Today the focus is on OPEC+ production plans, jobs recovery in the US, big British finance moves.
The British Construction PMI report will be released. Forecast: 51.0. If the results are lower than predicted the GBP could receive a downward push.
Assets to trade: GBP/USD, GBP/NOK, GBP/SGD
US Initial Jobless Claims will be reported. Forecast: 750K. If the number of claims is lower than expected, the USD could receive a positive push.
Assets to trade: USD/NZD, EUR/USD, USD/JPY
OPEC and other oil producers are considering rolling over production cuts into April instead of raising output as oil demand recovery remains fragile due to the coronavirus. Affects Brent
Brazil’s economy shrank last year by 4.1% amid the pandemic. Affects ETF MSCI Brazil 2x
Finance minister Rishi Sunak announced a costly extension of his emergency aid programs to see Britain’s economy through its current coronavirus lockdown but announced a tax hike for many businesses as he began to focus on fixing the public finances. Affects GBP
US private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed despite the nation’s improving public health picture. Affects S&P 500
Britain will modernize its listing rules to attract more high-growth companies and so-called blank cheque flotations, Finance Minister Rishi Sunak said. Affects FTSE 100
London has been falling out of the trading spotlight since its divorce from the EU. To curb this finance minister Rishi Sunak announced his big plans to right the economy, including changing listing rules to attract emerging companies.
The index is trading in a Pennant with lower highs and higher lows and will break from this channel soon.
The chart shows a Three Outside Down pattern indicating a downtrend but, it won’t likely pass through its support around 3810.
The pair will likely test its support level around 116.1.