Analytics

News, Trend, & Analytics 27.01.2021

Another Vaccine?

Today the focus is on new trade deals in the Pacific, the US’s new Treasury Secretary, & hopes of another vaccine on the horizon.

 

Calendar

13:30 UTC

US Core Durable Goods Orders (MoM) for December will be published. Forecast: 0.5%. A higher than forecast reading could mean a positive push for the USD.

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


15:30 UTC

US Crude Oil Inventories will be released. Forecast: 0.630M. If the amount of oil stored exceeds the forecast it will negatively impact the price of Oil.

Assets to trade: Brent, Chevron


19:00 UTC

The Federal Reserve will make its interest rate announcement. Forecast: 0.25%. If the rate is raised it can be taken as a positive sign for the USD.

Assets to trade: AUD/USD, USD/JPY

 

News

China and New Zealand signed a deal on Tuesday upgrading a free trade pact giving goods

from the Pacific nation greater access to the world’s second-largest economy. Affects NZD


Preliminary estimates show U.S. President Joe Biden’s proposed $1.9 trillion economic stimulus package could boost U.S. economic output by 5% over the next three years. Affects USD


Janet Yellen is officially the first woman to lead the U.S. Treasury and will begin to work with Congress on coronavirus relief, reviewing U.S. sanctions policy and strengthening financial regulation. Affects USD


Johnson & Johnson on Tuesday said it expected to report eagerly-awaited data on its COVID-19 vaccine early next week, and that it would be able to meet the delivery target for doses to countries with which it had signed supply agreements. Affects Dow Jones


U.S. stocks rose on Tuesday with the S&P 500 hitting another record high as positive earnings updates from a slew of companies. Affects S&P 500

 

Technical Analysis

Dow Jones

The Dow Jones is in the middle of earnings season and received some positive momentum on the companies like Johnson & Johnson and 3M that have reported better than expected earnings. Also, Johnson & Johnson expects to deliver its COVID vaccine results and claims to be prepared to honor its contracts which could influence the index’s prices.

The index is trading within a channel and is losing negative momentum, a trend to test the upper boundary is likely to start.

Tesla

The price has continued to test the resistance level around 900, and could push through if momentum holds.

Microsoft

Trading at recent highs, the price could continue to rise past its old resistance line at 233

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