Stay connected

Analytics

News, Trends, & Analytics 07.08.2019

China advised the U.S. to rein in its horses

The lira defied expectations, President Trump accuses Google of a few things, & China resents being called a currency manipulator.

 

News

A day after his administration ratcheted up tensions by labeling Beijing a currency manipulator, U.S. President Donald Trump dismissed concerns over a protracted trade war with China, saying the United States was “in a very strong position.” Affects the S&P500


Turkey’s lira has risen in recent months despite Ankara abruptly sacking the central bank governor and risking U.S. sanctions over Russian missiles. Affects TRY


In a speech broadcast live on state TV, Iranian President Hassan Rouhani said on Tuesday, war with Iran is the mother of all wars, warning once again that shipping might not be safe in the Strait of Hormuz oil waterway. Affects Brent


Trump’s national security adviser John Bolton told Fox News Channel on Tuesday, the president has an understanding with North Korean leader Kim Jong Un that Pyongyang will not launch intercontinental-range ballistic missiles, and the United States is watching North Korean missile tests very carefully. Affects Gold


U.S. President Donald Trump on Tuesday ratcheted up his allegations against Google, claiming without evidence that the tech company helped to subvert his 2016 presidential campaign, warning he was watching it “very closely” ahead of the 2020 election. Affects Google

 

Calendar

14:00 GMT

The Canadian Ivey PMI for July will be released. The Ivey Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in Canada. Affects CAD.


14:30 GMT

U.S. Crude Oil Inventories will be published. The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. Affects USD.

 

Technical analysis

Gold

Investors are reflecting on what is happening in the world and are actively buying gold. Despite the overbought position of the asset, the bulls found the strength to continue buying. Among the main concerns of traders are missile tests in the DPRK and the escalation of the US-China trade war.

The asset broke the upper boundary of the channel, so a continued uptrend is possible.

EUR/AUD

The downward correction may continue to 1.64000, where the support level is sitting. Investors have acted out over the decision of the Reserve Bank of Australia to maintain the interest rate.

Ethereum

Unlike Bitcoin, Ethereum has not risen in price recently. This may persist since quotes can not gain a foothold above the resistance level of 230.00.

 

Gold on this day in history

  • Since 2000 August 7th has been a trading day 14 times.
  • On 71% of those days, the asset ended with growth.
  • The maximum reinforcement range was 2.51%.
  • The trend down was limited to 0.86%.

Related posts

© 2014 - 2019 Olymp Trade. All Rights Reserved.