Analytics

News, Trends, & Analytics 03.07.2020

Will there be a new oil war?

Today, the focus is on rising EU unemployment, the end of Boeing certification flights, and the threat to Saudi Arabia.

 

News

The May report showed rising unemployment in the European Union. Affects EUR


Saudi Arabia threatens OPEC+ countries with a new oil war. Affects Brent


Chinese Foreign Ministry Warns UK on Implications for Asylum to Hong Kong Citizens Affects FTSE 100


Boeing has completed certification flights for the MAX model. Affects Boeing


The German Chancellor announced progress in trade negotiations between London and Brussels. Affects GBP

 

Calendar

08:30 GMT

The U.K.’s PMI Composite Index will be published. The forecast is 47.6 points. If the real data is lower, GBP may weaken.

 

Technical Analysis

Brent

Saudi Arabia threatened OPEC+ countries with a new oil war if they do not comply with the terms of the latest deal. A number of countries, including Iraq, violated the terms of the agreement to reduce oil production.

Against this background, oil prices may begin to decline. In addition, the resumption of growth in the number of cases of COVID-19 in several U.S. states is also becoming a negative driver.

AUD/CAD

The currency pair again approached the resistance level of 0.94200, which creates suitable conditions for asset sales.

GBP/CAD

The asset’s chart has formed a Double Bottom reversal pattern. A scenario of long-term growth toward 1.76500 is possible.

 

GBP/CAD on this day in history

  • Since 2000, July 3rd has been a trading day 14 times.
  • On 42% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.43%.
  • The downward trend was limited to 0.89%.
Related posts
Analytics

Weekly News 11.11—15.11.2019

Introducing the most complete review of the upcoming week from analysts Olymp Trade It included both the news of the economic calendar and the world events that in one way or...
Analytics

News, Trends, & Analysis 09.08.2019

After a major collapse in oil prices, the oil-exporting countries (OPEC) are expected to reduce production volumes If this does not happen, prices may fall...
© 2014 - 2020 Olymp Trade. All Rights Reserved.