Today the focus is on a new cryptocurrency index, a high US trade deficit, and the announcement of a new trade deal between India and the UK.
The US Institute of Supply Management releases its Non-Manufacturing Purchasing Managers Index. Forecast: 64.3. If the data is lower than forecast, the USD could be negatively impacted.
Assets to trade: EUR/USD, USD/JPY, USD/CHF
The weekly US Crude Oil Inventories measurement is released. Forecast: -2.191M. If the data is lower than forecast, Brent could get a positive push.
Assets to trade: Brent
The US trade deficit hits a record high as its economy recovers faster than its partners’. Affects Dow Jones
NASDAQ is under pressure as investors keep moving out of big tech stocks into companies set to profit from the reopening of the global economy. Affects NASDAQ
The S&P Dow Jones Indices launched a new cryptocurrency index, further bringing Ethereum and Bitcoin to Wall Street. Affects Bitcoin
Goldman Sachs readies its US workers for the return to offices in June as the country reopens after COVID-19. Affects Goldman Sachs
A British trade minister Liz Truss has announced that UK and India will start full trade deal negotiations in autumn. Affects GBP
As investor’s attention keeps shifting from the big tech stocks, NASDAQ keeps its sharp fall. We expect this trend to continue until a new support level is found, where it will stabilize.
The index continues its fall; expect it to fall below the level of 13,400 today.
Bitcoin continues its downward trend, and we expect it to dip below 53,300 before it comes to its new support level.
The pair is currently in a correction, recouping its recent fall. Expect it to reach a new resistance level of 109.4 before diving again.