Analytics

News, Trends, & Analytics 03.09.2021

Euro Sees Highs

Today the focus is on Australia’s surplus, Oil’s rise, and Euro highs.

 

Calendar

8:30 UTC

The British Composite PMI for August will be released. Forecast: 55.3. If the data is lower than expected the GBP could receive a bearish push.

Assets to trade: GBP/USD, GBP/CAD, EUR/GBP


12:30 UTC

The US Unemployment Rate data for August will be published. Forecast: 5.2%. If the data is higher than predicted the USD could see positive pressure.

Assets to trade: USD/MXN, EUR/USD, USD/SGD


14:00 UTC

The US ISM Non-Manufacturing PMI for August will be announced. Forecast: 61.5. If the results are lower than expected the USD could receive a negative push.

Assets to trade: USD/CLP, USD/CHF, AUD/USD

 

News

Australia’s trade surplus widened to a record in July as exports of iron ore, coal, and liquefied natural gas all rose strongly, a surprisingly upbeat result that bodes well for mining profits and tax receipts. Affects AUD


Bank of Japan board member Goushi Kataoka said on Thursday the coronavirus pandemic may weigh on the economy longer than initially expected, warning of heightened risks to the central bank’s forecast of a moderate, export-driven recovery. Affects JPY


The euro held near a one-month high versus the dollar on Thursday and a six-week peak against the pound, supported by hawkish comments from ECB policymakers after data showed inflation at a decade high and on signs the Fed is not hurrying to tighten policy. Affects EUR


Oil prices edged higher on Thursday, supported by a sharp decline in U.S. crude stocks and a weaker dollar, though gains were capped by an OPEC+ decision to stick to its policy of gradually increasing output. Affects Brent


Eurozone producer prices rose more than expected in July, data showed on Thursday, mainly because of a jump in the prices of energy and intermediate goods. Affects EUR

 

Technical Analysis

EUR/CHF

The euro is under pressure as prices continue to rise. However, the currency has strengthened against most others as the world grapples with COVID-19.

The pair has shown a Three Outside Up Pattern after a Bullish Engulfing signal both indicating the strength of the uptrend as it approaches its resistance zone.

NASDAQ

The index continues to climb after showing two opposite Doji Star and Dragonfly showing upward momentum may be slowing.

USD/CHF

The pair is trading in a Pennant, and prices could breakout below the support level.

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