WEEKLY SNAPSHOT
GDP (YoY) (Q2), U.K.
WHEN: WHAT IT HAD INFLUENCED:
12th AUGUST 2022 GBP and its subsequent pairs
WHAT HAPPENED: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
GBPJPY is currently in the downward channel. Further downside can be seen in the coming week.
CPI (YoY) (Jul), U.S.
WHEN: WHAT IT HAD INFLUENCED:
10th AUGUST 2022 USD and its subsequent pairs
WHAT HAPPENED: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
USDCAD is currently in the downward channel. Further downside can be seen in the coming week.
Current Account n.s.a. (Jun), JAPAN
WHEN: WHAT IT HAD INFLUENCED:
07th AUGUST 2022 JPY and its subsequent pairs
WHAT HAPPENED: The Current Account index measures the difference in value between exported and imported goods, services and interest payments during the reported month. The goods portion is the same as the monthly Trade Balance figure.
EURJPY is currently in the downward channel. Further downside can be seen in the coming week.
Gold up 4th Week in Row, Triumphing Over Inflation Data
WHAT IT HAD INFLUENCED:
GOLD
WHAT HAPPENED:
Gold’s naysayers have done all they can to pooh-pooh the yellow metal’s return to $1,800.
But the negative talk hasn’t been able to stick long enough to do the damage they intended, despite gold’s occasional bearish forays into $1,700 territory this week.
At Friday’s settlement, both futures of gold on New York’s Comex and the spot price of bullion were back in the $1,800 zone, finishing up for a fourth straight week.
Comex’s benchmark gold futures contract, December, settled at $1,815.50, up $8.30, or 0.5%, on the day. For the week, it rose almost 1.5%.
The spot price of bullion, more closely followed than futures by some traders, was at $1,800.75 by 14:50 ET (18:50 GMT), up $11.21, or 0.6%, on the day. For the week, it rose 1.5%.
Both Comex gold and the spot price have gained more than 5% over the past four weeks.
GOLD is trading in an upward channel. The further upside will be seen in the coming week.
Oil Down as Druzhba Line Reopens, Struggles at $90s Despite Weekly Gain
WHAT IT HAD INFLUENCED:
CRUDE OIL
WHAT HAPPENED:
It lasted long enough on the oil market radar to help get U.S. crude back to above $90 per barrel and Brent briefly to $100, even delivering a weekly gain for both.
But as far as fleeting factors go, the temporary disruption of Russian oil flows through the Druzhba pipeline could only do much.
West Texas Intermediate, the benchmark for U.S. crude, settled down $2.25, or 2.3%, at $92 per barrel, after a session peak at $94.81.
Brent, the London-traded global benchmark for crude, settled down $1.45, or 1.5%, at $98.15, after an intraday high at $100.08.
For the week, WTI was up 3.4%, offsetting some of last week’s 10% drop. Brent also gained 3.4% on the week, after last week’s 14% tumble.
The volatility in oil came after Ukraine’s Naftogaz’s JSC Ukrtransnafta, which controls distribution of the oil transiting the Druzhba pipeline, said earlier this week it had shut the passage for non-payment.
WTI CRUDE OIL is trading in the down channel. The further downside will be seen in the coming week.
Ethereum Classic (ETC) Gains 202% In the Month Ahead Of The Merge
WHAT IT HAD INFLUENCED:
ETHEREUM
WHAT HAPPENED:
Ethereum (ETH) blockchain officially launched in 2015, but after the infamous DAO project hack, the network had to be reset in 2016. As a result, the community split into two different tribes, one staying on the original blockchain, and the other moving to the relaunched version. Six years later, both ETC and ETH are on the top 20 crypto list by market capitalization. Ethereum Classic’s (ETC) market cap is fixed at $210.7M coins, while Ethereum (ETH) has no limit.
The Merge of Ethereum (ETH) is set to kick in on September 19th, but some crypto experts think the upgrade can be launched on the main net sooner, as all of the test nets already have live ETH 2.0. Most notably, Ethereum (ETH) Goerli test net finalized The Merge yesterday, adding extra fuel to the social media hype.
What this means is that many miners on the current Ethereum (ETH) blockchain will be looking for a new home after the Proof of Stake (PoS) method is live on the main net.
ETHEREUM is trading in the up channel; an upside will be seen in the coming days.
5 KEY EVENTS TO WATCH OUT
CPI (YoY) (Jul), U.K.
WHEN: WHAT IT INFLUENCES:
17th AUGUST 2022 GBP and its subsequent pairs
WHAT’S HAPPENING: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
A higher-than-expected reading ought to be taken as positive/bullish for the GBP, whereas a lower-than-expected reading should be taken as negative/bearish for the GBP.
Retail Sales (MoM) (Jul), U.S.
WHEN: WHAT IT INFLUENCES:
17th AUGUST 2022 USD and its subsequent pairs
WHAT’S HAPPENING: Retail Sales measure the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
A higher-than-expected reading ought to be taken as positive/bullish for the USD, whereas a lower-than-expected reading should be taken as negative/bearish for the USD.
CPI (YoY) (Jul), EURO ZONE
WHEN: WHAT IT INFLUENCES:
18th AUGUST 2022 EUR and its subsequent pairs
WHAT’S HAPPENING: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
A higher-than-expected reading ought to be taken as positive/bullish for the EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.
Core Retail Sales (MoM) (Jun), CANADA
WHEN: WHAT IT INFLUENCES:
19th AUGUST 2022 CAD and its subsequent pairs
WHAT’S HAPPENING: Gross Domestic Product (GDP) measures the change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
A higher-than-expected reading ought to be taken as positive/bullish for the CAD, whereas a lower-than-expected reading should be taken as negative/bearish for the CAD.
GDP (QoQ) (Q2), JAPAN
WHEN: WHAT IT INFLUENCES:
14th AUGUST 2022 JPY and its subsequent pairs
WHAT’S HAPPENING: Gross Domestic Product (GDP) measures the change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
A higher-than-expected reading ought to be taken as positive/bullish for the JPY, whereas a lower-than-expected reading should be taken as negative/bearish for the JPY.
EQUITIES IN THE COMING WEEK
- Fabrinet (FN) to announce its Quarterly Results on 15th AUGUST 2022, EPS estimated to 1.54 per share while revenue estimated 581.48M.
- Weber (WEBR) to announce its Quarterly Results on 15th AUGUST 2022, EPS estimated to -0.0713 per share while revenue estimated 526.17M.
- Walmart (WMT) to announce its Quarterly Results on 16th AUGUST 2022, EPS estimated to 1.63 per share while revenue estimated 150.81B.
- Home Depot (HD) to announce its Quarterly Results on 16th AUGUST 2022, EPS estimated to 4.95 per share while revenue estimated 43.38B.
- Cisco (CSCO) to announce its Quarterly Results on 17th AUGUST 2022, EPS estimated to 0.8163 per share while revenue estimated 12.73B.
TOP COMMODITIES IN THE COMING WEEK
GOLD
GOLD is trading in an upward channel. The further upside will be seen in the coming week.
SILVER
SILVER is trading in an upward channel. The further upside will be seen in the coming week.
WTI CRUDE OIL
WTI CRUDE OIL is trading in the down channel. The further downside will be seen in the coming week.
TOP CRYPTO IN THE COMING WEEK
BTCUSD
BTCUSD is trading in the up channel; an upside will be seen in the coming days.
ETHEREUM
ETHEREUM is trading in the up channel; an upside will be seen in the coming days.
TOP CURRENCY IN THE COMING WEEK
EURUSD
EURUSD is trading in an up channel. The further upside will be seen in the coming week.
GBPUSD
GBPUSD was trading in the up channel. There will be a downside in the coming week after the breakout downside.
CHFJPY
CHFJPY is trading in an up channel. The further upside will be seen in the coming week.
TOP INDEX IN THE COMING WEEK
DAX 40
DAX 40 is trading in an up channel. The further upside will be seen in the coming week.
CAC 40
CAC 40 is trading in the up channel; further upside will be seen in the coming days.
DATA WATCH
