Today, the focus is on the decline in BMW sales in China, the results of the G7 meeting, and the OPEC meeting.
The G7 discussed the impact of coronavirus on the global economy. Affects DAX
OPEC representatives are starting to discuss the situation in the oil market. Affects Brent
BMW said coronavirus hit sales in China. Affects BMW
The activity in the UK’s construction sector was significantly higher than forecast. Affects GBP
The activity of oil companies in the UAE fell to a ten-year low. Affects Brent
A report on the change in the number of people employed in the US non-farm sector from ADP will be published. The expected amount is 170,000. Deviation in a big way will positively affect USD.
The ISM US Procurement Managers Index will be released. Experts predict 54.9 points. Deviation up will positively affect USD.
Data on the changes in crude oil reserves in the United States will be published. An increase of 3.333 million barrels is projected. If the real number is higher, quotes for Brent crude oil may decline.
OPEC countries will have to discuss the extent to which coronavirus affects the oil market. Since the beginning of the year, quotes of black gold have dipped by more than 20%. Oil companies do not like this situation, therefore, the market again speaks of a reduction in quotas for the extraction of raw materials. And if the OPEC member countries are likely to support this initiative, the opinion of Russia, which are not OPEC members, is still unknown.
Using a Fibonacci fan shows that now is the right time to sell black gold.
GBP/USD is prone to decline, as displayed by the breakdown of the downward support level.
AUD/USD has shown a dangerous but potentially very profitable signal. Now the asset chart is near the downward support level, which may increase interest in the situation from the bulls.
AUD/USD on this day in history
- Since 2000, Mar. 4th has been a trading day 13 times.
- On 53% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.58%.
- The downward trend was limited to 1.31%.