The week ahead 15.07.2019
Nothing too exciting with regards to data releases this week. China published major data on Retail Sales and GDP grow on Monday, in line with economist expectations.
Several Federal Reserve officials are speaking, notably John Williams on Monday and Thursday, Charles Evans on Tuesday and Raphael Bostic on Tuesday and Thursday. Fed will also publish the latest edition of its Beige Book.
More information about economic activity will be released on Tuesday (Export and Import prices) and Thursday (Initial Claims and Philly Fed Index).
We expect EURUSD market remains in tight channel 1.12000 - 1.13000 with possible false breakouts. Trump wants weaker dollar and puts certain pressure on Feds. Market anticipating the 100% probability of rate cut at the next Federal Reserve meeting on the 31st of July.
Crude Oil made impressive gains for the week, US WTI closing at 60.39 due to precautionary measures against tropical storm Barry and tensions between Iran and the United Kingdom. Our expectations prices are overbought and tend to retreat from current levels.