Weekly Market Outlook: This week, key economic indicators and central bank decisions will impact financial markets.
Investors will focus on data from China, the U.S., primary commodities, and movements in Primary currency pairs.
This article outlines the significant events and trends to watch.
Content
Economic Calendar
Monday, July 22
CNY: PBoC Prime Lending Rate
Tuesday, July 23, 2024
USD: Existing Home Sales (June)
Wednesday, July 24
USD: Manufacturing PMI (July)
CAD: BoC Interest Rate Decision
USD: Services PMI (July)
Thursday, July 25
USD: GDP (Quarterly) (Q2)
Friday, July 26
USD: Core PCE Price Index (Yearly) (June)
Gold
Gold dropped about 0.5% last week after initially rising 3%.
The markets are awaiting the PMI data and GDP figures.
Technically, gold reached support levels of 2393-2387 and is expected to rise again to 2433.
WTI Crude Oil
Due to selling pressure and liquidity shortages, WTI crude oil futures fell to around $78 per barrel.
If it holds above the critical support level of $78.25, it could rise to the resistance level of $80.50.
Breaking this resistance could lead to $87.65.
Conversely, if it breaks below the key support, it could continue falling to retest the $72.50 support level.
US Dow Jones Index
The Dow Jones Index rose about 3.00% last week before falling to close at a 0.5% gain.
The markets are awaiting PMI data and GDP figures.
Technically, the index is near the support levels of 39900-40100 and is expected to rise again to 40800.
GBPUSD
The GBP fell to 1.29 against the USD, facing intense selling pressure from the 1.3044 resistance level.
Continued selling pressure suggests a potential test of the 1.2780 support level,
with a break below pushing it to 1.2615. Holding above 1.2900 could lead to a rise to 1.3044 and then 1.3150.
EURUSD
The pair fell last week after starting strong.
The markets are awaiting PMI data and US GDP figures.
Technically, it broke the support levels of 1.0895 and the upward trend line, with further declines expected to 1.0850.
USDJPY
The USD stabilized around 157 against the JPY but was still under pressure from the 162.00 resistance level.
It broke essential support levels that turned into resistance.
It will likely climb again if it rises above the 158.75 resistance level.
Failing to surpass the resistance could lead to a decline to the 154.60 support level,
and breaking below could push it to the vital support of 152.00.
Weekly Market Outlook