Analytics

News, Trends, & Analytics 04.06.2021

Eurozone Recovery

Today the focus is on the British service sector, oil prices, and Eurozone business activity.

 

Calendar

8:30 UTC

The British Construction PMI for May will be released. Forecast: 62.3. If the data is lower than expected, the GBP could receive a negative push.

Assets to trade: GBP/USD, GBP/CHF, GBP/JPY


12:30 UTC

The US Non-farm Payrolls will be reported. Forecast: 650K. If the amount exceeds expectations, the USD could receive positive pressure.

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


12:30 UTC

The US Unemployment Rate for May will be announced. Forecast: 5.9%. If the data is higher than predicted, the USD could receive a negative push.

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

 

News

Britain’s services sector recorded the biggest jump in activity in 24 years last month after pubs and restaurants were allowed to resume serving customers indoors following months of lockdowns. Affects GBP


Eurozone business activity surged in May echoing data on Tuesday which showed factories had their best month on record, as the easing of some coronavirus-related restrictions injected life into the bloc’s dominant services industry. Affects EUR


German services returned to growth in May, helped by falling coronavirus infections and a loosening of COVID-19 restrictions, and lifting overall private-sector output in Europe’s largest economy. Affects EUR


Oil prices were little changed on Thursday after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline. Affects Brent


The number of Americans filing new claims for unemployment benefits dropped below 400,000 last week for the first time since the COVID-19 pandemic started more than a year ago, pointing to a strengthening labor market despite a worker shortage that is limiting hiring. Affects USD

 

Technical Analysis

EUR/GBP

The Eurozone has been making progress towards economic stability in recovery, but the UK has a definite head start with its economy almost fully open. The euro will continue to be shaky as the 27 member economy recovers.

The pair has shown a Three Outside Down pattern indicating the strength of the downtrend.

GBP/NZD

The pair is testing its resistance zone and will likely reflect down, though a Three Outside Up pattern was shown.

Tesla

Prices reflected up off of the support level around 590 but could test it again.

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