Mario Draghi , the master of the dark art of central bank communiqué
After last week’s dramatic price action dubbed “the biggest week of the year” we have another potpourri of events to side-track from the World Cup games this week. There’s more than enough risk events to keep things exciting with a plethora of central bank decisions and speakers, critical economic indicators, the quad central bank governor panel for EUR, USD, JPY and AUD take the stage at the ECB’s Sintra forum. And of course, all eyes will be on the first OPEC summit since the US pulled out of the Iran deal which is likely to end the week on a production high. Read More @ https://www.marketpulse.com/20180617/mario-draghi-master-dark-art-central-bank-communique/
UK economy faces weakest growth since 2009, employers warn
The British Chambers of Commerce has cut its UK growth forecast for 2018, warning the economy faces its weakest year since the financial crisis. The employers’ group forecast 2018 GDP growth of 1.3%, down from a previous forecast of 1.4%, and cut its forecast for 2019 from 1.5% to 1.4%. The BCC said there was a “lacklustre outlook” for consumer spending, business investment and trade. It said the next few years will “be a testing time for business in the UK”. Uncertainties around Brexit, interest rate rises, threats of trade wars and rising oil prices were all hurting sentiment, the BCC said. If the forecast for this year is realised it “will be the weakest calendar year growth since 2009, when the economy was in the throes of the global financial crisis”, the BCC said. Read More @ https://www.bbc.com/news/business-44502979
WHAT IS THE USD INDEX SAYING?
Nothing has changed for the USD; the CUP & HANDLE is intact and waiting for fresh news; President Donald is not going to accept failure for the country and he is going to do all that he can to ensure that the country is back “make America Great again” Goldman Sach – GDP forecast is 4% and things are looking pretty good for the USD. Now is all about wait and see if the double Top Breaks.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 9.30am – RBA monetary policies – this time either the AUD breaks or recovers from its nasty fall last week.
- 4.00pm – ECB Mario Draghi Speaks – be ready for next move of the EURO – we believe is going to go back to the north.
- 4.00pm – EURO will release their current account – expected to be good.
- 8.30pm – US will release their Building permits and housing – which is the leading economic indicator.
The market will continue to consolidate as the focus now is on the world cup 2018 Russia Soccer. Volume of trading is also affected as Soccer overtakes FX trades. Good time to trade for range and swings.
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