Other economic highlights for today (08/22/2018)

We get UK’s Inflation hearings (in the European session) and we get Canada’s retail sales growth rates and the existing home sales figure (in the American session).

Also, the FOMC meeting minutes will be released and you should pay attention on the EIA weekly crude oil inventories figure, since it could move the oil market.

Dollar strengthens further

Yesterday, the USD reached an impressive high exemplifying its dominance compared to other currencies. Index that tracks the dollar against the euro, yen, sterling and three other currencies touched 96.794. Oil prices were supported over decreased production from top producer Saudi Arabia but corrected lower later on.

Also, yesterday Gold prices continued to plunge, pressured by rising geopolitical uncertainty and a stronger US dollar. Anyway, if the selling interest persists then the precious metal may break the 1186.47 support barrier and aim lower for the 1180.00 support hurdle. On the other side, we could see gold aiming for the 1192.31 resistance level and even break it aiming for the 1198.42 resistance barrier.

Regional policies will stay unchanged – promised by Iran

Iran don’t care much about USA, and will proceed normally its operations in the Middle East despite America’s interference. Also, Iran rejected U.S. President Trump’s offer of unconditional talks to overcome obstacles and banned any talks with the US. But on the other side, they mentioned that there will be no war with the US.

Crude Oil prices dropped during Monday. Later the commodities price corrected and made up for the previous decline. We could see it move higher and break the 67.75 resistance level. On the other side, we could see the commodity moving lower to the 66.79 support level and aim for the 66.03 support barrier.