Top Forex Brokers-Forex Weekly news and analysis For August 5 – 11, 2024
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| The Market’s Mood |
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| Weekly Wrap-Up Australia’s CPI rose by 3.8% in the year to June 2024, down from a six-month peak of 4% in May. In July 2024, the Bank of Japan raised its key short-term interest rate to about 0.25%, up from the previous range of 0 to 0.1% set in March. The Euro Area’s annual inflation rate unexpectedly increased to 2.6% in July 2024, up from 2.5% in June. The Federal Reserve held the federal funds rate steady at 5.25%-5.50% in July 2024, its eighth consecutive meeting at this 23-year high. The Bank of England cut its Bank Rate by 25 basis points to 5% in August, aligning with market expectations but remaining cautious about further rate adjustments. The US economy added 114,000 jobs in July 2024, well below the revised 179,000 in June and the forecast of 175,000, indicating a cooling labor market. The US unemployment rate rose to 4.3% in July 2024, up from 4.1% in June, the highest since October 2021. |
| This Week’s Highlights This week’s key economic releases are scheduled as follows: US ISM Services PMI (Monday) AU Cash Rate (Tuesday) AU Reserve Bank of Australia Monetary Policy Statement (Tuesday) AU Reserve Bank of Australia Rate Statement (Tuesday) NZ Employment Change q/q (Wednesday) NZ Unemployment Rate (Wednesday) NZ Inflation Expectations q/q (Thursday) US Unemployment Claims (Thursday) CA Employment Change (Friday) CA Unemployment Rate (Friday) |
| Pair of the Week AUD/USD |
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| This week, expect high volatility in the AUD/USD pair due to the Reserve Bank of Australia’s rate decision on Tuesday. Resistance: 0.6563; 0.6641 Support: 0.6465; 0.6389 |
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| USD/CAD |
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| This week, expect high volatility in the USD/CAD pair due to the employment data release in Canada on Friday. Resistance: 1.3900; 1.3973 Support: 1.3836; 1.3772 |
