Analytics

News, Trends, & Analytics 06.11.2020

Bank of England saves the economy

Today, the focus is on the results of the US elections, the sale of Amazon shares, and measures to support the UK economy.

 

Calendar

12:30 UTC

Canadian GDP data for August 2020 will be released. Forecast: 0.9% growth. If the real data is higher, the CAD will rise.

Assets to trade: USD/CAD, EUR/CAD


23:30 UTC

The updated sentiment index of large non-manufacturing Japanese companies from Tankan will be released. If the new data is above 0, the JPY may strengthen.

Assets to trade: USD/JPY, EUR/JPY

 

News

Alibaba has released a positive quarterly report. Affects Alibaba


The Bank of England left the key rate unchanged, but promised to increase the volume of bond purchases. Affects GBP


EU countries have made progress in agreeing on a multi-year budget. Affects EUR

 


Nintendo predicts a 50% increase in revenue next year. Affects Nintendo


Jeff Bezos is actively selling Amazon stock. Affects Amazon

 

Technical Analysis

GBP/USD

The Bank of England kept its key rate at 0.1%. The event was expected since the regulator had previously abandoned the idea of introducing a negative rate in the near future. Also, the Bank of England announced an increase in the volume of purchases of government bonds by more than 100 billion pounds, to 875 billion pounds. This decision was supported by the GBP.

The technical analysis of GBP/USD suggests that the pound is likely to strengthen against the US dollar due to its proximity to the support level.

USD/JPY

The currency pair approached the descending support level, which may signal the bulls’ activation.

NZD/USD

A breakdown of the upper border of the channel may lead to a continuation of the bullish trend of the asset. The nearest target is 0.68000, then 0.69300.

 

NZD/USD on this day in history

  • Since 2000, November 6th has been a trading day 14 times.
  • On 71% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.16%.
  • The downward trend was limited to 1.02%.
Related posts
Analytics

Weekly News 29.07—02.08.2019

Introducing the most complete review of the upcoming week from analysts Olymp Trade It included both the news of the economic calendar and the world events that in one way or...
© 2014 - 2020 Olymp Trade. All Rights Reserved.