It is all about US inflation numbers, UK pay data and, of course, the European Central Bank (ECB) rate decision this week. A week before the Fed’s rat
The Reserve Bank of Australia kept the Official Cash Rate unchanged for a third consecutive meeting at 4.1% as global central banks near their terminal rates. Aussie growth data also increased by 0.4% in Q2, a pace matching the previous quarter and largely aligning with economists’ estimates.
Friday welcomed the latest jobs data out of Canada, which comfortably surpassed expectations, adding 39,900 new jobs to the economy in the month of August , with the unemployment rate remaining steady at 5.5%, which followed three months of consecutive increases from 5.0%. The release weighed on the USD/CAD currency pair, shedding -0.3% to clock a session low of CAD1.3608.It is all about US inflation numbers, UK pay data and, of course, the European Central Bank rate decision this week.
Finally, the ECB rate decision is due on Thursday at 12:15 pm GMT. Markets are pricing about a 60% chance that the central bank will leave all three key benchmark rates unchanged. Needless to say, it is a close call whether they hike or not, but should they indeed go forward with a hike, this, according to many desks, may be the last hike in this cycle; a pause, however, would snap nine consecutive rate hikes.
Breaching $1.0689 this week, as the monthly timeframe suggests, unfastens the gate for a run to the monthly support level highlighted above at $1.0516 and would, therefore, potentially prompt a bearish play over the coming weeks.The sell-off in AAPL shares was well-documented last week. So, it would be remiss not to touch on AAPL this week and where the market is regarding chart structure.
The weekly and daily timeframes are now exhibiting downtrends, according to price structure. With the 50-day simple moving average at $1,932 nearing the 200-day simple moving average at $1,918, we might also eventually observe what’s referred to as a Death Cross , signalling that a longer-term bearish trend may be in the pipeline.
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