News, Trends, & Analytics 30.10.2020

Today, the focus is on Moderna’s pledges to begin vaccine production, Tesla’s plans to expand its service center network, and a scenario for rescuing oil companies.

 

Calendar

12:30 UTC

Canadian GDP data for August 2020 will be released. Forecast: 0.9% growth. If the real data is higher, the CAD will rise.

Assets to trade: USD/CAD, EUR/CAD


23:30 UTC

The updated sentiment index of large non-manufacturing Japanese companies from Tankan will be released. If the new data is above 0, the JPY may strengthen.

Assets to trade: USD/JPY, EUR/JPY

 

News

Hints are expected from the ECB to ease monetary policy in December. Affects EUR


Moderna has announced plans to launch the global production of the COVID-19 vaccine. Affects the S&P 500


Oil companies can massively raise dividends to stay afloat. Affects Chevron


France launches a general self-isolation regime, and Germany is preparing to take a similar step. Affects EUR


Tesla has announced plans to open 52 service centers in 2021. Affects Tesla

 

Technical Analysis

Chevron

The oil companies are having a very difficult time. It’s not only the low cost of oil, but also the low demand for it. In addition, countries may repeat the spring scenario of total closure to overcome the second wave of COVID-19. In such conditions, oilmen want to keep investors and do it by any means, for example, pay good dividends. Shell raised payments by 4%.

Chevron announced plans to pay $1.29 per share, which could also have a positive impact on the stock. In addition, the asset’s chart on the weekly timeframe has formed a bullish convergence.

EUR/CHF

A short-term uptrend to a downtrend resistance level can be expected for the currency pair.

USD/CAD

The asset may meet resistance at 1.34000.

 

USD/CAD on this day in history

  • Since 2000, October 30th has been a trading day 14 times.
  • On 50% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.59%.
  • The downward trend was limited to 1.89%.

Risk warning:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.

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