#GBP - Bullish Mode
Recap:
1️⃣ In June, retail sales surged by 13.9%, month-on-month, with core retail sales jumping by 13.5%.
2️⃣ Private sector activity also impressed. According to prelim figures, the all-important services PMI jumped from 47.1 to 56.6. With the Manufacturing PMI rising from 50.1 to 53.6, the composite increased from 47.7 to 57.1.
3️⃣ A combination of improved economic indicators and positive progress on trade talks delivered the upside.
Review:
1️⃣ It’s a particularly quiet week ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction. A lack of stats will leave the Pound firmly in the hand of Brexit and trade talks.
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#USD - Bearish Mode
Recap:
1️⃣ Tensions between the US and China, and the coronavirus developments in the world’s largest economy, were the main reason behind the greenback’s weakness.
Review:
1️⃣ The end of jobless benefits.
- Approximately 32 million Americans on unemployment benefits are currently receiving $600 per week in expanded jobless benefits, but this is due to expire on July 31st.
2️⃣ U.S. GDP
- Bureau of Economic Analysis' GDP figures will probably show the US economy shrank by an annualized 34% during the secord quarter, the fastest pace of contraction on record, as lockdown measures imposed from mid-March to contain the rapid spread of the pandemic hit activity and demand.
3️⃣ FOMC Meeting
- FED delivers its July monetary policy decision on Wednesday. While no rate cut is expected, the markets will want the assurance of more support and perhaps some adjustments to its asset purchasing program. The press conference will garner plenty of attention.
Recap:
1️⃣ In June, retail sales surged by 13.9%, month-on-month, with core retail sales jumping by 13.5%.
2️⃣ Private sector activity also impressed. According to prelim figures, the all-important services PMI jumped from 47.1 to 56.6. With the Manufacturing PMI rising from 50.1 to 53.6, the composite increased from 47.7 to 57.1.
3️⃣ A combination of improved economic indicators and positive progress on trade talks delivered the upside.
Review:
1️⃣ It’s a particularly quiet week ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction. A lack of stats will leave the Pound firmly in the hand of Brexit and trade talks.
=====
#USD - Bearish Mode
Recap:
1️⃣ Tensions between the US and China, and the coronavirus developments in the world’s largest economy, were the main reason behind the greenback’s weakness.
Review:
1️⃣ The end of jobless benefits.
- Approximately 32 million Americans on unemployment benefits are currently receiving $600 per week in expanded jobless benefits, but this is due to expire on July 31st.
2️⃣ U.S. GDP
- Bureau of Economic Analysis' GDP figures will probably show the US economy shrank by an annualized 34% during the secord quarter, the fastest pace of contraction on record, as lockdown measures imposed from mid-March to contain the rapid spread of the pandemic hit activity and demand.
3️⃣ FOMC Meeting
- FED delivers its July monetary policy decision on Wednesday. While no rate cut is expected, the markets will want the assurance of more support and perhaps some adjustments to its asset purchasing program. The press conference will garner plenty of attention.
Trade closed: target reached