Analytics

News, Trend, & Analytics 03.03.2021

German Strength on Display

Today the focus is on joblessness in Spain, Tesla in India, and German perseverance.

 

Calendar

9:30 UTC

The UK Composite PMI will be released. Forecast: 49.8. If the results are higher than expected the GBP could receive a positive push.

Assets to trade: GBP/USD, GBP/NOK, GBP/CHF


13:15 UTC

The US ADP Non-Farm Employment Change for Feb. will be reported. Forecast: 177K. If the data is lower than expected, the USD could receive a negative push.

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


15:30 UTC

US Crude Oil Inventories will be announced. Forecast: -1.850M. If the amount stored is higher than expected Oil prices could drop.

Assets to trade: Brent, Exxon Mobil, Chevron

 

News

The number of jobless people in Spain rose above 4 million for the first time in five years in February. Affects EUR


German exports to the United Kingdom fell by 30% on the year in January as the impact of Brexit turned Europe’s largest economy away from the UK. Affects GBP


India is ready to offer incentives to ensure Tesla’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country. Affects Tesla


Germany plans to extend its coronavirus lockdown until March 28 while easing some restrictions from next week. Affects DAX


Merck & Co Inc will help make rival Johnson & Johnson’s single-shot COVID-19 vaccine. Affects Johnson & Johnson

 

Technical Analysis

DAX

The premiere German index has seen a spike in price since the announcement of high manufacturing output. Though contrasted by decreased exports to the UK, orders from Asia, Europe, and the US seem to have offset the effects of Brexit.

The chart shows the price testing two-week highs around 14090.

S&P 500

Prices are in a slow downtrend and have tested the resistance level around 3900, and will likely bounce lower.

Silver

The precious metal is in a downtrend, though it is testing the strong downward resistance line, it will likely continue to fall.

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