Analytics

News, Trend, & Analytics 28.04.2021

Oil Cuts Are Ending

Today the focus is on the Federal Reserve’s policy meeting, tech shares earnings, and OPEC+ increasing oil production.

 

Calendar

01:30 UTC

Australian Bureau of Statistics will release its quarterly measure of Consumer Price Index. Forecast: 0.9%. If the results are lower than forecast the AUD could receive negative pressure.

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


12:30 UTC

The release of monthly Canada Core Retail Sales measurement. Forecast: 3.7%. If the results are higher than forecast the CAD could receive a positive push.

Assets to trade: EUR/CAD, CAD/CHF, CAD/JPY


14:30 UTC

The US Energy Information Administration releases its weekly Crude Oil Inventories report. Forecast: 0.375M. If the results are lower than forecast the Brent could receive a positive push.

Assets to trade: Brent

 

News

3M warns of higher costs as its usual supply chains are disrupted. Affects 3M


OPEC+ confirms its intention to ease oil output cuts from May, 1. Affects Brent


Tesla exceeds Wall St expectations for first-quarter revenue by a small margin, boosting its revenue with environment credits. Affects Tesla


The US dollar is trading above weekly lows as investors are waiting on the Federal Reserve’s policy meeting this week. Affects USD


As earnings reports focus investors’ attention on the tech companies, S&P 500 and NASDAQ open higher than usual. Affects NASDAQ

 

Technical Analysis

NASDAQ

As NASDAQ is an index containing a huge amount of big tech companies, it is particularly affected by the period when said companies release their performance reports, especially by the financial results reported by said companies.

We can see the sharp dive that will continue until the index returns to the pre-earnings levels, with small corrections along the way.

Brent

Brent currently moves upwards in a steady climb but shows signs of forming a new price channel in the near future.

EUR/CHF

This currency pair shows high volatility today, with sharp falls and rises, though the overall direction of the movement is visibly downward.

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