Today the focus is on Tesla price cuts, Amazon’s pending investigation in India, and Facebook’s drama down under.
The UK Office for National Statistics will release its report about the change in total value of national retail sales. Forecast: 2.2%. If the results are higher than predicted, the GBP could rise.
Assets to trade: GBP/USD, GBP/AUD, GBP/CAD
Markit Economics will release its Germany PMI survey. Forecast: 56.5. If the results are higher than predicted, the EUR could rise.
Assets to trade: EUR/USD, EUR/AUD, EUR/JPY
The National Association of Realtors in the US will release its monthly report on Existing Home Sales. Forecast: -1.5%. If the results are better than forecasted, the USD could get a positive impact, and vice versa.
Assets to trade: EUR/USD, USD/JPY, AUD/USD
Tesla cuts prices on base variants of Model 3 and Model Y. Affects Tesla
US weekly jobless claims unexpectedly rose during the last week. Affects USD
India’s federal financial crime-fighting agency will examine findings in the Reuters report on Amazon. Affects Amazon
Australia slams Facebook for banning Australian outlets on the platform. Affects Facebook
Brent keeps rising while Texas tries to get the consequences of the cold snap under control. Affects Brent
With the rise in jobless claims, the freeze in Texas oil production, and other domestic problems, we can expect that the USD price will fall, at least in the short-term. At the same time, the EU and its powerhouse Germany look fresh, lending strength to the Euro.
We can see that the pair hit its new support level and could continue its recent bullish pattern again.
The current downtrend could just be the pull back to the larger uptrend.
It has tested its support level and reflected upward, but could hover around its support level.