- Shinzo Abe and Donald Trump to discuss trade and North Korea on Friday, April 26
- US GDP report crucial for EURUSD
- 12 Dow Jones stocks reporting earnings next week
The resistance zone ranging above the 112 handle once again turned out to be too tough hurdle for USDJPY bulls. The downward sloping trendline running in the same region does little to help buyers either. However, a number of events scheduled for the post-Easter week could trigger bigger price swings on the pair. Among events of note one can find Bank of Japan decision (Thursday) and Abe-Trump summit (Friday).
USDJPY moved higher in April but began to struggle in the vicinity of 112 handle. The very same hurdle limited upward move two months ago therefore bulls may need a strong impulse to deliver a break above. Source: xStation5
Main currency pair is likely to enjoy elevated interest next week as well. On the dollar-side investors will get a preliminary GDP print for the first quarter of 2019. This complex measure of the economic activity may provide answer whether rally on the US stock market is justified or not. Taking a look at the euro-side factors there are no key data prints. However, leading candidates for the post of European Commission President are launching their campaigns, what may have an impact on the European assets.
EUR-negative data mix pushed EURUSD significantly lower on Thursday and now attention turns to US GDP report. Will the main currency pair manage to overcome downward sloping trendline? Source: xStation5
Upward momentum on the US stock market has eased a bit as of late. Nevertheless, NASDAQ (US100) still managed to retest record highs.The week ahead is likely to be crucial for another US index - Dow Jones (US30). 12 out of the 30 Dow members will report their quarterly earnings in days following Easter break, including Boeing and Caterpillar. Note that these 12 companies make up almost 42% of the index therefore impact of the reports is likely to be big.
Dow Jones (US30) managed to finish the week at the highest level since early-October 2018 but the upward momentum eased recently. Will reports from companies like Microsoft and Coca-Cola provide more fuel? Source: xStation5