Analytics

News, Trend, & Analytics 10.03.2021

US stimulus hopes are high

Today the focus is on Chinese funds and Bitcoin, an Apple lawsuit in France, and the light at the end of the US Pandemic Tunnel.

 

Calendar

13:30 UTC

The US Core CPI Consumer Price Index (MoM) for Feb. will be released. Forecast: 0.2%. If the results are higher than predicted, the USD could receive a positive push.

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


15:00 UTC

The Bank of Canada will announce its interest rate decision. Forecast: 0.25%. If lower than forecast the CAD could receive a negative push.

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


15:30 UTC

US Crude Oil Inventories will be reported. Forecast: -0.833M. If the amount stored is lower than expected oil prices could rise.

Assets to trade: Brent, Chevron, Exxon Mobil

 

News

The global economic outlook has brightened as COVID-19 vaccine rollouts speed up in the US and some other countries along with the United States’ vast new stimulus package. Affects USD


France’s leading startup lobby Digitale said in a statement it will file a complaint against iPhone maker Apple with data privacy watchdog CNIL on Tuesday over alleged breaches of European Union rules. Affects Apple


Bitcoin mania has fuelled a surge in fundraising by Chinese companies seeking to expand their cryptocurrency operations or move into the red-hot sector. Affects Bitcoin


France is not planning to put the Paris region into lockdown even though the number of people with COVID-19 in intensive care is at its highest since November. Affects EUR


European stocks moved higher on Tuesday, drawing momentum from a rise in U.S. stock futures as global bond yields pulled back. Affects Euro Stoxx 50

 

Technical Analysis

AUD/USD

The dollar has seen a recent positive injection thanks to President Biden’s 1.9 trillion-dollar stimulus package being delivered as early as the end of the week. Recent speculation of an economic surge has the USD trending upward against most currencies. However, it has not been enough to fend off the strengthening AUD.

The pair has reflected off the slowly rising support line, but this could just be a pullback from the previous downtrend.

Dow Jones

The index has continued to ride an upward trending support line and continues to climb while testing new highs at 32150.

Gold

The precious metal has been in a downtrend and has shown pullbacks in the past before continuing downward, this could be a pullback like the others.

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