Shares of the world’s largest chipmaker, Intel (NASDAQ: INTC) jumped almost 8% on Friday after the company reported a surprise second-quarter profit. The earnings growth was supported by the sales of AI-related chips and the improvement in the PC market.
Global stocks and precious metals started the new week mixed as investors continued to bet on further Federal Reserve tightening. Moving ahead, the markets have a lot of economic data to digest this week which includes the Eurozone inflation and Friday’s July Non-farm payrolls (NFP).
EURJPY failed to close above the June peak of 158 on the second attempt forming a double top. Since the start of this week, the currency pair experienced a pullback after the Euro extended the decline. Moving ahead, European Central Bank and Bank of Japan meetings are the main important events to watch for EURJPY traders this week.
It's undoubtedly a huge week ahead and all eyes will be turning to the FOMC, BOJ and ECB meetings.
Federal Reserve monetary policy decision: Wednesday, July 26
European Central Bank policy meeting: Thursday, July 27
Bank of Japan policy meeting: Friday, July 28
The key focus, however, will remain on the most anticipated Federal Reserve’s interest rate decision.
India and the UAE signed an agreement enabling the settlement of bilateral trade in rupees and dirhams instead of dollars. "This is a very important aspect of India-UAE cooperation. It paves the way for enhanced economic collaboration and will make international financial interactions simpler," - Indian Prime Minister Narendra Modi said.