At 22:30 (GMT+2), the weekly report on the amount of oil reserves in the United States from the American Petroleum Institute (API) will be released. Also to the data on oil reserves, the most important in the report, it contains data on the amount of gasoline and distillates in the United States. A reduction in oil reserves traditionally leads to an increase in oil prices, while an increase leads to a decrease. The last time oil reserves in the United States fell by 8.587 million barrels. The continuation of this trend may support oil prices.
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On the H4 chart, the lateral trend persists, the instrument is trading between the lower and middle lines of Bollinger Bands; the indicator cloud is expanding, and a downtrend is likely to form in the medium term. MACD histogram is near zero line and has minimum volume; the signal line is ready to cross the zero line from above, after which a signal to open short positions will be formed. Stochastic is in the neutral zone, the oscillator lines are reversing upwards from the border with the oversold zone.
At 11:00 (GMT+2), the August EU Business Sentiment Index from ZEW will be released. The indicator reflects the difference between the proportion of institutional investors and analysts who are optimistic and pessimistic. The index is expected to rise from 59.6 to 59.9 points. The forecast implementation may support the European currency.
At 11:00 (GMT+2), the August German Business Sentiment Index from the ZEW will be released. The indicator reflects the difference between the proportion of institutional investors and analysts who are optimistic and pessimistic. The index is expected to decline from 59.3 to 58.0 points. The forecast implementation may put pressure on the euro.
At 10:30 (GMT+2), the UK will publish data on the unemployment rate for June. This indicator records the percentage of the number of unemployed over 18 years of age to the total working-age population. Only registered unemployed are counted. The value is expected to rise from 3.9% to 4.2%, which may put pressure on the British currency.
At 10:30 (GMT+2), the UK will release employment data for June (3M/3M). This indicator records the change in the number of employed citizens in the country. The figure is expected to decline for the second time in a row, this time by another 288K. The forecast realization may put pressure on the pound.
NZD is strengthening against USD during today's Asian session, recovering from a sharp decline at the end of last trading week, when the instrument responded to the publication of the US labor market report for July.
The USD/CHF pair, after breaking the March minimum at 0.9180, grows due to the upward correction of USD.
Today during the Asian session, the USD/CAD pair is declining, developing the “bearish” momentum formed yesterday. The Canadian dollar tries to win back the losses of last Friday when the US dollar rose amid the publication of a positive report on the US labor market for July.
USD has shown moderate gains against JPY during this morning session, trying to consolidate above 106.00 again. USD is supported by the initiatives of Donald Trump, who signed several decrees aimed at stimulating the economy, without waiting for the resolution of all controversial issues in the American Congress.