UNITED KINGDOM ECONOMIC DATA HEAVILY IN FOCUS

DATA HEAVY WEEK

During the upcoming trading week the United Kingdom economy is heavily in focus, as we see the release of important Wage earnings, Unemployment, Inflation and Retail Sales data from the UK. The release of these key data points comes at a time when the Bank of England is watching economic data closely, as they consider the timing of the central bank’s next rate interest.

Aside from UK data, we also see a scheduled speech from the Federal Reserve Chair Jerome Powell and Retail Sales figures from the United States economy. The Reserve Bank of Australian releases the meeting minutes from its last policy meeting, and we also key Employment and Unemployment data from the Australian economy.

Monday 16th July, CNH Gross Domestic Product

China’s Gross Domestic Product is released by the National Bureau of Statistics of China and measures the national income and output for the Chinese economy. GDP is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. It remains the primary indicator and a key barometer of health for the Chinese economy's health.

The NZDUSD pair is bearish while trading below the 0.6780 level, key support is found at the 0.6725 and 0.6660 levels.
If the NZDUSD pair moves above the 0.6780 level, buyers will likely test towards the 0.6855 and 0.6890 resistance levels.

Tuesday 17th July, AUD RBA Meeting Minutes

The Reserve Bank of Australia Monetary Policy Meeting Minutes are published two weeks after the actual interest rate decision and give a detailed account of the recent policy discussion, including differences of view. If the RBA Meeting Minutes are seen as hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is generally positive for the Australian dollar.

The AUDUSD pair is bearish while trading below the 0.7390 level, key support is found at the 0.7310 and 0.7230 levels.
If the AUDUSD pair moves above the 0.7400 level, buyers may test towards the 0.7460 and 0.7510 levels.

Wednesday 18th July, GBP Core Consumer Price Index

The United Kingdom Core Consumer Price Index is a measure of core inflation which excludes energy and food prices. Core CPI helps to measure the price movements by comparing the retail prices of a representative shopping basket of goods and services. Core Consumer Price Index excludes seasonally volatile products like food and energy, so it can be made an accurate calculation.

The GBPUSD pair is bullish while trading above the 1.3205 level, further upside towards 1.3313 and 1.3450 levels seems likely.
If the GBPUSD pair moves below the 1.3205 level, sellers are likely to test towards the 1.3155 and 1.3101 support levels.

Thursday 19th July, GBP Retail Sales

United Kingdom Retail Sales are released by National Statistics and measure the change in the total value of inflation-adjusted sales at the retail level over a stated time period. Monthly Retail Sales is an indicator of consumer spending, which is considered vital to the health of the United Kingdom economy. Strong Retail Sales figures generally point to improving consumer demand, higher retail output and strenghtening economic growth in the UK.

The EURGBP pair is bullish while trading above the 0.8833 level, further upside towards the 0.8890 and 0.8960 resistance levels seems possible.
If the EURGBP pair moves below the 0.8833 level, sellers are likely to test towards the 0.8760 and 0.8650 support levels.

Friday 20th July, CAD Consumer Price Index

The Canadian Consumer Price Index, released by the Statistics Canada, measures the change in the price of goods and services from the perspective of the Canadian consumer. It is the most important indicator of inflation in Canada, as an increase in monthly CPI can stimulate the Bank of Canada to actually raise interest rates in order to help manage domestic inflation and slow economic growth.

The USDCAD pair is bullish while trading above the 1.3123 level, further upside towards 1.3210 and 1.3348 levels remains possible.
If the USDCAD pair trades below the 1.3123 level, sellers are likely to test the 1.3160 and 1.3010 support levels.