Analytics

News, Trends, & Analytics 02.12.2020

Stabilizing the situation in the EU

Today, the focus is on ExxonMobil’s strategic plan, reducing unemployment in Germany, and the EU’s approval of a COVID-19 vaccine for emergency use.

 

Calendar

13:15 UTC

The ADP’s November Nonfarm Employment Change Report will be released. Forecast: growth by 410 thousand. Downward deviation will put negative pressure on USD.

Assets to trade: EUR/USD, USD/CAD


15:00 UTC

US Federal Reserve Chairman Jerome Powell will deliver a speech. The event may cause an increase in USD volatility.

Assets to trade: USD/CHF, USD/JPY


15:30 UTC

The report on changes in US crude oil reserves will be published. They are expected to reduce reserves by 2.272 million barrels. If the real data match the forecast, Brent will grow.

Assets to trade: Brent, ExxonMobil

 

News

ExxonMobil plans to double profits by 2027. Affects ExxonMobil


EU approves Pfizer and BioNTech COVID-19 vaccine. Affects DAX


OPEC+ may revise oil production quotas on December 3. Affects Brent


In Germany, the unemployment rate continues to decline. Affects EUR


The ECB admits an increase in the volume of the economic assistance fund to combat the consequences of COVID-19. Affects EUR

 

Technical Analysis

EUR/USD

Recent media reports suggest that the ECB’s economic aid fund may be revised upward next week. Not everyone agrees with this, but the market is already determined to receive a fresh money driver. Also on a positive note, the EU authorities have approved the use of the Pfizer COVID-19 vaccine in an emergency.

The technical analysis of the currency pair allows for a decline in quotes since the asset again failed to overcome the resistance level of 1.20000.

EUR/GBP

The chart of the currency pair is fixed above the downtrend level. The bullish trend may continue.

USD/CAD

On the daily chart, a Pin-Bar candlestick pattern has formed, which speaks of a developing upward trend.

USD/CAD on this day in history

  • Since 2000, December 2nd has been a trading day 13 times.
  • On 30% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.83%.
  • The downward trend was limited to 0.6%.
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