Today the focus is on Bitcoin continuing to soar, eurozone estimates vs reality, and a story of Oil & Snow.
The British CPI (YoY) for January will be released. Forecast: 0.6%. If the result is lower than expected the GBP could receive a negative push.
Assets to trade: GBP/USD, GBP/JPY, GBP/CHF
The ECB’s monetary statement will be announced. This event could turn the tide of sentiment for the EUR.
Assets to trade: EUR/JPY, EUR/AUD, EUR/NZD
US Retail Sales (MoM) for January will be reported. Forecast: 1.1%. If the results are lower than expected, the USD could receive a negative push.
Assets to trade: USD/JPY, USD/AUD, EUR/USD
Oil prices hovered near 13-month highs on Tuesday, supported by a cold snap that shut wells in the biggest U.S. producing state Texas. Affects Brent
Bitcoin rose above $50,000 on Tuesday to a new record high, building on a rally fuelled by signs that the world’s biggest cryptocurrency is gaining acceptance amongst mainstream investors. Affects Bitcoin
The eurozone gross domestic product fell less than initially estimated in the last quarter of 2020 and employment edged higher against the previous three months despite pandemic lockdowns. Affects EUR
Amazon.com Inc will start making its TV streaming device in India this year via a unit of Taiwanese contract manufacturer Foxconn, the U.S. online retail giant said on Tuesday. Affects Amazon
European countries could experience a “tremendous acceleration of growth” in the summer, as vaccinations are stepped up says Dutch Finance Minister Wopke Hoekstra. Affects DAX
Snow and ice have frozen and paralyzed much of the US including the oil production powerhouse that is Texas. Though this did help boost prices, Norway cut a deal to ensure that the euro bloc will not experience significant delays in supply.
Brent is currently trading in a channel, and will test both boundaries.
Quotes have been trending down, and the Bearish Engulfing signal shows a strong bearish trend.
Prices continue to test the support level around 118, this strong downtrend could stop there.