Analytics

News, Trend, & Analytics 25.03.2021

Tanker Traffic Jam

Today the focus is on new borrowing records, raising salaries, and tanker traffic blockage.

 

Calendar

8:30 UTC

The Swiss National Bank will release its interest rate decision. Previous: -0.75%. If the rate is higher than before the CHF could receive a positive push.

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


9:30 UTC

The Bank of England’s Gov. Bailey will speak. Investors will be watching for clues of the bank’s coming decisions.

Assets to trade: GBP/EUR, GBP/NZD, AUD/GBP


9:30 UTC

The European Central Bank president Lagarde will speak. Investors will be watching for clues of the bank’s coming decisions.

Assets to trade: EUR/USD, EUR/NOK, EUR/SGD


12:30 UTC

US GDP (QoQ) (Q4) will be released. Forecast: 4.1%. If the data are lower than is expected the USD could receive a negative push.

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


12:30 UTC

US Initial Jobless Claims will be announced. Forecast: 730K. If results are lower than predicted the USD could receive a positive push.

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

 

News

German Chancellor Angela Merkel’s cabinet approved a debt-financed supplementary budget of 60 billion euros ($71 billion) which will lift new borrowing to a record high of more than 240 billion euros this year. Affects EUR


Ten tankers carrying 13 million barrels of crude could be affected after a container ship ran aground in the Suez Canal, blocking vessels passing through. Affects Brent


 

Japanese Finance Minister Taro Aso said on Wednesday it was hard to reenergize the economy with monetary easing alone, calling on companies to help out by raising salaries for employees. Affects JPY


UK Composite Purchasing Managers’ Index (PMI) rose to a seven-month high of 56.6 in March from 49.6 in February. A Reuters poll of economists had forecast a reading of 51.1. Affects GBP


Eurozone business activity unexpectedly grew this month, but with much of Europe suffering a third wave of coronavirus infections and renewed lockdown measures, the spike may not last through April. Affects EUR

 

Technical Analysis

Brent

The container ship blocking 13 million barrels of crude could lead to price increases as supply is pinched. However, this news attempts to combat the third wave of COVID-19 hitting much of the world putting a damper on prices.

Prices had fallen to the support level around 60.47 and bounced back upward, but may not be enough to end the downtrend.

Asia Composite Index

Prices tested the new support level, reflecting upward to regain losses.

Hang Seng Index

Quotes continue to fall and could drop to previous support levels around 27252 or even lower to 26117.

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