Analytics

News, Trends, & Analytics 07.10.2021

A $3.5 Trillion Budget

Today the focus is on inflation concerns, corporate news, and the US budget.

 

Calendar

11:30 UTC

The ECB will publish the Account of the Monetary Policy Meeting. Hawkish tones may push EUR upwards.

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


12:30 UTC

The US Initial Jobless Claims will be announced. Forecast: 348K. If the figure is higher than expected, it may press on USD.

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

 

News

Tesla’s approach to fighting workplace racism is questioned by its shareholders. Affects Tesla


Inflation concerns are back in the market and pressing on investors’ moods. Affects S&P 500


OPEC agreed on a plan to gradually increase oil output. Affects Brent


The proposed $3.5 trillion budget is being opposed in the US Senate. Results of this process may affect USD

 

Technical Analysis

USD/JPY

Globally, inflation worries are supporting investors’ demands for the US dollar as a safe-haven currency. In Japan, the change of the Prime Minister and his cabinet is fueling JPY weakness. Together, these factors are pushing USD/JPY upwards.

Currently, it’s at the resistance level of 111.90. If this level is crossed, the next target for bulls may be at 112.00.

Gold

Gold keeps sliding. If it crosses the support level of $1,750, it will likely drop to $1,700.

Alibaba

This long-term downtrend suggests Alibaba will keep falling. $140 is the immediate threshold. If it is stepped over, $130 may be the next level down.

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