Analytics

News, Trends, & Analytics 02.10.2020

London-Brussels: Progress or Step Backward?

Today, the focus is on the decline in manufacturing activity in Germany, an increase in the number of COVID-19 cases, as well as the feuds between the EU and the UK.

 

Calendar

12:30 UTC

A report on the change in the number of people employed in the US nonfarm sector will be released. Forecast: 850 thousand. If the real data turns out to be higher, the USD may receive a positive market reaction.

Assets to trade: USD/CAD, EUR/USD

 

News

Manufacturing activity in Germany is slightly below the forecast. Affects EUR


Cyprus demands the EU to impose sanctions on Turkey. Affects TRY


The UK announces progress in trade negotiations with the EU. Affects FTSE 100


The number of COVID-19 cases continues to increase. Affects Brent


Brussels is suing London over Brexit violation. Affects GBP

 

Technical Analysis

GBP/USD

Michael Gove, the head of the British delegation in negotiations with the EU, said that some progress had been made in the discussion of the future trade relations. Meanwhile, it became known that Brussels had filed a lawsuit against London for violating the terms of the Brexit deal. The current situation may have a negative impact on the GBP.

Nevertheless, the chart of the currency pair formed a kind of an inverted “head and shoulders” pattern, which indicates that the British currency is likely to strengthen.

CHF/JPY

The asset has consolidated above the support level of 114,000, so the asset is quite likely to grow.

EUR/AUD

If the quotes drop below 1.63250, the currency pair might move towards 1.61400.

 

EUR/AUD on this day in history

  • Since 2000, October 2nd has been a trading day 15 times.
  • On 73% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.15%.
  • The downward trend was limited to 1.41%.
Related posts
Analytics

News, Trends & Analytics 12.08.2020

The US markets are being driven by recent initiatives by the Trump administration including more assistance to workers and a payroll tax holiday to ease pressure on...
© 2014 - 2020 Olymp Trade. All Rights Reserved.