Threat aversion and hawkish Fed speeches have put the greenback again to bullish territory.
Will the dollar-buying result in an upside breakout for USD/CHF?
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out NZD/USD for some development continuation motion forward of New Zealand’s labor market information launch. You should definitely try if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final buying and selling periods:
Recent Market Headlines & Financial Information:
Canada’s manufacturing PMI slows from 55.7 to two-year low of 52.5 in July
U.S. JOLTS job openings fall from 9-month low of 10.7M in June
Fed’s Evans: 50bps hike in September ‘affordable,’ 75 bps hike additionally on the desk
Fed’s Daly: “Nowhere close to virtually executed” with fee hikes
Fed’s Bullard: charges must stay “larger for longer” if inflation doesn’t reply to fee hikes
OPEC+ JTC lowered 2022 surplus forecast by 200K barrels bpd to 800K bpd
Caixin: China July providers exercise expands (55.5) at quickest tempo in 15 months
Australia’s development sector contracts for second month (45.3) in July
New Zealand jobless fee unexpectedly rises from 3.2% document low to three.3% in Q2
New Zealand employment market tight as wage inflation hits 14-year excessive
Solana cyberattack: Greater than 8,000 ‘scorching wallets’ drained of SOL and USDC
UK’s Liz Truss has 34 level lead over Sunak – YouGov/Instances Ballot
German exports surge by 4.5% to document degree in June
Euro zone enterprise exercise contracted in July as clients stayed dwelling
UK providers companies sluggish once more, worth pressures ease barely – PMI
European shares slip on blended earnings, gloomy financial information
Greenback edges larger; boosted by hawkish Fed officers, Pelosi go to
OPEC conferences scheduled at this time
Eurozone’s retail gross sales at 9:00 am GMT
U.S. ISM providers PMI at 2:00 pm GMT
U.S. manufacturing facility orders at 2:00 pm GMT
U.S. EIA crude oil inventories at 2:30 pm GMT
AU commerce steadiness at 1:30 am GMT (Aug 4)
Use our new Foreign money Warmth Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️
What to Watch: USD/CHF
USD/CHF 1-hour Foreign exchange Chart
USD/CHF began the week by breaking above (and efficiently retesting) a development line resistance that had been supporting USD bears since mid-July.
USD/CHF bounced from the damaged development line and .9550 and is now testing the 1-hour chart’s 200 SMA for the second time in lower than per week.
Can USD bulls keep their momentum? Uncle Sam is printing a Companies PMI report later at this time, and markets suppose we might see barely decrease numbers much like what different main economies have confirmed.
A worse-than-expected studying would level to the providers trade being extra weak whereas Fed officers are nonetheless speaking fee hikes.
USD/CHF may dip again to (if not beneath) the damaged development line resistance within the subsequent buying and selling periods.
But when merchants concentrate on escalating tensions in Taiwan’s area, or if at this time’s headlines carry the markets’ focus again to international development issues, then USD may get a lift from danger aversion trades.
USD/CHF may commerce above the 200 SMA and head for earlier inflection factors like .9650 or .9735.
