Analytics

News, Trends & Analytics 02.09.2020

Falling unemployment in Germany supports euro

Today, the focus is on Tesla’s plans, Trump’s growing chances of winning the presidential race, and positive economic statistics from Germany.

 

Calendar

12:15 UTC

The report on changes in the number of employees in the US nonfarm sector from the ADP will be published. The indicator is forecast to grow by 950 thousand. If the real data turn out to be higher or meet expectations, the USD exchange rate may strengthen.

Assets for trading: EUR/USD, USD/JPY


14:30 UTC

The report on changes in US crude oil reserves will be published. The indicator is expected to fall by 1 million barrels. If the volume of contraction exceeds the forecast, Brent may rise in price.

Assets for trading: Brent

 

News

Apple plans to produce 75 million iPhones in 2020. Affects Apple


In Germany, unemployment declined amid weak growth in manufacturing business activity. Affects EUR


JPMorgan believes Trump’s chances of winning the presidential race will grow. Affects S&P 500


The number of approved mortgages in the UK has reached the highest level in the last 5 months. Affects the FTSE 100


Tesla plans to sell shares worth up to $5 billion. Affects Tesla

 

Technical Analysis

EUR/USD

The latest published statistics from Germany recorded a decrease in the unemployment rate, as well as an increase in business activity in the country’s manufacturing sector. Positive news allowed the euro to pull ahead against the US dollar, however, rising unemployment in Italy and a decline in business activity in the Spanish manufacturing sector suggest a possible change in trend.

Technical analysis allows trend reversals as the chart has reached the upward trending resistance level.

CAD/CHF

The most likely scenario is a fall in the pair’s quotes within the ascending channel.

GBP/USD

Bears may activate in the 1 area, as this value is the highest price since April 2018.

 

GBP/USD on this day in history

  • Since 2000, Sept 2nd has been a trading day 13 times.
  • On 30% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0%.
  • The downward trend was limited to 1%.
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