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.



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



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


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.


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


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%.
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