a lower high than before,
it is likely to fall to 1.2187.
However, if it rises again above the 1.2500 support and confirms by breaking the pivot point at 1.2580,
it is expected to rise to 1.2895.
EURUSD
The Euro against the US dollar closed last week’s trade up about 0.2% after a substantial rise of 0.6%.
Markets are awaiting German manufacturing and services PMI data
next Tuesday and the exact data for the US side.
On Thursday, US GDP data will be released.
The pair has risen from 1.0600 and is expected to continue this ascent to 1.0700-1.0725.
USDJPY
The pair rose during last week’s trading, stabilizing above the resistance,
which turned into support at 151.95 with declining momentum.
Stability above the 154 level will catalyze the upward trend targeting Fibonacci extension levels 156 and 158.
However, if the support breaks and a full-day candle closes below it,
we can expect a retest of the support area around the 146 levels.
The key economic events scheduled for this week