Analytics

News, Trends, & Analytics 10.09.2021

Slowing in the US?

Today the focus is on European bond buying, UK card payments, & a slowing US.

 

Calendar

6:00 UTC

The British Manufacturing Production (MoM) for July data will be released. Forecast: 0.1%. If the data is lower than predicted the GBP could receive a negative push.

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


12:30 UTC

The US PPI (MoM) for August will be announced. Forecast: 0.6%. If the data is higher than expected the USD could see a positive push.

Assets to trade: USD/CHF, USD/JPY, USD/MXN


12:30 UTC

The Canadian Employment Change for August will be reported. Forecast: 100.0K. If the result is lower than expected the CAD could receive a negative push.

Assets to trade: NZD/CAD, AUD/CAD, GBP/CAD

 

News

The euro extended modest gains versus the dollar on Thursday after the European Central Bank as expected said it would slightly reduce the pace of bond buying under its emergency scheme. Affects EUR


Spending on payment cards in Britain rose sharply last week to 99% of its pre-pandemic level, up from 93% in the previous week, the Office for National Statistics said on Thursday. Affects GBP


Disruptions to parts and components suppliers caused by the COVID-19 pandemic could force fresh production cuts at Japanese automakers in October. Affects JPY


The US economy “downshifted slightly” in August as the renewed surge of the coronavirus hit dining, travel, and tourism, the Federal Reserve reported Wednesday, but the economy overall remained in the throes of a post-pandemic rush of rising prices, labor shortages, and stilted hiring. Affects USD


Volatility in bitcoin eased on Wednesday, a day after El Salvador adopted the crypto asset as legal tender, but the threat of a US lawsuit against crypto exchange Coinbase Global Inc underscored the rocky road ahead for cryptocurrencies. Affects Bitcoin

 

Technical Analysis

EUR/USD

The US has seen a slowdown but there is little loss of strength in the USD as other safe havens tumbled through the week. The EUR’s modest gains were from a rebound away from the support level.

The pair is testing its support level after a Three Black Crows pattern indicating a potentially strong downtrend.

Microsoft

The software company is trading within a channel, likely to climb toward the upper boundary.

GBP/CHF

The pair is trending up and has shown a Three White Knights indicating a strong uptrend.

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