This weekly data preview focuses on USOIL and XAUUSD, with upcoming economic data expected to be the main market drivers in the near short-term outlook.
Key Events this Week: British Inflation Rate, Fed Interest Rate Decision, BoE Interest Rate, Japanese Inflation, BoJ Interest Rate
Wednesday:
- UK Inflation Rate: The consensus forecast is for a 2.2% rate, any deviation could impact the pound’s performance against other currencies.
- Fed Interest Rate Decision: Expected to be the first rate cut, with varying probabilities for the extent of the cut. Market participants await cues from the press conference for future policy direction.
Thursday:
- Bank of England Interest Rate Decision: Expected to maintain the rate at 0.5%, any unexpected changes could affect the pound’s value.
- Japanese Inflation Rate: Forecasted to increase to 3%, potentially impacting yen trading.
Friday:
- Bank of Japan Interest Rate Decision: Expected to remain at 0.25%, any divergence could create volatility in yen pairs.
US OIL Daily
Oil prices have seen a slight rise, trading around $68 amid various factors affecting demand and supply. Market focus is on the Fed’s interest rate decision and its potential impact on oil demand.
From a technical perspective, the price is testing support levels and indicators suggest a potential correction in the market with resistance around the $72 price area.
Gold-Dollar Daily
Gold prices are at a new peak due to rate-cut hopes and geopolitical uncertainties. Key events this week, including FOMC meeting, BoE, and BoJ policy decisions, will offer insights into future gold price movements.
Technically, gold shows signs of potential correction, but the overall trend remains bullish without strong indications of a reversal.
