Analytics

News, Trends, & Analytics 06.03.2020

OPEC approves a decline in production

Today, the focus is on the problems of trade negotiations between the EU and Great Britain, the increase in the number of cases of coronavirus in Europe, as well as the OPEC decision to reduce production.

 

News

OPEC agreed to reduce oil production. Affects Brent


The number of cases of coronavirus in Italy has risen sharply. Affects EUR


The EU’s chief negotiator with Britain Michel Barnier spoke about serious disagreements. Affects GBP


The presidents of Turkey and Russia held talks on the situation in Syria. Affects TRY


Goldman Sachs predicts a lower key interest rate for the Bank of Canada. Affects CAD

 

Calendar

13:30 GMT

A report on the change in the number of people employed in the non-agricultural sector of the United States will be published. The indicator is expected to be 175 thousand. Deviation to a larger side will positively affect the USD.


15:00 GMT

The Ivey Canada Business Index will be published. The previous value was 57.3 points. If the new report shows a decrease, this will negatively affect CAD.

 

Technical Analysis

USD/RUB

OPEC’s decision to reduce oil production pleased the oil market, but the Russian currency was unable to take advantage of the positive fundamental factor due to Russia’s disagreement to support such a decision.

A technical look at the currency pair indicates a more likely continuation of the growth of quotations.

Gold

The graph of gold formed an inverted “head and shoulders.” Therefore, we expect quotes to grow.

CAD/CHF

This pair may continue its downtrend due to the lack of nearby support levels.

 

CAD / CHF on this day in history

  • Since 2000, Mar. 6th has been a trading day 15 times.
  • On 60% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.76%.
  • The downward trend was limited to 1.52%.
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