Tips for you!
To help you to earn more with TIQL we’re sharing this free guide to the markets and dates to watch this week. Economic news and announcements may provide some opportunities to trade as they cause financial markets to move a lot.
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Global: Safe havens
Geopolitics has led to turbulence in the markets and investors are looking for places to keep their money safe. Gold jumped to a 9-month high last week proving its solid status as a safe haven. Since there it has remained fairly flat suggesting a correction may be coming. But further terrorist attacks across Europe and political instability in the US could hold that off.
Bitcoin traders have been hesitant and cash prices have dropped as much as $800 to around $4,000. However Goldman Sachs says a bull market could see BTC rise to as much as $4,800. If gold turns sluggish, Bitcoin could seem more rewarding.
Global: Jackson Hole
One of the key events in the global economic calendar is the yearly Jackson Hole Symposium. It runs this week from 24th to 26th August and speakers include Federal Chair Yellen (25th 5pm BST) and ECB President Draghi (25th 8pm BST). The ECB, Bank of England and Federal Bank in the US have all recently hinted at rolling back the quantitive easing that has powered the global economy since the crash a decade ago, so markets and analysts will be looking for cues on that front. Press releases could affect markets around the world, so be ready for a fun ride though many markets will be quiet in the run up as investors wait to hear what happens.
ECB: Draghi speeches
Draghi’s speech to the 6th Lindau Meeting on Economic Sciences on Wednesday 23rd at 8am BST should provide shed light on upcoming ECB interest rate decisions. Many will be looking for his view on QE (quantitive easing) as recent strength in the E.U. is making some traders uneasy about the prospect of inflation. It is likely there will be movement in related markets (EUR, Dax, GBP) around the time of this speech.
Draghi is also due to speak at the Jackson Hole Symposium on Friday 25th at 8pm BST. Markets may well continue to react as they open next Monday making a stock gap up or down more likely than average.
Here are the main news events to look out for this week:
Tuesday 22nd August
12:30:00 GMT CAD Core Retail Sales m/m
Wednesday 23rd August
07:00:00 GMT EUR ECB President Draghi Speaks
14:30:00 GMT USD Crude Oil Inventories
Thursday 24th August
08:30:00 GMT GBP Second Estimate GDP q/q
12:30:00 GMT USD Unemployment Claims
Friday 25th August
12:30:00 GMT USD Core Durable Goods Orders m/m
19:00:00 GMT EUR ECB President Draghi Speaks
Some Markets to Watch…
Weak flows as we go into the end of summer could lead to exaggerated moves across most markets, take care and practice good risk management.
AUDUSD: The bulls have managed to maintain price above the old resistance now turned support. For now, the bulls have this FX pair above 0.78. If the bears can push this below the support zone, there may be some potential support at the 0.77 where we have previous demand.
GBPUSD: Cable closed the week just on the support line we have been watching at 1.2950. For now, the bulls will be eyeing the 1.2780 for any signs of demand. Below this, the bears have the ball to 1.26.
Gold: Gold has retested the yearly highs for a third time and ran the stops to as high as almost 1300. Where to now with gold? Gold could still be on a journey to retest the highs made in October when Trump won the US election. We might see some corrective price action and a retest of some recent support lines. Which ever way Gold goes, all eyes are on last week’s high at 1300.
Bitcoin: This crypo-currency continues to grind higher. We made new ground over the weekend last week and the $4000 marks have held for now. The chart below shows some support and resistance lines which may attract some interest as we go into month’s end.
Brent: Continues to rotate and we saw buyers came in at the edges of the congestion zone to buy this market last week. For now, we are watching the edges of the consolidation for indications as to what is next for this market.
S&P 500: We’ve seen a couple of days of heavy selling on this index over the last two weeks. This is all on summer flows though, but any breaks of support and we might see a retest of the 200 moving average on this market. If the bulls can hold 2400, then perhaps there will be some further rotation to the upside again.
Whichever way you think these markets are going to go, you can trade these and other markets from as little as 1 cent with TIQL.
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