Analytics

News, Trend, & Analytics 04.03.2021

Britain is taking strides

Today the focus is on OPEC+ production plans, jobs recovery in the US, big British finance moves.

 

Calendar

9:30 UTC

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


13:30 UTC

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

 

News

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

 

Technical Analysis

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.

S&P 500

The chart shows a Three Outside Down pattern indicating a downtrend but, it won’t likely pass through its support around 3810.

CHF/JPY

The pair will likely test its support level around 116.1.

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