News, Trends, & Analytics 08.06.2021

Oil Climbs Higher

Today the focus is on the global corporate tax rate, crypto in the UK, and renewed oil highs.



9:00 UTC

The German ZEW Current Economic Sentiment will be published. Forecast: 86.0. If the data comes in below the mark, the EUR could receive negative pressure.

Assets to trade: EUR/USD, EUR/NZD, EUR/CHF

14:00 UTC

The US JOLTs Job Openings report will be released. Forecast: 8.300M. If the results are lower than expected, the USD could receive a negative push.

Assets to trade: USD/SGD, USD/JPY, USD/NZD



Investors were wary about how shares of major tech firms would react to the G7’s agreement on a minimum global corporate tax rate of at least 15%, although securing approval from the whole G20 could be a tall order. Affects S&P 500

Investor morale in the Eurozone rose for the fourth month in a row in June, reaching its highest level since February 2018, lifted by reopening restaurants and tourism resuming as coronavirus cases fell. Affects EUR

Oil prices steadied on Thursday following two straight days of gains that took oil futures to highs not seen in a year after weekly U.S. crude stocks fell sharply while fuel inventories rose more than expected. Affects Brent

The Bank of England said on Monday that payments with ‘stablecoins’ – a form of cryptocurrency usually pegged to a traditional currency – should be regulated in the same way as payments handled by banks if they start to become widely used. Affects Bitcoin

Fourteen months after the pandemic triggered a national emergency, the final chapter of the U.S. economic recovery may begin this month, with rapid changes starting with the end of enhanced unemployment benefits in half the states and ending in the fall’s expected reopening of schools and universities. Affects USD


Technical Analysis


The crude oil giant has benefitted from excitement across the market and around the world for increased demand as a summer less hindered by the coronavirus should mean increased driving. Iranian supplies could still throw a wrench into this rise.

Prices have continued to test the resistance level around 71.81. Where the diagonal trend line meets the horizontal resistance shows where the price is likely to break above the level.

Russel 2000

This index has some momentum going into testing the resistance level, prices could break through or reflect back down.


The company is breaking down it’s current resistance level to push higher.

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