Forex. Euro/dollar forecast (EUR/USD)
Forex. Pound/dollar currency pair forecast (GBP/USD)
Forex. Gold price forecast
Gold prices fell sharply during Thursday's trading session and reached the level of support of 1183 dollars per troy ounce.
Positive results of the Fed meeting, which took place the day before, led to the strengthening of the dollar index to the maximum value for the week, which put pressure on the price of gold and led to their sharp decline. The Fed raised the interest rate and indicated its intention to continue raising once a quarter, according to the previously planned plan to tighten monetary policy in the United States. The growth of the U.S. economy in the second quarter finally recorded a magnificent result of 4.2%, and the growth of the technology grid shares supported the strengthening of the stock market in the United States. The head of the Federal Reserve Jerome Powell again issued a statement yesterday, in which he noted a strong economy, low unemployment and stable inflation and confirmed that the economic models of the regulator do not imply the onset of recession in the next two years.
The price of gold again fell below the key level of 1200 dollars per troy ounce and reached the minimum value for more than a month. Apparently, the hopes of buyers for gold, who were encouraged by the recent correction and predicted the return of the price to the level of 1250 dollars per ounce by the end of this year, will not be realized.
In our forecast for today we expect a further decline in the price of gold to support levels of 1180, 1177 and 1174 dollars per troy ounce.
Forex. North American Oil Forecast (WTI)
WTI crude oil prices were little changed at the end of Thursday's trading session and reached $72.25 per barrel by the end of the day.
The price of oil remains high amid high risks of falling global commodity exports, thanks to the imposition of U.S. sanctions against Iran. U.S. President Donald Trump has backed the recent uptrend in oil prices and urged importers to adhere to sanctions on Iran's oil exports. Markets feared that Trump might move to selling oil from the U.S. strategic reserve to limit further price increases. Last week, Trump reiterated that OPEC should cut prices immediately. However, U.S. Energy Secretary Perry said there are no plans to supply oil from the strategic reserve.
Saudi Arabia will continue to increase oil production in order to stabilize prices in case of a possible sharp decline in supplies from Iran. Saudi Arabia's foreign minister said yesterday that his country fully supports U.S. policy on sanctions against Iran, which is not surprising, because the fall in Iranian exports is fully in line with the economic interests of the Saudis.
In our forecast for today's trading we expect further growth of WTI crude oil quotations to resistance levels of 72.35, 72.50 and 72.80 dollars per barrel.
Forex. Cryptocurrency forecast
Cryptocurrency market continues to recover, most of the assets have again completed the trading session in the growth zone. Bitcoin quotes rose to 6700, ethereum strengthened to 230, and XRP reached the price of 0.54 dollars.
The active growth of the cryptocurrency market is facilitated by the ever-deeper penetration of digital currencies into the real economy. The Bank of Communications, one of China's four state-owned commercial banks, has completed the issuance of mortgage-backed securities using blockchain. The total amount of all securities issued is approximately $1.3 billion. By placing securities information on a decentralized network, their owners will be able to receive information instantly and without intermediaries, as well as make related transfers themselves. The Bank of Communications launched its own blockchain platform back in June. It is designed specifically for securities backed by various assets in order to increase the rate of their issuance. Already in July, the bank began to move information about such securities from other sources to its blockchain.
The Austrian government has said it will use the Ethereum blockchain to issue government bonds worth an estimated $1.35 billion at an auction next week.
One of the largest banks in the country OeKB will operate the blockchain and monitor the processes of notary verification. During the auction, he will manage the issuance of debt obligations of the Austrian Federal Finance Agency. OeKB noted that this is the first time that the blockchain-based notary verification service will be used for a federal bond auction. The system has successfully passed the roll-out and will also be used in the internal operations of the bank.
In our forecast for Friday, we expect further growth of bitcoin to resistance levels of 6750, 6800 and 6900, strengthening of ethereum to 235, 240 and 250, as well as the increase in the price of XRP to the levels of 0.55, 0.56 and 0.58 dollars.