Today, the focus is on reducing household spending in Japan, Boeing losing orders, and Goldman Sachs’ forecast.
News
The forecast for a decline in EU GDP has been revised for the worse: from -7.4% to -8.3%. Affects EUR
Japan has seen a sharp decline in household spending. Affects JPY
Goldman Sachs lowers its forecast for U.S. GDP growth in the third quarter from 33% to 25% year on year. Affects S&P 500
Leasing company Avolon refuses order of 27 Boeing 737 MAX. Affects Boeing
California asks authorities to close businesses due to outbreak of COVID-19. Affects USD
Calendar
14:30 GMT
The report on U.S. crude oil inventories will be published. A decrease of 3.4 million barrels is projected. Any indicator below zero will positively affect the price dynamics of Brent crude.
Technical Analysis
S&P 500
The key U.S. stock index continues to hold above the psychological level of 3000, as the market expects new economic stimulus from the Fed and the country’s Treasury. If the new COVID-19 flashes do not lead to a full-fledged second wave with a re-closure of production, the positive trend in the stock market may continue.
On the S&P 500 chart a Bearish Divergence is formed on the MACD indicator. Against this background, the weakening of quotes is possible.
AUD/CAD
There are signs of a trend reversal from the resistance level of 0.94450.
GBP/CHF
The reversal pattern “Head and Shoulders” has formed on the asset chart, which can lead to further growth of the pair.
GBP/CHF on this day in history
- Since 2000, July 8th has been a trading day 13 times.
- On 30% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.86%.
- The downward trend was limited to 1.21%.