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July 17, 2018

IronFX, Helsinki meeting creates mass hysteria & The US challenges WTO for retaliation tariffs

What are the main topics investors are discussing? Check out today’s economic highlights!

Helsinki meeting creates mass hysteria

On Monday, the Helsinki meeting between the US and Russian presidents shocked the world on its outcome.

Trump refused to hassle Putin on the so-called Presidential election interference back in 2016.

Instead, both presidents seemed cooled and collective as they performed a joint news conference.

However, this fact created major disappointment and irritation in the United States as a confrontation on the matter would be more appropriate according to U.S. lawmakers from both parties.

The Director of National Intelligence said they have proof of Russian meddling in the 2016 election and that Russia is still trying to undermine the US democracy.

The USD lost some steam on Monday however looks to regain strength in the following days.

EUR/USD had a positive momentum yesterday, and constantly tested the 1.1715 (R1) resistance level.

For today, it is our opinion that the pair could continue to move in a sideways movement between the 1.1715 (R1) resistance level the (S1) 1.16400 Support level.

Also, note, the pair may follow up on some bearish tendencies as the financial data to be released from the US could support the greenback.

In addition, the pair may prove to be sensitive to any further headlines regarding trade tensions as this subject could probably be discussed on Fed Chairman Powel testimony later on today.

Should the pair find extensive buying orders along its path we could see it rising and breaking the 1.17150 (R1) resistance line.

Should it come under selling interest by the market, we could see the pair aiming for the 1.1640 (S2) support barrier.

The US challenges WTO for retaliation tariffs

On Monday, the US initiated five separate World Trade Organization dispute actions challenging retaliation tariffs imposed by China, the European Union, Canada, Mexico and Turkey subsequent to the U.S. duties on steel and aluminum.

U.S. Trade Representative Robert Lighthizer stated that the retaliation tariffs are illegal under WTO rules.

He also added that these tariffs breach the WTO member’s obligations under the WTO Agreement.

It was made clear that the US will take precautions in order to protect the US producers and an urge was made for trading partners to follow up and work constructively together on the problem.

Further developments on the issue could create volatility on safe heavens like Gold, JPY or CHF.

On another front, NZDUSD was seen as a market mover today in the European morning and displayed a strong positive momentum.

Analysts cited a delayed reaction to New Zealand’s Inflation data released earlier in the Asian session.

NZDUSD advanced to reach the (R1) 0.68334 and tested the level constantly, but corrected a little bit lower unsuccessful of breaking it.

Should the positive momentum continue, we could see the pair rising and breaking the (R1) 0.68334 resistance level.

Should it come under selling interest by the market, we could see the pair aiming for the 0.68123 (S1) support level moving even lower towards the 0.67938 (S2) support hurdle.

It must be noted that similar market movement was observed on the Loonie and the Aussie.

In today’s other economic highlights:

In the European session, we get UK Employment data along with the Average Earnings Index + bonus for May.

In the American session we get the Industrial Production for June.

Late in the American session we get the API weekly crude oil stocks reading.

As for speakers in the European morning BoE Gov Mark Carney Speaks and in the US session Fed Chair Powel speaks.

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