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The Week Ahead 23rd July 2018

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Tuesday 24th July at 8am and 9am French, German, Eurozone flash PMIs for July will be released. Eurozone Services PMI is expected to show a weaker number at 53.7, previously published number was 55.2. Eurozone Manufacturing PMI is expected to show an increase to 55 from previously published 54.9. These figures could impact volatility in european equity indices and also in EUR currency crosses.

Tuesday 24th July at 2.45pm US Manufacturing and Services flash PMI readings for July, Manufacturing PMI is expected to rise to 55.5 from previously published 55.4. Services PMI is expected to fall to 56.3 from previously published 56.5. These figures could impact volatility in US equity indices and also USD currency crosses.

Wednesday 25th July at 3.30pm US Crude Oil Inventories for week ending  20th July are due for release. Storage inventories are forecasted to show a drawdown of -3.4 million barrels, from a build of 5.8 million barrels in inventories published last week. This data could impact volatility in WTI Crude Futures and also Brent Crude Futures.

Thursday 26th July at 12.45pm-1.30pm ECB Monetary policy statement and Press Conference are scheduled. No change in ECB rate policy is expected this time around, however market participants will be closely watching for any comments about potential changes in the future during the Press Conference at 1.30pm which follows the Interest rate decision. These events will impact volatility in Eurozone equity indices and EUR currency  crosses.

Friday 27th July at 1.30pm US GDP  is released by the US Bureau of Economic Analysis and it shows the monetary value of all the goods, services and structures produced within a country in a given period of time. Q2, preliminary number is expected to show  a growth to 2.3% QoQ from previously published 2.2%. This data could impact volatility in US equity indices and also USD currency crosses.

EURUSD consolidation continues

Current price action appears to be protracted sideways consolidation, capped by initial upside resistance at 1.1750. As long as 1.1750 resistance holds, bearish outlook is favoured pointing to the initial downside supports at 1.1645 followed by 1.1580 and 1.1530 levels. Alternatively a confirmed breakout above 1.1750 resistance and the Daily close higher would change the outlook targeting upside resistances at 1.1800 followed by 1.1850 -1.1870 levels.

WTI Crude awaits inventory data supported at $67.00

WTI Crude price action bounced back off the rising support trendline at 67.00 level. Bulls appear in control above targeting the initial upside resistance at 69.00-69.35 level followed by 70.70 and 71.80 levels. Alternatively, confirmed loss of 67.00 support level and a daily close below, would change the Bullish outlook targeting downside supports at 65.73 and 64.1.

USDJPY pullback indicative of USD weakness, Key level to watch at 111.00

Recent pullback in USDJPY price action could be supported at psychologically important 111.00 level. Confirmed bounce back at 111.00 would support bullish outlook targeting upside resistances at 112.00 followed by 112.36 and 113.00. Alternatively, confirmed loss of 111.00 support level and the Daily close below change the outlook to Bearish targeting downside supports at 110.35 followed by 109.90 and 109.60.

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