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Markets Week Ahead: Gold Prices, Dow Jones, Earnings Season, Euro, ECB

Markets Week Ahead: Gold Prices, Dow Jones, Earnings Season, Euro, ECB

Michael Boutros, Peter Hanks, Dimitri Zabelin, Daniel Dubrovsky, James Stanley, Rich Dvorak, David Song, Daniel Moss, Daniela Sabin Hathorn, Justin McQueen, Mahmoud Alkudsi, Martin Essex, MSTA,

US equities wrapped up a cautiously optimistic week as the Dow Jones, S&P 500 and tech-heavy Nasdaq Composite climbed. Most gains occurred in the latter as the former two have yet to surpass peaks set in June as they spend most of their time in consolidation. Anti-risk assets like the US Dollar and to a certain extent the Japanese Yen underperformed. The growth-linked NZD gained.

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Anti-fiat gold prices continued the climb to new 2020 highs as yields on longer-dated Treasuries diminished. This could be an early sign of fading confidence in the outlook for growth down the road. US coronavirus cases continued setting new highs this past week as certain states began seeing record upticks on Covid-19 fatalities.

Stock valuations in the world’s largest economy will start being tested as the second-quarter earnings season gets underway with major financial companies reporting in the week ahead. Further insight will also be revealed into how states and counties approach lockdowns should coronavirus cases and fatalities continue rising.

The Euro and DAX 30 will be closely eyeing the ECB rate decision as well as a meeting between EU leaders to find common ground over a €750 billion rescue package to support economic growth amid Covid-19. The British Pound and Australian Dollar will be watching fresh updates on UK and China GDP data respectively. Will US retail sales continue inspiring confidence in growth?

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Fundamental Forecasts:

Euro Forecast: EUR/USD to Find Direction from ECB and EU Summit

Two major events will dominate Euro trading in the coming week: an ECB meeting on Eurozone monetary policy, followed by an EU summit to reach agreement on a recovery fund.

Japanese Yen Outlook Bullish on Coronavirus Surge, US Earnings Season

The Japanese Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPY’s gains may be amplified if corporate earnings fail to impress investors.

Dow Jones, S&P 500, DAX 30, FTSE 100 Outlook: Stocks Week Ahead

The Dow Jones and S&P 500 nervously face the earnings season ascoronavirus deaths could reimpose lockdowns. The DAX 30 eyes an EU rescue package as the FTSE 100 awaits GDP data.

Gold Price Forecast: Fed Balance Sheet Drop May Cap Bullion's Surge

Gold price gains seem to depend on monetary stimulus expansion and may turn lower as contraction of the Federal Reserve’s balance sheet underpins the US Dollar.

GBP/USD Weekly Forecast: GBP Cheers Stimulus, Rally at Risk of Stalling

A plethora of UK data, however, external factors remain the key driver as GBP/USD edges towards 200DMA

Technical Forecasts:

US Dollar Technical Outlook: 'Death Cross' Takes Shape in July

The US Dollar index (DXY) may face range bound conditions over the coming days amid the failed attempt to test the June low (95.75).

Australian Dollar Price Outlook: Aussie Breakout Stalls at 2020 Highs

Australian Dollar is up fractionally this week with Aussie stalling just below the yearly range highs. Here are the levels that matter on the AUD/USD technical chart.

EUR/USD Price Forecast: Bullish Momentum Still in Place

This week, EUR/USD rallied to a multi-week high. Will bulls keep leading the price next week?

Gold Price Outlook: XAU/USD Pullback in Play – Charts to Watch

Gold price action continues to steal market headlines as the precious metal rockets to fresh multi-year highs. Can bullion keep climbing? Or is XAU/USD gearing up for a modest pullback after topping $1,800/oz last week?

Oil Price Forecast: WTI Jumps Back Above 40, but Can it Maintain?

It was a surprisingly quiet week in oil, with the net of this week’s price action showing a doji. But a longer-term formation has built that may open the door to that next trend.

Nasdaq 100, DAX 30 & FTSE 100 Technical Forecasts Ahead of Earnings

The Nasdaq 100 trades at the top of a longstanding technical pattern, just as the arrival of earnings season looks to inject volatility into the market. Does this mean trouble at the top for the Nasdaq?

USD/MXN Week Ahead: Signals are Mixed, and so is Risk Sentiment

Coronavirus continues to spread rapidly in the US and Latin America causing risk sentiment to falter despite ongoing economic recovery



DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.