Analytics

News, Trend, & Analytics 21.05.2021

Oil Slips

Today the focus is on Japanese exports, falling US jobless claims, and dropping oil.

 

Calendar

7:30 UTC

The German Manufacturing PMI for May will be released. Forecast: 65.9. If the data is lower than expected the EUR could receive a negative push.

Assets to trade: DAX, EUR/CHF, EUR/USD


8:30 UTC

The British Composite PMI for May will be published. Forecast: 60.0. If the results are higher than forecast, the GBP could receive positive pressure.

Assets to trade: GBP/USD, GBP/CHF, GBP/NOK


12:30 UTC

The Canadian Core Retail Sales (MoM) for March will be announced. Forecast: 2.2%. If the data is higher than expected the CAD could receive a positive push.

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


14:00 UTC

US Existing Home Sales data for April will be released. Forecast: 6.09M. If the data is lower than expected the USD may receive negative pressure.

Assets to trade: USD/NOK, USD/NZD, USD/MXN

 

News

British manufacturers reported the fastest growth in orders since December 2017 in May but fear supply-chain bottlenecks will cause their costs to rise sharply, according to a survey which adds to signs of a rebound for factories. Affects GBP


Oil prices were on course for a third day of losses on Thursday after diplomats said progress was made towards a deal to lift sanctions on Iran, which could boost crude supply. Affects Brent


Japan’s exports grew the most since 2010 in April while capital spending perked up on surging global demand for cars and electronics, lifting hopes that an improvement in trade could help lead the world’s third-largest economy back to growth. Affects JPY


Eurozone inflation accelerated as expected in April because of a sharp rise in the costs of energy and services. Affects EUR


The number of Americans filing new claims for unemployment benefits dropped further below 500,000 this week, suggesting job growth continued to pick up this month, though companies still are desperate for workers. Affects USD

 

Technical Analysis

Brent

The Crude oil firm is in the middle of a price war it has little control over. As supply slowly returns to the South Eastern US, carmakers are pledging more electric vehicles, and countries are looking to reopen trade with Iran, the black gold market tumbles with uncertainty ahead.

Prices are testing the support level around 65.04, the Three Black Crows pattern could mean the current downtrend is strong enough to break through.

Copper

The metal’s price continues to fall and is testing its support level around 4.54, though momentum may not carry prices lower.

Netflix

The company is trading in a channel, but prices are testing the middle resistance level.

Related posts
Analytics

News, Trends, Analytics 13.08.2020

Russian President Vladimir Putin announced the approval of a vaccine for the Covid-19 virus developed by the same labs that developed vaccines for Ebola and Mers.
Analytics

Weekly News 22.07—26.07.2019

Introducing the most complete review of the upcoming week from analysts Olymp Trade. It included both the news of the economic calendar and the world events that in one way or...