Today the focus is on the upcoming speech of US President Joe Biden before Congress, record quarterly profit for Google, and the EU Parliament backing a new UK trade deal.
Destatis releases its monthly German Unemployment Change. Forecast: -10K. If the results are lower than forecast the EUR could receive negative pressure.
Assets to trade: EUR/USD, EUR/CAD, EUR/GBP
The US Department of Labor releases its weekly Initial Jobless Claims measurement. Forecast: 549K. If the results are higher than forecast the USD could receive a negative push.
Assets to trade: USD/JPY, USD/CHF, AUD/USD
Alphabet, a Google parent company, reported record profit for the second consecutive quarter but warns that surge in usage and ad sales may end once pandemic recedes. Affects Google
The US President Joe Biden is supposed to unveil an ambitious investment plan in his first joint speech to Congress today. Affects Dow Jones
While Microsoft exceeds expectations in its earnings report, its shares dip as investors are skeptical about long-term profit. Affects Microsoft
Starbucks shares drop as the company missed its quarterly sales forecast. Affects Starbucks
The European Parliament has overwhelmingly backed the post-Brexit trade deal with the UK, despite being distrustful of its government. Affects GBP
Google had a profitable year as pandemic forced many businesses to appear digitally and to use online marketing. Its share prices rose significantly, and so did its revenue. At the same time, this rise could be temporary as the world returns to its pre-Covid routine.
We can see a sharp dive followed by a price correction and a steady slip. We believe that Google will continue to steeply fall today before reaching a new support level.
Gold price keeps moving downwards, and we expect this trend to continue for today, possibly reaching a price of 1,765.
We can see high volatility in this pair’s movement, directed downward. We expect this to continue in the short term, possibly reaching yesterday’s support level.