News, Trends & Analytics 03.09.2020

Today, the focus is on Netflix’s entry into a new market, the antitrust investigation against Apple, and the decline in US black gold reserves.

 

Calendar

12:30 UTC

A report on the number of initial applications for unemployment benefits in the United States will be published. The indicator is forecast to decline to 950 thousand. If the real data turn out to be higher, the USD will come under pressure.

Asset to trade: USD/JPY, USD/CAD


14:00 UTC

ISM’s US Non-Manufacturing Purchasing Managers Index will be published. The indicator is expected to decrease to 57 points. If the real data turns out to be higher than the previous indicator of 58.1 points, the USD may rise.

Assets to trade: EUR/USD, AUD/USD

 

News

A decline in US crude oil inventories is pushing black gold growth. Affects Brent


US Treasury Secretary Stephen Mnuchin rejected House Speaker Nancy Pelosi’s proposal to allocate $2.2 trillion. to combat the consequences of the epidemic. Affects the S&P 500


AppStore will be checked for violations of German antitrust requirements. Impacts Apple


ADP’s US Nonfarm Payrolls report did not perform as well as expected. Affects USD


Netflix will enter the Russian market with full localization by the end of the year. Affects Netflix

 

Technical Analysis

Brent

Since June, low volatility has reigned on the oil market due to disciplined compliance with the OPEC + deal, as well as the gradual recovery of the global economy. The latest reports from the USA on the reduction of black gold reserves also supported the market.

From the point of view of technical analysis, growth is possible up to the level of 56.10. But to do this, the market must make sure that the COVID-19 epidemic is under control.

NZD/CAD

We believe that the asset can complete the process of forming a shape resembling a “head and shoulders”. For this reason, quotations are likely to rise to 0.90750.

GBP/JPY

The currency pair may be corrected within the boundaries of the ascending channel. A possible target is a range around 104.400.

 

GBP/JPY on this day in history

  • Since 2000, September 3rd has been a trading day 14 times.
  • On 42% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.84%.
  • The downward trend was limited to 1.73%

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