Analytics

News, Trend, & Analytics 07.05.2021

Britains Got Service

Today the focus is on Uber’s gig economy, electric car jobs, & Britains service industry.

 

Calendar

8:30 UTC

The British Construction PMI for April will be released. Forecast: 62.3. If the results are lower than forecast, the GBP could receive a negative push.

Assets to trade: GBP/USD, GBP/CAD, EUR/GBP


12:30 UTC

The US Unemployment Rate will be reported. Forecast: 5.8% If the data is lower than expected, the USD could see a positive push.

Assets to trade: USD/SGD, USD/CHF, AUD/USD


12:30 UTC

Canada’s Employment Change data will be reported. Forecast: -175.0K. If the data is lower than forecast, the CAD could receive a negative push.

Assets to trade: GBP/CAD, CAD/JPY, CAD/CHF


14:00 UTC

The Canadian Ivey PMI for April will be released. Forecast: 60.5. If the reading is higher than expected, the CAD could receive a positive push.

Assets to trade: GBP/CAD, CAD/JPY, CAD/CHF

 

News

The Biden administration on Wednesday blocked a Trump-era rule that would have made it easier to classify gig workers who work for companies like Uber and Lyft as independent contractors instead of employees, signaling a potential policy shift toward greater worker protections. Affects Uber


The electric car boom could cost the German auto industry more than 100,000 jobs in combustion engine production by 2025 if companies fail to beef up efforts to re-skill workers. Affects BMW


The Bank of England kept the scale of its stimulus program unchanged on Thursday as Britain’s economy shows signs of recovery from its coronavirus slump, helped by the country’s fast rollout of its COVID-19 vaccination program. Affects GBP


Britain’s services sector recorded its fastest growth in more than seven years last month as hospitality businesses and retailers began to reopen to the public after months of lockdown. Affects GBP


IBM introduced what it says is the world’s first 2-nanometer chipmaking technology that could be as much as 45% faster than the mainstream 7-nanometer chips in many of today’s laptops and phones and up to 75% more power-efficient, the company said. Affects IBM

 

Technical Analysis

GBP/NZD

The British pound has been propelled by the reopening of the economy. As jobs return and stimulus continues the future looks strong for the British economy and currency.

The pair is trending upward slowly with the trend line.

Gold

The precious metal is testing its latest resistance level.

Platinum

Prices are trading in a shrinking channel, expect prices to stay within this range.

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