Today the focus is on the New Zealand interest rate and Facebook’s failures.
Reserve Bank of New Zealand’s Interest Rate Decision and Rate Statement. Forecast: 0.50%. If RBNZ increases the rate, NZD may go up.
Assets to trade: NZD/USD, AUD/NZD, NZD/GBP
British Construction PMI for September will be released. Forecast: 54.0. If the released figure is higher than the forecast, it may push GBP upwards.
Assets to trade: GBP/USD, GBP/NZD, GBP/CHF
Global supply chains are reported to have suffered severe damage from the virus restrictions. Affects S&P 500
Facebook’s services were restored after a global disruption last night. Affects Facebook
Johnson&Johnson said its Covid vaccine is improved to 94% efficiency. Affects Johnson&Johnson
Despite low global investor moods, Bitcoin is back up to $50,000. Affects Bitcoin
PepsiCo reported strong Q3 performance and announced an upbeat yearly outlook. It’s Coca-Cola’s turn now. Affects Coca-Cola
During the last several weeks, Bitcoin has been falling. Mostly, that was due to investors’ risk aversion. Currently, the landscape appears to be changing. Although fundamental problems such as covid and inflation are still there, the crypto market is picking up optimism.
Bitcoin is knocking on the door of the resistance level of $50,000. If it is broken, $52,000 will need to be passed to give way to a possible new bullish trend.
We recommend traders to be now extremely cautious with Brent’s uptrend. After it has broken the resistance level of $80, it may reverse to retest the price downwards.
Facebook’s former project manager will share with the US Senate Facebook’s failures soon. That may put more pressure on the stock and drag it down to $300.