Analytics

News, Trends, & Analytics 01.07.2021

Shaky European Recovery

Today the focus is on US mortgages, British partnerships, and EU recovery.

 

Calendar

7:55 UTC

The German Manufacturing PMI for June will be released. Forecast: 64.9. If the results are below the forecast the EUR could receive negative pressure.

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


8:30 UTC

The British Manufacturing PMI for June will be reported. Forecast: 64.2. If the data is lower than predicted the GBP could receive a negative push.

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


12:30 UTC

The US Initial Jobless Claims will be announced. Forecast: 390K. If the results are lower than expected the USD could receive a push upward.

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


14:00 UTC

The US ISM Manufacturing PMI for June will be released. Forecast: 61.0. If the result is lower than expected the USD could receive negative pressure.

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

 

News

The European Commission on Wednesday proposed beefing up product safety and consumer credit rules for consumers, prompted by the surge in online shopping by people during COVID-19 lockdowns and the increasing digitalization of everyday life. Affects EUR


U.S. applications for home mortgages decreased by the most in almost five months driven by sharp declines in refinancing activity and purchase applications. Affects USD


Britain said on Wednesday it had agreed to a partnership for financial services with Singapore as part of its push for post-Brexit trade and investment deals. Affects GBP


Banks in the European Union became significantly more profitable in the first quarter of 2021 due to higher income from trading and as the burden of souring loans eased, the bloc’s banking watchdog said on Wednesday. Affects EUR


German unemployment fell further in June as more workers joined the labor market in light of a strong recovery in Europe’s largest economy helped by falling coronavirus infections and an easing of containment measures, data showed on Wednesday. Affects EUR

 

Technical Analysis

EUR/USD

The Eurozone economy has been slowly recovering from COVID restrictions, as the German powerhouse leads the way. But the US has also been recovering quickly even in the face of labor shortages.

The pair is testing the support level around 1.186, but may not have the momentum to break through it.

CAD/CHF

The pair has shown a Bullish Engulfing pattern, and prices are testing the resistance level, the resistance levels strength may be waning.

Apple

The tech giant has risen to previous highs and is testing its resistance level, momentum may be strong enough to move past resistance.

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