EUR/USD: the instrument is waiting for data on the US employment market
The euro shows a sideways movement of quotations in a pair with the US dollar, testing the 1.0165 mark. Market participants remain low in activity, waiting for the release of macroeconomic statistics in the coming days.
The "European" continues to remain under pressure after the publication of retail sales figures in Europe. So, according to statistics, the June indicator sank by 1.2%, having previously shown an increase of 0.4%, contrary to analysts' expectations of zero dynamics of fluctuations. The annual expression fell by 3.7%, in May showing an increase of 0.4%, contrary to preliminary estimates of the market decline to only 1.7%.
- Resistance levels: 1.0200, 1.0253, 1.0300, 1.0350.
- Support levels: 1.0150, 1.0100, 1.0050, 1.0000.
USD/CAD: Canada is preparing for an increase in unemployment
In anticipation of the publication of reports announced on Friday on the labor market, the Canadian dollar showed a moderate decline against the US currency, reaching the limit of 1.2843.
Experts admit an increase in the average unemployment rate to 5.0% in July from the previous 4.9% for the first time since May last year, the reason for which will be negative macroeconomic indicators. Thus, the PMI among industrialists decreased from the June indicator of 54.6 points to the July 52.5 points, showing the fastest decline since the February indicator for 2021. In addition, during the afternoon session, investors expect the release of June indicators for approved construction licenses, the level of which has a negative prospect of a decline of 1.5%, having previously shown an increase of 2.3% in May.
- Resistance levels: 1.2900, 1.3041.
- Support levels: 1.2785, 1.2643.
Silver Prices
The quotes of the banking metal are trying to gain a foothold in the uptrend, testing the level of 20.51 thanks to positive data published in the USA and China.
As follows from the latest data, the PMI (business activity index) for the services sector from Caixin in China strengthened by 1 point reaching 55.5 in July, business activity from S&P Global for the same period in the United States exceeded expectations of 47.5 points and reached 47.7 points. The US services sector also showed 47.3 points, which is higher than economists' expectations of 47.0 points, and the level of industrial orders in June strengthened by 2.0% over the monthly average, which is better than forecasts of 1.1% and the previous volume of 1.8%. The state of the economies of China and the United States, the largest importers of silver, demonstrates positive dynamics, according to which there are reasons to expect an increase in purchases from industrialists of the precious metal.
- Resistance levels: 20.51, 22.39.
- Support levels: 18.22, 17.10.
Oil Market Overview
The "black gold" of the benchmark Brent brand has been declining all this week, and at the time of writing, they are trading at 98.50. The negative dynamics in the long term for the instrument is due to the lack of prospects for the growth of the global economy and the growing tension in the political plane in US-Chinese relations.
The growing reserves of petroleum products in the United States and the increase in production capacity from the OPEC+ cartel member countries create local pressure factors on the asset. The publication of data by the US Department of Energy confirmed the information that strategic reserves of raw materials increased by 4.467 million, gasoline increased 0.163 million barrels of reserves, and distillates alone decreased by 2,400 million barrels. Strong fluctuations in stocks due to the continuation of the automobile season confirms a decrease in consumer costs, since petroleum products have become too expensive for ordinary people.
- Resistance levels: 104.00, 108.00, 112.50.
- Support levels: 96.88, 93.00.