Analytics

News, Trends, & Analytics 07.07.2021

OPEC+ Deal Falls Through

Today the focus is on the results of the OPEC+ meeting, Tesla facing a lawsuit, and IBM’s President stepping down.

 

Calendar

14:00 UTC

The Canada Ivey Purchasing Managers Index will be published. No results are forecasted. Previous: 64.7. If the data is strong, the CAD could grow.

Assets to trade: USD/CAD, EUR/CAD, GBP/CAD


14:00 UTC

The US JOLTs Job Openings survey results will be released. Forecast: 9.388M. If the data are higher than expected the USD could receive a positive push.

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

 

News

Crude oil fell as the disagreement between members of OPEC+ caused fears of overproduction. Affects Brent


Several US companies were affected negatively by the Chinese government’s decision to regulate companies’ listings abroad more tightly. Affects Dow Jones


Lawsuit over Tesla’s autopilot controversy progresses, with government officials all across the globe considering a stricter control over automated driving systems. Affects Tesla


Novartis announced its plans to produce the new anti-cholesterol drug Leqvio in Austria in order to make sure that the FDA would not slow down its deployment. Affects Novartis


After IBM’s president James M. Whitehurst announced his upcoming departure from the post, the company’s stock fell almost 5%. Affects IBM

 

Technical Analysis

Tesla

While Tesla managed to overcome barriers on its way to expansion in China, now it faces another challenge. With a few emergencies that have happened lately, a few countries decided to push for tighter regulations about self-driving cars, making it more difficult for Tesla to push out its vehicles.

The company’s stock has slipped, and we are looking at it about to continue its downward movement.

Bitcoin

The crypto is volatile, but overall it is on the way to recover some of its earlier losses.

EUR/CAD

The pair spiked earlier today, and right now we are looking at the beginning of a correction here, as the price is going down.

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