<p>Over 1,900 workers at Britain’s biggest container port are due to begin eight days of strikes today, Sunday, 21 August 2022. </p><ul><li>This will seriously disrupt trade and supply chains. </li><li>“The port regrets the impact this action will have on UK supply chains,“ a Hutchison Ports spokesperson said.The port said it would have a contingency plan in place</li></ul><p>Infio via Reuters. </p><p>-</p><p>This is not a surprise strike action, so while there will likely be GBP impact (its not a positive) it will be contained. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.

<p>In this weekend video, I review and preview the fundamental influences in the market and then look at the technicals in the market that are defining the bias, and risk with the focus on the major currencies vs the USD.</p><p>If you like this video, please give a thumbs up on YouTube. If you don’t like it give a thumbs down.</p><p>Your comments are also appreciated</p><p>Have a good weekend and new trading week. </p>

This article was written by Greg Michalowski at www.forexlive.com.

<p>The week is ending on a soft note. All 3 major indices are closing lower on the day with the NASDAQ down over 2%. The Russell 2000 index of small cap stocks fell by -2.17%.</p><p>The declines in the Dow industrial average today tipped its fortunes for the week into negative territory but only barely. </p><p>For the week, the Dow, S&P and NASDAQ close lower for the 1st time in 5 trading weeks. The declines for the week showed:</p><ul><li>Dow -0.1%</li><li>S&P -1.2%</li><li>NASDAQ -2.62%</li></ul><p>For the trading day:</p><ul><li>Dow industrial average fell -292.3 points or -0.86% at 33706.73</li><li>S&P index fell -55.24 points or -1.29% at 4228.49</li><li>NASDAQ index fell -260.12 points or -2.01% at 12705.23</li><li>Russell 2000 fell 43.38 points or -2.17% at 1957.34.</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.

<ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/all-3-major-indices-close-lower-for-the-week-1st-declines-in-5-trading-weeks-20220819/“>All 3 major indices close lower for the week. 1st declines in 5 trading weeks</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/key-events-and-releases-for-the-week-starting-august-22-20220819/“>Key events and releases for the week starting August 22</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/crude-oil-settles-at-9044-033-higher-on-the-day-20220819/“>Crude oil settles at $90.44. $0.33 higher on the day</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/baker-hughes-oil-rigs-unchanged-at-601-20220819/“>Baker Hughes oil rigs unchanged at 601</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/technical-analysis/us-10-year-yields-off-highs-but-technical-bias-shifted-to-the-upside-20220819/“>US 10 year yields off highs but technical bias shifts to the upside</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/lower-close-for-europes-major-indices-with-the-exception-of-the-uk-ftse-100-20220819/“>Lower close for Europe’s major indices with the exception of the UK FTSE 100</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/frances-macron-there-is-risk-of-russia-decoupling-zaporizhzhia-nuclear-plant-20220819/“>France’s Macron: There is risk of Russia decoupling Zaporizhzhia nuclear plant</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/more-barkin-still-a-lot-of-time-until-decision-needs-to-be-made-on-size-of-september-hike-20220819/“>More Barkin: Still a lot of time until decision needs to be made on size of September hike</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/more-from-barkin-reduction-of-balance-sheet-should-add-to-tighter-financial-conditions-20220819/“>More from Barkin:Reduction of balance sheet should add to tighter financial conditions</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/august-19-2022-the-morning-technical-report-looks-at-the-eurusd-usdjpy-and-gbpusd-20220819/“>August 19, 2022: The morning technical report looks at the EURUSD, USDJPY and GBPUSD</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-barkin-fed-will-do-what-it-takes-to-return-inflation-to-target-20220819/“>Fed’s Barkin: Fed will do what it takes to return inflation to target</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canada-retail-sales-for-june-11-vs-03-expected-20220819/“>Canada retail sales for June 1.1% vs. 0.3 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/technical-analysis/the-chf-is-the-strongest-and-the-nzd-is-the-weakest-as-the-na-session-begins-20220819/“>The CHF is the strongest and the NZD is the weakest as the NA session begins</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/Education/bitcoin-failed-to-hold-testing-key-levels-again-20220819/“>Bitcoin failed to hold, testing key levels again</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/forexlive-european-fx-news-wrap-dollar-runs-hot-into-the-final-stretch-of-the-week-20220819/“>ForexLive European FX news wrap: Dollar runs hot into the final stretch of the week</a></li></ul><p>The US dollar was the strongest currency this week and the strongest currency today. The NZD was the weakest of the majors today. </p><p> The greenback this week, rose against all the major currencies helped by more hawkish Federal Reserve comments, and global concerns about growth in China, the euro zone, and UK due to higher inflation, Covid headwinds, higher US yields and the Ukraine war.</p><p>EURUSD fell -217 pips -2.12% on the week (USD higher by 2.12%). The high price was reached on Monday, the low price was today. Yesterday, the pair fell below the lower extreme that confined the pair in July and into early August down to 1.0096. The move tilted the bias even more to the downside and the selling continued into the New York afternoon session where the low price reached 1.0031, just 31 pips from the parity level. Recall in July the low reached 0.9951 before starting the run to the August high at 1.03678.</p><p>The GBPUSD also traded at it’s week’s high on Monday (at 1.2147). For the week, the USD rose by 2.56% vs the GBP. After a rebound higher on Tuesday and into Wednesday felll just short of the Monday high (the high reached 1.2142), the buyers turned to sellers and the pair is ending with a 3 day down streak. The low price today reached 1.1791. The low price for the year and going back to March 2020 reached 1.17594. Key support level going into next week’s trading.</p><p>The USDJPY after waffling up and down on Monday and ending marginally lower on the day (the low reached 132.54), the pair moved up on each of the subsequent 4 trading days. For the week, the greenback rose 2.52% vs the JPY. The high price today extended to 137.22 which took the pair just above a swing area between 137.00 and 137.152. The price backed off into the close, and is closing just below that area at 136.86. Next week, that area will be a key barometer for trading to start the week. </p><p>The USDCHF closed higher on each of its 5 trading days this week (higher dollar). The dollar rose 1.85% vs the CHF. </p><p>The AUDUSD (dollar higher by 3.45%) and NZDUSD closed lower each day (higher USD – by 4.33%). The RBNZ rate hike of 50 basis points did little to support the NZD against the greenback.. </p><p>A snapshot of other markets as the week comes to a close shows:</p><ul><li>Spot gold is down $12 or -0.69% at $1746.89.</li><li>Spot silver is down $-0.46 or -2.39% at $19.04.</li><li>Crude oil is trading near unchanged at $90.02 after an up and down session</li><li>Bitcoin is trading at sharply lower on the day at $21,320. Last Friday, the price closed at $24,407. So for the week the price is down $3087</li></ul><p>In the US stock market this week, the major indices close lower for the 1st time in 5 trading weeks:</p><ul><li>Dow industrial average fell -0.1%</li><li>S&P index fell -1.2%</li><li>NASDAQ index fell -2.62%</li><li>Russell 2000 fell -2.92%</li></ul><p>In the US debt market:</p><ul><li>2 year yield is trading at 3.24%. Last Friday it settled at 3.253%</li><li>5 year is at 3.098% after closing last week at 2.960%</li><li>10 year is at 2.972% after closing last week at 2.837%</li><li>30 year is at 3.213% after closing last week at 3.115%</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.

<p>What key events and releases will be driving the markets next week?</p><p>Tuesday , August 23</p><ul><li>various flash PMI estimates for Europe and UK</li><li>US/services and manufacturing PMI indices, 9:45 AM ET. Manufacturing PMI 52.0 vs. 52.2 last month. Services PMI 50.0 vs. 47.3 last month</li><li>US new home sales, 10 AM ET. Estimate 574K vs. 590K last</li><li>Richmond Fed manufacturing index for August. 10 AM ET. Estimate -6 vs. 0 last month</li></ul><p>Wednesday, August 24</p><ul><li>US durable goods orders. 8:30 AM ET. Estimate 0.9% vs. 2.0% last month</li><li>US pending home sales. 10 AM ET. Estimate -2.1% vs. -8.6% last month</li></ul><p>Thursday, August 25</p><ul><li>New Zealand retail sales Q/Q. 6:45 PM ET (Wednesday). Estimate 1.7% vs. -0.8% last quarter</li><li>German Ifo business climate. 4 AM ET. Estimate 86.7 vs. 88.6 last month</li><li>US preliminary GDP for 2Q. 8:30 AM ET. -0.8% vs. -0.9%.</li><li>US unemployment claims. 8:30 AM ET. Estimate 250K unchanged from last week</li><li>Jackson Hole symposium. All day</li></ul><p>Friday, August 26</p><ul><li>US core PCE price index. 8:30 AM ET. Estimate 0.3% vs. 0.6% last month.</li><li>US personal income/consumption. 8:30 AM ET. Personal income estimate 0.6% vs. 0.6% last. Personal consumption 0.5% vs. 1.1% last</li><li>US University of Michigan consumer sentiment. 10 AM ET. Estimate 55.3 vs. 55.1 preliminary</li><li>Fed Chair Powell speaks at the Jackson Hole symposium. 10 AM ET. </li></ul>

This article was written by Greg Michalowski at www.forexlive.com.

<p>The Dow industrial average is now down over 300 points or -0.88% at 33697.21. That now takes the index below the closing level from last Friday. The level closed at 33761.06. The current price is at 33697.21. The price is also back below its 200 day moving average at 33858.74.</p><p>The biggest losers today in the Dow industrial average is Boeing (-3.28%), J.P. Morgan (-2.53%), and salesforce (-2.38%)</p><p>the S&P index is down -56.73 points or-1.33% at 4226. At the highs this week, this index found sellers just ahead of its 200 day MA currently at 4320.86. The index is retesting its 50% midpoint of the range since the 2022 high in January at 4227.75…</p>

This article was written by Greg Michalowski at www.forexlive.com.

<p>WTI crude oil futures are settling at $90.44. Last Friday, the closing level came in at $91.87. For the week the decline, the price fell $1.43 were -1.5%.</p><p>Technically the price is settling near its 200 hour moving average (green line in the chart below) at $90.12. The high price stalled near the 38.2% retracement at $91.87. The low price stalled near the 100 hour moving average at $88.59.</p><p>Next week those levels will all be defining levels.</p>

This article was written by Greg Michalowski at www.forexlive.com.

<p style=““ class=“text-align-justify“>It is all lining up for the dollar right now as the currency pushes to fresh highs on the day and is seeking to extend gains further ahead of the weekend. Let’s recap how markets are playing out today to see why:</p><ul><li style=““ class=“text-align-justify“><a target=“_blank“ href=“https://www.forexlive.com/news/the-bond-market-starts-to-make-a-move-20220819/“ target=“_blank“>The bond market is finally waking up</a>, 10-year Treasury yields above its 100-day moving average</li><li style=““ class=“text-align-justify“><a target=“_blank“ href=“https://www.forexlive.com/news/stocks-bleed-lower-in-european-morning-trade-20220819/“ target=“_blank“>Stocks are sliding</a>, risk trades losing ground i.e. risk aversion taking hold</li><li style=““ class=“text-align-justify“>Dollar technicals look favourable (vs <a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-extends-gains-as-the-tail-is-wagging-the-dog-20220819/“ target=“_blank“>JPY</a>, <a target=“_blank“ href=“https://www.forexlive.com/news/eurusd-narrow-range-on-the-day-but-technical-bias-points-lower-20220819/“ target=“_blank“>EUR</a>, <a target=“_blank“ href=“https://www.forexlive.com/news/gbpusd-poised-for-a-retest-of-the-years-lows-20220819/“ target=“_blank“>GBP</a>)</li><li style=““ class=“text-align-justify“><a target=“_blank“ href=“https://www.forexlive.com/news/a-key-trigger-for-the-next-leg-higher-in-the-dollar-20220819/“ target=“_blank“>China sought to weaken the yuan</a>, providing an added tailwind for the next leg higher</li></ul><p style=““ class=“text-align-justify“>It’s tough to fight the momentum when everything is moving in the direction that is supporting the greenback. As risk trades lose further ground on the session, we’re now even seeing AUD/USD fall by nearly 0.5% to below 0.6900:</p><p style=““ class=“text-align-justify“>Notably, price is sliding past the 50.0 Fib retracement level at 0.6909 and looks poised to move towards the 5 August low at 0.6869 next.</p>

This article was written by Justin Low at www.forexlive.com.

<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/things-are-all-lining-up-for-the-dollar-towards-the-end-of-the-week-20220819/“>Things are all lining up for the dollar towards the end of the week</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/the-bond-market-starts-to-make-a-move-20220819/“>The bond market starts to make a move</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/stocks-bleed-lower-in-european-morning-trade-20220819/“>Stocks bleed lower in European morning trade</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-july-ppi-53-vs-06-mm-expected-20220819/“>Germany July PPI +5.3% vs +0.6% m/m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-july-retail-sales-03-vs-02-mm-expected-20220819/“>UK July retail sales +0.3% vs -0.2% m/m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-june-current-account-balance-42-billion-vs-45-billion-prior-20220819/“>Eurozone June current account balance €4.2 billion vs -€4.5 billion prior</a></li></ul><p style=““ class=“text-align-justify“>Markets:</p><ul><li>USD and CHF lead, NZD lags on the day</li><li>European equities lower; S&P 500 futures down 0.9%</li><li>US 10-year yields up 6.3 bps to 2.943%</li><li>Gold down 0.4% to $1,752.08</li><li>WTI crude down 2.2% to $88.50</li><li>Bitcoin down 8.4% to $21,445</li></ul><p style=““ class=“text-align-justify“>The dollar refused to wait around in trading yesterday and with its push higher, it is triggering a broader reaction in markets today. The tail is wagging the dog as the dollar jump also sees Treasury yields push higher, vindicating the advance in USD/JPY firmly above 135.00 yesterday. The pair has extended gains to today and is now trading above 137.00 as things fall into place for the greenback.</p><p style=““ class=“text-align-justify“>10-year Treasury yields are finally ticking above its 100-day moving average after having furiously been kept below that for several weeks now. The mood is helped as inflation worries return after having seen a record jump in German producer prices earlier in the day.</p><p style=““ class=“text-align-justify“>Meanwhile, equities are looking fragile as European indices slumped while US futures extended its early decline into a heavier drop at the moment ahead of North America trading.</p><p style=““ class=“text-align-justify“>With China also seeking to weaken the yuan, the dollar is in a good spot against the major currencies bloc. EUR/USD extended its fall from 1.0070 to 1.0050 while GBP/USD slumped heavily from 1.1910 to 1.1820 on the session. As risk trades falter, USD/CAD pulled higher from 1.2960 to 1.3000 and AUD/USD fell from 0.6915 to 0.6880 with the dollar staying firm across the board.</p><p style=““ class=“text-align-justify“>The technicals are also favouring the greenback at the moment and barring a shift in broader markets, the dollar looks poised to head into the weekend as king of the hill.</p>

This article was written by Justin Low at www.forexlive.com.

<p style=““ class=“text-align-justify“>The pair is down 0.4% on the day to 1.1878 at the moment and is poised for a third straight day of declines. The bounce higher after the US CPI data last week failed to breach the key trendline resistance (white line) and it has been one-way traffic since as the dollar recovers strongly through to this week.</p><p style=““ class=“text-align-justify“>On the pound side of the equation, we saw UK GDP suffer a contraction in Q2 and annual consumer inflation hitting a 40-year high above 10% in the past week. Retail sales data was slightly better today but it isn’t as much comfort as the economic outlook remains rather dire to say the least.</p><p style=““ class=“text-align-justify“>The BOE has a fine balancing act to do and odds are, if the data worsens further in the months ahead, there is every chance we could see the door slowly being shut for the central bank to tighten policy further.</p><p style=““ class=“text-align-justify“>Considering that both central banks already gave a formal message that we are in the second-half of the tightening cycle, the trade for cable is very much a case of who folds first? The Fed or the BOE? In this instance, it looks very much like the latter.</p><p style=““ class=“text-align-justify“>As such, the path of least resistance is for the pair to move lower – all else being equal. Now, with the dollar picking up steam across the board, the next test is 1.1800 and the year’s low at 1.1759.</p>

This article was written by Justin Low at www.forexlive.com.