Industry producer prices dropped in May, Facebook owes Germany 2 million euros, & Does Britain have enough to survive a no deal exit?
The Eurozone industrial producer prices were down in May from April, dragged down by a drop in energy prices. Affects the EUR
Iranian prosecutors are seeking the death penalty for several suspects arrested last year for spying for the United States, as tensions rise with Washington over Tehran’s nuclear program. Affects Brent
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, to prop up the price of crude as the global economy weakens and U.S. production soars. Affects Brent
Britain would need to spend all its existing, 27 billion-pound ($34 billion) “fiscal headroom,” and more to offset the impact on the economy of a no-deal Brexit warned finance minister Philip Hammond. Affects GBP
German authorities have fined Facebook (FB.O) 2 million euros ($2.3 million) for under-reporting complaints about illegal content in breach of the country’s law on internet transparency. Affects Facebook
Britain’s Services PMI will be released. The PMI is an indicator of the strength of the British economy. Affects the pound.
The U.S. ADP Nonfarm Employment Change will be published. This report reflects the U.S. job market. Affects the dollar.
The USA’s ISM Non-Manufacturing PMI will be reported. This index reflects the U.S. market and could affect the USD.
U.S. Crude Oil Inventories will be released. The recently high oil prices may be affected by this report. Affects Brent.
Investors are reluctant to invest before U.S. Independence Day, so OPEC decision did not have much of an impact.
The MACD for Brent’s chart has a bearish divergence, signaling a downtrend.
Its chart has shown a Flag pattern indicating the beginning of a sell-off. Watch for the price to break through the lower boundary of the figure.
This asset has two reasons to be sold. First, is the breakdown of the trendline. Second, the downward pennant pattern approaching the border.
Brent on this day in history
- Since 2000, July 3, has been a trading day 14 times.
- On 60% of cases on those days the asset finished with growth.
- The maximum reinforcement range was 3.67%.
- The downtrends were limited to 2.82%.