Today the focus is on oil sliding again, Uber workers in the UK, and US COVID-19 relief.
Calendar
12:00 UTC
The BoE will announce its Interest Rate Decision. Forecast: 0.10%. If the rate is raised it can be taken as a positive sign for the GBP.
Assets to trade: GBP/USD, GBP/NZD, GBP/USD
12:30 UTC
The US Initial Jobless Claims numbers will be released. Forecast: 700K. If the number is lower than predicted the USD could receive a positive push.
Assets to trade: AUD/USD, USD/JPY, USD/CHF
News
Following a UK Supreme Court defeat last month, the Silicon Valley-based company reclassified its more than 70,000 drivers in Britain as workers, meaning they are guaranteed entitlements such as holiday pay. Affects Uber
Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed U.S. crude stockpiles unexpectedly fell last week. Affects Brent
The U.S. House of Representatives on Tuesday overwhelmingly approved a 60-day extension, to May 31, of the Paycheck Protection Program that helps small businesses stay afloat during the coronavirus pandemic. Affects USD
The U.S. dollar firmed on Wednesday with 10-year Treasury yields close to 13-month highs ahead of a Federal Reserve policy meeting which shed some light on the timing of future rate hikes and the central bank’s tolerance for rising yields. Affects USD
Japanese exports fell much faster than expected in February as U.S. and China-bound shipments weakened. Affects JPY
Technical Analysis
EUR/USD
The USD has hit 13-month highs on the surge of stimulus payments to Americans and other COVID-19 relief measures. Compared to the stalling recovery in the EU as countries slow vaccine rollouts with concerns around AstraZeneca’s cocktail.
The pair has stopped falling and has tested and bounced upward off of a new support level around 1.1900, but it could just be a pullback.
DAX
The German index has been testing new highs but may trade along its resistance level around 14,560.2.
S&P 500
The American index has found a new resistance level and has reflected downward, but this could be a pullback before new highs.
