Today, the focus is on the decision of the RBA, helping the European economy, as well as Russia’s choice to participate in the OPEC + format meeting.
The Reserve Bank of Australia expects a serious reduction in GDP and keeps the key rate at a record low. Affects AUD
UK debt securities are in demand by investors. Affects GBP
EU finance ministers are discussing the allocation of 500 billion euros to save the economy. Affects DAX
In a number of US states, signs of stabilization in the dynamics around the spread of COVID-19 have been recorded. Affects S&P 500
Russia has confirmed it will participate in the OPEC+ meeting on April 9th. Affects Brent
The report on the changes in US crude oil inventories will be published. An increase of 10.133 million barrels is expected. If the real amount is lower, Brent could receive a positive driver.
The minutes of the meeting of the US Federal Reserve will be released. This may lead to increased volatility of the USD.
Oil exporting countries will make an important decision on April 9. At the same time, only a collective slowdown in the production of black gold will have a positive effect on the market. All other options are more likely to have the opposite effect.
Technical analysis of Brent shows that if a decision is made to reduce raw material production, quotes may rush closer to 50.
The pair is increasing the pace of the downtrend. After the appearance of the “pin-bar” formation on the 1-day timeframe, signaling the situation for the US dollar only worsened. The asset is likely to reach 23.00 in the near future.
The pair’s chart hints at the formation of a “head and shoulders” figure. For this reason, quotes can grow to 0.85500.
NZD/CAD on this day in history
- Since 2000, Apr 8th has been a trading day 13 times.
- On 69% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.21%.
- The downward trend was limited to 0.77%.