Today, the focus is on the growth of business activity in China, the stabilization of the oil market, as well as the intervention of the central bank of Norway.
China reported growth in business activity in the services sector. Affects AUD
Russia and the United States may begin to discuss stabilization in the oil market. Affects Brent
The UK GDP for 2019 coincided with forecasts and amounted to 1.1%. Affects GBP
Germany delayed budgeting for next year. Affects EUR
The central bank of Norway will increase daily purchases of crowns. Affects NOK
The European Union consumer price index will be published. Expert Forecast: 0.8%. Deviation downward will provoke sales of EUR.
The index of business activity in the manufacturing sector of the UK. It is forecasted to decrease to 47 points. If lower, GBP may receive a negative driver.
A report on the change in the number of employees in the US non-farm sector from ADP will be published. Experts expect a negative value of -150 thousand.
The index of business activity in the US manufacturing sector will be published. Forecast: 45 points. If the data turns out to be worse, the USD may lose value.
Weekly data on changes in US oil reserves will be released. Growth is projected at 4.3 million barrels. If this indicator is exceeded, Brent sellers will be activated.
Earlier, the Norwegian government voiced a forecast of a reduction in the country’s economy by 4% this year due to a pandemic. Now Norges Bank is taking decisive measures to maintain its currency. Earlier, the bank had already announced its intention to enter the foreign exchange market, and now the department is reporting an increase in the volume of purchases of crowns.
Against this background, the pair may continue to decline. The first target in this case is a round mark of 10.00.
Oil shows signs of recovery, as the asset yesterday added more than 15%. Now, the situation will depend on whether quotes can stay above the psychological level of 30. If not, new bearish goals will be conquered.
The European currency again began to lose against the US dollar. The asset chart has already broken through the base of the head and shoulders reversal pattern. The downward trend may continue.
USD/NOK on this day in history
- Since 2000, Apr 1st has been a trading day 13 times.
- On 33% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.76%.
- The downward trend was limited to 1.52%.