Today the focus is on steadying oil prices, falling Boeing orders, and Tesla’s recall.
The ECB Monetary Policy Statement will be made. The statement will influence investor sentiment toward the EUR.
Assets to trade: EUR/USD, EUR/NZD
The British Composite PMI will be published. Forecast: 40.6. If the reading is below the forecast, the GBP could receive a negative impulse.
Assets to trade: GBP/USD, GBP/CHF, GBP/EUR
US Crude Oil Inventories will be announced. Forecast: 0.367M. If the amount in storage is below the forecast, it could be a positive impulse for Oil assets.
Assets to trade: Brent, Chevron, Exxon Mobil
Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday. Affects Alibaba
Oil prices rose more than 2% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments. Affects Chevron
Tesla Inc has agreed to recall 134,951 Model S and Model X vehicles with touchscreen displays that could fail after U.S. auto safety regulators sought the recall last month. Affects Tesla
Boeing Co said that 118 orders for its 777X widebody plane under development are no longer seen as firm, leaving it with 191 solid orders for the model. Affects Boeing
GameStop shares sank on Tuesday and a silver buying spree led by small investors subsided as a Reddit-driven trading frenzy started to show signs of fizzling out. Affects Silver
This touchscreen-based recall does not bode well for Tesla. There is mounting competition from around the world to dethrone the leading e-car manufacturer and shots like this at Tesla’s reputation and stall or drop prices.
Tesla’s chart shows the price has floated around 860, using it as both a support and resistance level. Momentum will probably trend downward away from the line.
Recently falling below support level the pair could continue to drop.
Testing resistance at 5570, momentum suggests it will pass above it.