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30th July 2018
Big week this week on the news front with central banks and economic data before traders in the northern hemisphere pack up for the August summer vacation. Central bankers in the U.S., Japan, the U.K., Brazil and India all meet to set their respective monetary policies. On Tuesday, despite speculation it could soon flesh out its plan for eventually adjusting stimulus, the Bank of Japan will likely maintain the current setting on interest rates. In China, a purchasing manager index is expected to show manufacturing expanded at a slower pace again July.
There is also a wave of statistics in the euro area. In the U.S., it’s the end of the review period for potential tariffs on $16 billion of Chinese goods. On Wednesday, U.S. Federal Reserve Chairman Jerome Powell and colleagues meet with all but one analyst predicting no change in rates. By contrast, onlookers are bracing for the Reserve Bank of India to raise its benchmark as emerging market currencies get buffeted. The U.S. Treasury Department delivers details of its bond selling with Wall Street analysts readying for an increase in supply. The Bank of England is expected to raise its key rate to 0.75 percent, the highest since 2009. The first Friday of the month means the U.S. publishes its nonfarm payrolls data. Estimates are 193,000 in July and unemployment dipping to 3.9 percent.
The U.S. economy accelerated in the second quarter to the fastest pace since 2014, the government reported on Friday. The second-quarter surge shows the U.S. economy is “well on the path” for four or five years of sustained annual growth of 3 percent. Can it continue?!
Asian equity markets began the week lacklustre after the tech-led declines last Friday on Wall Street and ahead of this week’s slew of risk events. The UK government has reportedly agreed to give ECJ final say in arbitration regarding Brexit, the divorce bill and the potential Irish backstop in an effort to break the negotiation stalemate.
FTSE 100 Trading Signals, Forecast and Prediction
Few interesting supports being shown for the FTSE 100 for the week ahead, with major support at 7600 still, major resistance at 7740 again, and lower support at 7550. Its possible that we range during August as it’s holiday period, between 7550 and 7750. August is usually a pretty strange one as its low volume, politicians are on summer break, and so on.
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