Today the focus is on China’s willingness to negotiate with the US, Exxon Mobil’s land sale, and the Eurozone’s trade.
The US GDP (QoQ) Q4 will be released. Forecast: 4.2%. If the results are lower than expected, the USD could receive some negative pressure.
Assets to trade: USD/SGD, USD/CHF, EUR/USD
The US Initial Jobless Claims report will be published. Forecast: 838K. If reports are below the forecast, the USD could see a positive push.
Assets to trade: USD/JPY, USD/NOK, EUR/USD
China is ready to enhance exchanges with the United States on the trade and economic fronts, as is the new US trade czar. Affects S&P 500
Oil prices edged higher on Wednesday amid continued outages in the United States and a weaker dollar. Affects USD
A senior official said European Union countries must ensure travel and border restrictions imposed to prevent the spread of new coronavirus variants do not hurt trade in goods and services in the bloc’s single market. Affects EUR
The Federal Aviation Administration said on Tuesday it was ordering immediate inspections of Boeing 777 planes with Pratt & Whitney PW4000 engines before further flights after an engine failed on a United flight on Saturday. Affects Boeing
Exxon Mobil Corp (XOM.N) said on Wednesday it would sell its non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision for more than $1 billion. Affects Exxon Mobil
The eurozone continues to deal with the COVID-19 pandemic with various forms of lockdown, but trade shall remain unimpeded. This should continue to propel the EUR higher against the Yen.
The pair is in a blatant uptrend and should continue to test new highs.
Having tested its resistance level around 5800, it is bouncing down, but should not be expected to travel far before testing it again.
The precious metal has been in decline, and the Three Outside Down pattern shows it will continue.