The Market Is Consolidating. We Expect Reports from the UK, USA, and Canada

Today, the news background is calm. At the moment, the majors are in the process of consolidation. Investors expect a number of important macroeconomic data to be published on Wednesday, July 12. There are 3 key events:

  • – Report on the labor market in the UK. Most experts expect the main indicators to deteriorate.
  • – The Fed's Chairman Yellen's speech before the US Congress. It should be recalled that last week the Bureau of Labor Statistics released a fairly optimistic report on the labor market. Yellen's comments may strengthen expectations regarding another increase in the interest rate this year.
  • – Meeting of the Bank of Canada. At the moment, most experts believe that the regulator will raise the key interest rate by 25 basis points to 0.75%.

In the Asian trading session, the quotations of "black gold" showed a positive trend. At the moment, futures for WTI crude oil are being traded above $ 44.5 per barrel.

Market Indicators

Yesterday, the major US stock indices showed mixed results: #SPY (+0.11%), #DIA (-0.03%), #QQQ (+0.65%).

The 10-year US government bonds yield is close to monthly highs (2.38-2.39%).

The publication of important economic reports is not planned today

At the same time, we recommend you to pay attention to the following events:
  • – Speeches by representatives of the Bank of England Haldane and Broadbent – 12:00 (GMT+3:00) and 14:00 (GMT+3:00), respectively;
  • – The volume of new homes construction in Canada – 15:15 (GMT+3:00);
  • – The number of open jobs in the JOLTS labor market – 17:00 (GMT+3:00).

by JustForex, 2017.07.11

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.



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