Analytics

News, Trend, & Analytics 19.01.2021

European stimulus: too little, too late?

Today the focus is on the vandalizing of an iPhone factory, Tesla’s new milestone, and the ECB’s plan for zone stimulus.

 

Calendar

10:00 UTC

The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment Index will be released. Forecast at 60.0. A higher than forecast reading could give the EUR a positive push.

Assets to trade: EUR/USD, EUR/AUD, EUR/NZD 

 

News

The European Central Bank’s new stimulus package is expected to have little effect on the euro zone’s coronavirus-ravaged economy. Affects EUR


On Monday, the Bundesbank said the German economy is managing to stay afloat but could suffer a “sizeable setback” if coronavirus curbs are extended again. Affects EUR


Tesla has reportedly started delivering Shanghai produced Model Y crossovers in China, marking another milestone for the electric carmaker. Affects Tesla


An iPhone factory in India run by a Taiwanese manufacturer was vandalized over the weekend after workers claimed they were not being paid their wages, prompting an Apple investigation. Affects Apple


U.S. President-elect Joe Biden is planning to cancel the permit for the $9 billion Keystone XL pipeline project as one of his first acts in office. Affects Brent

 

Technical Analysis

EUR/AUD

COVID-19 has hit the Euro-zone hard, as Germany’s slowed economic growth has shown. Fears mount among economists that the ECB’s stimulus package may not be enough to help the economy recover.

The pair’s 1-day chart shows a Three Outside Up reversal signal, though the may struggle to break through the downward resistance level.

NZD/JPY

This pair has created a new resistance level around 75.6 but has fallen below the previous resistance turned support level around 74, indicating the potential for a drop large drop.

Brent

After testing a new resistance level, prices reflected towards the upward support level, prices will likely push the upper boundary again soon.

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