Focus On FOMC And ECB Meeting Minutes This Week
The Eurozone Consumer Price index rose 1.7% in April from the same month a year earlier, the bloc’s statistics agency Eurostat said on last Friday. Month-on-month, eurozone prices increased by 0.7 percent, as markets had expected, from 1.0 percent in March.
In the upcoming week, the Federal Reserve will release the minutes from its policy meeting on Wednesday. At their last meeting, the Federal Reserve left interest rates unchanged. The Fed indicated that no immediate need to cut interest rates. Also, the US central bank continued to highlight the strength in the labor market.
Besides the FOMC Meeting Notes, this week's calendar also features U.S. data on Core Durable Goods Orders, Existing Home Sales, New Home Sales as well as Manufacturing and Service PMI
In the Eurozone, the minutes of the European Central Bank (ECB) meeting due Thursday is expected to provide investors with an insight into the European central bank’s thinking on monetary policy.
The European Central Bank left interest rates on hold in their last meeting as policymakers continue to evaluate whether its most recent stimulus is enough to offset downward pressure on growth.
The EURUSD pair found sellers from the daily resistance level of 1.1219 last week. In the event that the downward movement continues, the daily support level can be found at 1.1103. On the other hand, if the price goes beyond 1.1219, we will follow 1.1285 as a key resistance level.
Support: 1.1103 - 1.0980 - 1.0837
Resistance: 1.1219 - 1.1285 - 1.1355
The Pound remains under pressure versus the US Dollar with the uncertainty surrounding Brexit. In the UK, cross-party talks between the government and the Labour party have collapsed.
However, as long as the GBPUSD price stays below 1.2723 on a four hourly basis, the downward movement may pause and we will see 1.2807 as the key resistance level. On the other hand, if the price drops below 1.2723, we will follow the next support level at 1.2668.
Support: 1.2723 - 1.2668 - 1.2606
Resistance: 1.2807 - 1.2871 - 1.2931
The USDJPY pair closed last week above the 109.57 major support level. As long as the pair stays above 109.57 on a daily basis, we will see the key resistance levels at 110.35 and 111.18. On the other hand, if the pair breaks down below 109.57, the next support level can be found at 108.85.
Support: 109.57 - 108.95 - 108.49
Resistance: 110.35 - 111.18 - 111.85
Gold Price dropped significantly last week as the US-China trade tensions continue to hold its grip on markets. As long as the yellow metal price stays below 1278, on a four hourly basis, the downward movement may continue and we will see 1266 as a support level. On the other hand, if the price goes beyond 1278, the next resistance level will be seen in 1291.
Support: 1266 - 1256 - 1249
Resistance: 1278 - 1291 - 1305
19 May 19 (Sun)
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