Daily summary: As traders brace themselves for volatility, NZD/USD yields to a higher US dollar.

 Daily summary: As traders brace themselves for volatility, NZD/USD yields to a higher US dollar.

Daily summary: As traders brace themselves for volatility, NZD/USD yields to a higher US dollar.

The Australian inflation data may see AUD soar if it supports RBA rate hikes, while NZD/USD may decline after numerous failed efforts to clear the Fibonacci level as market mood changes as FOMC and other high-impact events approach.

Wednesday's Asian-Pacific market outlook After US equities declined during regular trading hours, Asian-Pacific markets are expected to open neutral. However, positive earnings reports from Alphabet Inc. and Microsoft early this morning helped US stock futures rise. At the FOMC meeting on Wednesday, the Federal Reserve is expected to announce a 75-basis-point rate increase. The US dollar could increase if Mr. Powell's central bank adopts a hawkish stance.


Today's second-quarter inflation report for Australia is expected to come in at 6.2 percent. That would represent an increase from 5.1%. Overnight, the Australian dollar decreased versus the US dollar but increased against the New Zealand dollar, indicating the Aussie dollar's underlying strength. If today's inflation report meets expectations, the Australian dollar is expected to rise, especially if market mood improves.


Covid instances in China increased on Monday, according to CCTV. According to the Chinese news outlet, there were 868 new Covid cases on Monday, up from 680 on Sunday. New limits were imposed by Shenzhen officials, who instructed businesses to hire only those employees who work in "bubbles," or occupations with little contact with the general public. Among them is Foxconn, a significant iPhone producer. At 01:30 GMT, data on China's industrial profits for June are anticipated.


Prices of natural gas increased in the US and Europe. US prices have increased as a result of the ten-day forecast calling for seasonably warm temperatures over the continental US. Despite the EU agreeing to lower consumption by 15%, prices in the EU increased after Gazprom, the Russian natural gas corporation, further restricted flows through the Nord Stream 1 Pipeline.


Important occurrences for July 27

Final Coincidence Index for Japan (May)

Final Japan-Leading Economic Index (May)

Technical prognosis for NZD/USD

NZD/USD was unable to maintain its position above the 38.2% Fibonacci retracement level and dropped back below 0.6250. Intraday efforts above those Fib levels have failed over the course of the last three trading sessions, indicating considerable selling pressure at the price level. After numerous failed attempts, a decline to the 20-day SMA and 23.6 percent Fib level might be in the cards.

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