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July 31, 2018

IronFX, Trump willing to meet Iran’s Rouhani & JPY weakening as BoJ announces changes in policy

What’s happening in the market today? Check out today’s economic highlights!

This article is originally referred from IronFX News.

Trump willing to meet Iran’s Rouhani

US president Trump expressed his willingness to meet with Iran’s leader Rouhani without any preconditions attached.

Iran responded with stating that the way back to negotiations was for the US to return to the 2015 nuclear deal.

As the 7th of August deadline for renewed US sanctions against Iran is approaching, diplomacy seems to be getting started.

Analysts as well as president Trump, paralleled the move with the US-North Korea negotiations which rendered some results.

Any further improvement in the US-Persian relationships could affect oil prices as well as the USD.

EUR/USD continued to trade in a sideways manner yesterday, well between the 1.1640 (S1) support line and the 1.1745 (R1) resistance line.

We could see the pair continuing to trade in a sideways manner today.

However as there is a plethora of financial releases affecting the pair, volatility could rise somewhat.

Should he pair come under selling interest we could see the pair breaking the 1.1640 (S1) support line and hover below it.

Should the market favor the long positions on the other hand, we could see the pair breaking the 1.1745 (R1) resistance line and aim for the 1.1830 (R2) resistance hurdle.

JPY weakening as BoJ announces changes in policy

JPY weakened as the BoJ pledged to keep interest rates “very low”, currently remaining on hold at -0.10%.

The bank also intends to maintain a long term yield target around zero and to make its policy framework more flexible, reflecting the forecast that it would take time for inflation to reach its 2% target.

However, the bank also added that long term interest rates may fluctuate depending on economic and price developments.

USD/JPY rose on the news, reflecting the weakening of the JPY which could continue to set the mood for the near term.

USD/JPY rose and tested the 111.30 (R1) resistance line during today’s Asian session, however corrected somewhat quite quickly.

We could see the pair having some bullish tendencies today as the financial releases could favor the USD side.

It should be noted though that to remove our sideways bias, we would require a clear breaking of the 111.30 (R1) resistance line.

Should the bulls take over the market we could see the pair breaking the 111.30 (R1) resistance line and aim for the 112.05 (R2) resistance level.

Should the bears take over the market we could see the pair aiming if not breaking the 110.75 (S1) support line.

In today’s other economic highlights:

In the European session we get Germany’s retail sales for June and unemployment data for July, France’s preliminary HICP rate for July as well as Eurozone’s preliminary CPI rate for July and preliminary GDP growth rate for Q2.

In the American session, from the US we get the core PCE price index and the personal spending growth rates, both for June as well as the CB consumer confidence indicator for July and the API weekly crude oil stocks figure.

From Canada we get the GDP growth rate for May.

Please also note that oil prices have rose somewhat in the past few days due to some minor tension as Saudi Arabia announced it will be ceasing its oil shipments through the Red Sea as some tankers had been attacked by Iranian forces as they claimed.

Original Source: IronFX News

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