Today the focus is on Bitcoin breaking $50K, transatlantic trade agreements, and Oils latest stroke of inspiration.
The ECB will publish its Account of Monetary Policy Meeting minutes. The meeting minutes will give insight into how the ECB sees the economic outlook for the bloc. EUR price action will follow ECB sentiment, if positive the EUR will receive an upward push and vice-versa.
Assets to trade: EUR/USD, EUR/JPY, EUR/NZD
US Crude Oil Inventories will be released. Forecast: -2.17M. If volumes are lower than expected oil assets could rise.
Assets to trade: Brent, Chevron, Exxon Mobil
Bitcoin charged to a record high on Wednesday, a day after the cryptocurrency vaulted the $50,000 hurdle. Affects Bitcoin
Treasury Secretary Janet Yellen stressed the importance of cooperation with the European Union in a call with the European Commission’s vice president for the economy, Valdis Dombrovskis, on Tuesday. Affects USD
European car registrations dropped in January, industry, as measures to restrict a second coronavirus wave hit sales in the region’s largest markets. Affects BMW
Oil prices rose on Wednesday, underpinned by a major supply disruption in the southern United States this week where a winter storm hit Texas. Affects Chevron
British house prices rose at the fastest rate in more than six years at the end of 2020, official figures showed on Wednesday. Affects GBP
Oil is poised to continue climbing with mishaps constraining supply in different areas. Texas production is frozen literally and figuratively, and the explosion involving 100 fuel tankers happened on the border of Afghanistan & Iran. These incidents have restricted supply at least in the short term.
The price gapped up on the news, and could push to new highs after filling some of the gap.
The pair has shown a Dragon Fly signal indicating that the upward trend will continue.
The German index has shown strength in its resistance level and the Three Outside Down formation indicates strength in the downtrend.