Weekly FX Update – 27 July 2017 (Video)

In this week’s webinar, Senior Market Analyst Craig Erlam gave his analysis on EURUSD (9:00), GBPUSD (11:47), EURGBP (14:03), AUDUSD (15:13), USDCAD (16:48), NZDUSD (19:14), USDJPY (20:53), GBPJPY (22:47) and EURJPY (25:16).

Earnings Dominate as Stocks Eye More Record Highs

Craig also discusses some of the macro themes that have dominated markets this week and looks ahead to next week’s key events. Corporate earnings season has been front and centre for much of this week but next week may see central banks come back to the fore, with the Reserve Bank of Australia and Bank of England meeting, while the US jobs report could give the Federal Reserve some food for thought.

In what appears to be a coordinated move, a number of central banks have given a more hawkish impression in recent months, with the Bank of Canada following through with rate hike a couple of weeks ago. The last BoE meeting saw three policy makers also vote in favour of a 25 basis point increase while others have since suggested they could follow suit. With inflation having cooled last month, it will be interesting to see whether policy makers take a step back from such action or continue to push for higher rates.

FOMC Deflates Dollar Inflates Oil and Gold

Friday’s jobs report will put attention back on the Fed after the central bank this week refrained from raising interest rates while hinting at balance sheet reduction in September and once again noting the slower pace of inflation. With markets increasingly pricing out another rate hike this year, next week’s inflation and jobs data will be of keen interest to traders.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.