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The US CPI rates for June are set to be released during today’s American trading session. In terms of expectations by economists, the headline and core level on a year-on-year basis are expected to accelerate from 2.4% to 2.7% and from 2.8% to 3.0% respectively. Therefore, such a scenario would imply an acceleration of inflationary pressures in the US economy and with the CPI rates moving away from the bank’s 2% inflation target, we would not be surprised to see a slightly more restrictive stance from Fed policymakers in their potential comments. In turn, such a scenario could potentially provide support for the greenback. On the other hand, should the aforementioned financial releases fail to confirm the expected acceleration of inflationary pressures, it may have the opposite effect and could thus weigh on the dollar. Over in Canada the nation’s CPI rates for June are also set to be released later on today where, similar to the US the headline and core CPI rates on a year-on-year basis are expected to showcase an acceleration of inflationary pressures. In turn, should the CPI rates come in as expected or higher it may provide support for the Loonie. On the other hand, a lower-than-expected inflation print could exert downwards pressures on the CAD. According to a report by Bloomberg, Nvidia (#NVIDIA) is planning on resuming it sales of its H20 AI Chip to China after securing approval from Washington that such shipments would be approved. In turn this may aid Nvidia’s stock price.In terms of earnings, we would like to note WellsFargo (#WFC) and JPMorgan (#JPM) which are set to release them today.
XAU/USD appears to be moving in a predominantly sideways fashion. We opt for a sideways bias for the commodity’s price and supporting our case is the RSI indicator below our chart which currently registers a figure near 50, implying a neutral market sentiment. For our sideways bias to be maintained, we would require gold’s price to remain confined between the 3240 (S1) support level and our 3385 (R1) resistance line. On the other hand, for a bullish outlook we would require a clear break above the 3385 (R1) resistance line with the next possible target for the bulls being the 3500 (R2) resistance level. Lastly, for a bearish outlook we would require a clear break below the 3240 (S1) support line, with the next possible target for the bears being the 3115 (S2) support level.
USD/CAD appears to be moving in a sideways fashion after breaking above our downwards moving trendline which was incepted on the 13th of May. We opt for a sideways bias for the pair and supporting our case is the RSI indicator below our chart which currently registers a figure near 50, implying a neutral market sentiment. For our sideways bias to be maintained, we would require the pair to remain confined between our 1.3545 (S1) support level and our 1.3855 (R1) resistance line. On the other hand for a bullish outlook, we would require a clear break above the 1.3855 (R1) resistance line with the next possible target for the bulls being the 1.4085 (R2) resistance level. Lastly, for a bearish outlook we would require a clear break below our 1.3545 (S1) support level with the next possible target for the bears being the 1.3325 (S2) support line.
Other highlights for the day:
Today we get Euro Zone’s industrial output for May and ZEW indicators for July, Germany’s July ZEW indicators and in the American session, besides June’s US CPI rates, we also get Canada’s inflation metrics for the same month as well as Canada’s manufacturing sales for May. As for speakers, we note that Fed Vice Chair Bowman, Fed Board Governor Barr, Richmond Fed President Barkin and Boston Fed President Collins are scheduled to speak, while oil traders may be more interested in the release of the API US weekly crude oil inventories figure. In tomorrow’s Asian session, we get Japan’s Chain store sales for June, while Dallas Fed President Logan speaks.
XAU/USD Daily Chart
- Support: 3240 (S1), 3115 (S2), 2980 (S3)
- Resistance: 3385 (R1), 3500 (R2), 3645 (R3)
USD/CAD Daily Chart
- Support: 1.3545 (S1), 1.3325 (S2), 1.3115 (S3)
- Resistance: 1.3855 (R1), 1.4085 (R2), 1.4300 (R3)
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