News, Trend, & Analytics 02.03.2021

Today the focus is on the impending US stimulus bill, new vaccine approvals, and European manufacturing.

 

Calendar

8:55 UTC

The German Unemployment Change for Feb. will be reported. Forecast: -13K. If the results are lower than forecast the EUR could receive a negative push.

Assets to trade: EUR/CHF, EUR/USD, EUR/JPY


10:00 UTC

The Eurozone Consumer Price Index (CPI) YoY for Feb. will be released. Forecast: 0.9%. If the results are lower than forecast the EUR could receive a negative push.

Assets to trade: EUR/CHF, GBP/EUR, EUR/NZD


13:30 UTC

The Canadian GDP (MoM) for Dec. will be reported. Forecast: 0.3%. If the data comes in below the mark, the CAD could receive a negative bump.

Assets to trade: USD/CAD, CAD/JPY, CAD/AUD

 

News

French manufacturing activity expanded at a faster rate in February, as output and new orders rose in the euro zone’s second-biggest economy. Affects EUR


Higher demand from China, the United States, and Europe drove growth in German factory activity to its highest level in more than three years in February, brightening the outlook for Europe’s largest economy. Affects EUR


U.S. Democrats are anxious for Congress to pass President Joe Biden’s top priority $1.9 trillion coronavirus relief bill – in the next two weeks. Affects USD


Johnson & Johnson rose 1.8% as it began shipping its single-dose shot vaccine after it became the third authorized COVID-19 vaccine in the United States over the weekend. Affects Johnson & Johnson


British manufacturers reported their slowest output growth since May last month, hit by Brexit and COVID-19-related delays, and consumers cut back heavily on borrowing in January as they returned to lockdown. Affects GBP

 

Technical Analysis

EUR/CAD

The Eurozone has seen some recent good news around manufacturing in the top two economies in the bloc. Though increased output has been recorded the news has not influenced prices yet. This may not be enough to bring the pair out of its downtrend.

The pair is in a long-standing downtrend and could test its support level around 1.5210.

Dow Jones

The US index has tested its old support level and bounced back up.

Baidu

Having recently tested its upward support line quotes have stepped higher, back in line with the trend.


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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