Top Forex Brokers-Forex Weekly news and analysis For August 5 – 11, 2024
| Weekly Wrap-Up US ISM Services PMI increased to 51.4 in July 2024, up from 48.8, exceeding expectations. RBA kept its cash rate at 4.35% in August, unchanged for the sixth consecutive meeting. Canada’s Ivey PMI fell to 57.6 in July 2024, down from 62.5 and below forecasts of 60. China’s annual inflation rate rose to 0.5% in July 2024, surpassing expectations of 0.3%. – Canada’s unemployment rate remained steady at 6.4% in July 2024, matching the January 2022-high. |
| This Week’s Highlights This week’s key economic releases are scheduled as follows: NZ Reserve Bank of New Zealand Official Cash Rate (Wednesday) UK Consumer Price Index (Wednesday) US Consumer Price Index (Wednesday) US Retail Sales (Thursday) UK Retail Sales (Friday) |
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| Pair of the Week XAU/USD |
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| This week, expect high volatility in GOLD pair due to the inflation data from the US. Resistance: $2,449.79; $2,477.97 Support: $2,409.43; $2,378.97 |
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| GBP/USD |
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| This week, expect high volatility in the GBP/USD pair due to inflation data and retail sales data in the UK. Resistance: 1.2802; 1.2885 Support: 1.2682; 1.2611 |
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