📅 Monday, July 21

No major economic data is scheduled to kick off the week. Markets will continue to monitor developments around trade negotiations and any shifts in U.S. tariff rhetoric or cross-border responses.

📅 Tuesday, July 22

• Fed Chair Powell Speaks

Chair Jerome Powell is scheduled to speak ahead of the Federal Reserve’s July 30 FOMC meeting. With the Fed entering its blackout period, Powell is unlikely to comment on monetary policy directly. However, markets will still parse his remarks carefully for any implicit tone shifts or macroeconomic assessments.

📅 Wednesday, July 23

• US Existing Home Sales

Existing home sales for June are expected to be broadly flat, with a slight possibility of a modest uptick between 0% and 1%, keeping the annualized pace near 4.0–4.1 million units.

Given the fragile state of housing demand amid high mortgage rates, any deviation from expectations, especially in the context of consumer sentiment, could influence the markets.

📅 Thursday, July 24

• Flash Manufacturing PMIs (Germany, Eurozone, United States)

Markets will be closely watching flash PMI data for early signals of manufacturing momentum or contraction:

• • Germany: Expected PMI of 49.4, up from 49.0 — tentative stabilization.
• • Eurozone: Projected at 49.7 — persistent softness offset by Germany’s strength.
• • United States: S&P Global flash PMI likely above 50 after June’s 52.9 — showing domestic demand resilience.

• ECB Interest Decision

The European Central Bank is widely expected to hold rates steady. Having already cut rates eight times since 2024, the ECB appears to be entering a pause phase.

While a rate cut is off the table this month, markets will closely follow President Christine Lagarde’s press conference for forward guidance, particularly on the likelihood of a further cut in September.

Key themes to watch:

• • The ECB’s assessment of the euro’s recent strength and its disinflationary impact
• • Geopolitical risks stemming from ongoing trade tensions with the United States
• • Signals regarding the bank’s data-dependent path and policy flexibility going forward

📅 Friday, July 25

• US Core Durable Goods Orders

Following a stronger-than-expected 0.5% rise in June, expectations are for a more muted 0.1% increase in core capital goods orders for July.

The data will offer a pulse check on private sector investment and business equipment spending. A softer print may suggest cooling momentum, while a surprise to the upside could reinforce confidence in economic activity.

• U.S. Earnings in Focus

Corporate earnings begin to take center stage, with a heavier flow of results expected this week. Among the key names:

• • Alphabet (GOOGL)
• • Tesla (TSLA)
• • Intel (INTC)

Markets will be watching closely not only for earnings beats or misses, but also for forward guidance, margin trends, capex outlooks, persistent inflationary pressures, and shifting global demand patterns.

📊 Technical Outlook

• Meta

The daily chart suggests the possibility of a double top formation, with the recent rejection near all-time highs drawing attention. Since that peak, the stock has been moving lower in a manner that aligns with typical post-pattern behavior, hinting at a shift in short-term sentiment.

While the broader trend remains intact for now, the inability to reclaim the upper range keeps the bias tilted toward the downside. A decisive move above 740 would challenge that view and potentially negate the formation.

• AUDUSD

The pair’s recent bullish momentum appears to have lost steam, with last week’s price action forming a bearish candle on the weekly timeframe. Notably, this hesitation has occurred right around the 61.8% Fibonacci retracement level, often seen as a key inflection zone.

Unless the pair can reclaim ground and close firmly above the 0.6590 mark on a weekly basis, the current setup may continue to lean cautiously to the downside. A break above that level would call into question the bearish bias and shift the technical focus.

• GBPJPY

Price is once again approaching the 200 zone, a level that has acted as firm resistance on multiple occasions, most notably in July and October 2024. With the pair now retesting this region, it becomes a key area to watch for signs of trend reversal or continuation.

On the downside, 198 stands out as a pivotal level. A sustained move below would raise questions about the durability of the uptrend that’s been in place since April 2025. Conversely, a break above 201 would mark a significant technical development and could open the door for further upside continuation.

📝 Disclaimer

This material is intended for informational purposes only and does not constitute investment advice. Trading in financial markets involves risk. Please ensure you fully understand the risks involved and seek independent advice if necessary.