By CountingPips.com
The US dollar declined last week against all the other major currencies as the American currency continued to show general weakness over the past three weeks. The euro, British pound sterling, Swiss franc, Canadian dollar and the New Zealand dollar have all gained ground against the US dollar for the past three weeks while the Australian dollar has risen for two straight weeks against the USD.
Over that time frame, we have also seen many important support & resistance levels reject the US dollar’s advance from last month to trade in favor of the other major currencies. These important levels include the 1.3000 in the EUR/USD, the 100.00 in the USD/JPY, the 1.5000 in the GBP/USD, the 1.0500 in the USD/CAD and the 0.9500 in the USD/CHF.
Economic events to watch for
We will see if US dollar can regain its footing this week with a good number of major economic events taking place. The market-moving the Nonfarm Payrolls report for US employment is being released on Friday and likely to cap the headlines for the week. Earlier in the week, we will have an interest rate decision by the United States on Wednesday as well as both the Bank of England and the European Central Bank interest rate decisions on Thursday. There will also be GDP data out of Canada and the United States on Wednesday.
See more economic event highlights below.
Weekly Economic Highlights:
Monday, July 29
Japan — BOJ governor speech
United States — pending home sales
Japan — industrial production
Tuesday, July 30
Australia — building approvals
Euro zone — consumer price index Germany
United States — consumer confidence
Wednesday, July 31
United States — Federal Reserve meeting
euro zone — German unemployment
euro zone — consumer price index
Canada — GDP report
United States — ADP employment report
United States — GDP report
United States — Federal Reserve rate decision
Thursday, August 1
China — manufacturing PMI
United Kingdom — BOE interest rate decision
euro zone — interest rate decision
United States — ISM manufacturing data
United States — weekly jobless claims
Friday, August 2
United States — non-farm payroll report
See the economic calendar for full listing
