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HomeRight Arrow Market AnalysisRight Arrow Weekly AnalysisRight Arrow Weekly Outlook | Strong Dollar, equities weaker, markets tense

Weekly Outlook | Strong Dollar, equities weaker, markets tense

Vantage Updated Updated Tue, 2024 July 30 02:36
Weekly Outlook | Strong Dollar, equities weaker, markets tense

Important events this week:

This trading week is offering a lot of important data. In particular, last week’s rise in volatility could now lead to further movements. In addition to the interest rate decisions, the labor data from the US in particular could move markets. Overall, financial markets are showing a slightly nervous mood. Equities have retreated and the Dollar has strengthened. With the possible nomination of Kamala Harris in the US as opponent to Donald Trump, the situation also remains tense.

– JP interest rate decision – The Japanese Yen continued to strengthen last week. Further pressure in all JPY currency pairs clearly negated the weak trend.

A look at the USDJPY chart shows that the upward trend has been broken. This could now unleash further downside potential. On the other hand, the daily chart shows some support around the 153.00 area. Should the central bank raise rates slightly, this could strengthen the JPY further. The interest rate decision will take place on Wednesday at an unspecified time.

– US ADP Employment Change – The US labor market data could again support the Dollar’s positive trend. The EURUSD was unable to move higher last week and instead failed again at the 1.0900 resistance area.


As can be seen from the weekly chart, there could now be downside potential. Better-than-expected data could help the Dollar. Overall, the focus is now shifting back to economic data as inflation data continues to weaken. The figure will be published on Wednesday, 31 July at 14:15 CET.

– US interest rate decision – the interest rate decision in the US could cause a positive trend for the USD. The chart above shows the possible influence here. However, there could be stronger dovish statements from Jerome Powell, so that the Greenback will trade weaker.

The resistance area could then be broken and the market could trend upwards. The interest rate decision will take place on Wednesday, 31 July at 20:00 CET.

– UK interest rate decision – The rate decision in the UK is likely to show a reduction in the interest rate to 5.0%. This outcome is currently priced into the markets, so further pressure on the GBP could be limited. On the other hand, the strength of the USD could continue, causing the Pound to weaken further.

The GBPUSD currency pair is currently trading at the important 50- moving average. There could be potential in both directions. The interest rate decision will take place on Thursday, 01 August at 13:00 CET.

– US Nonfarm Payrolls – This week will be rounded off by the NFP data. With 177,000 new jobs created, this figure is expected to be rather weak. A look at the USDCAD currency pair shows a clear trend in favor of the USD.

According to the daily chart above, there could also be a downward setback at the current price range. The market has already risen sharply. The zone around the 1.3850 area should therefore be monitored closely. The figure will be published on 02 August at 14:30 CET.

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