Today, the focus is on the Starbucks strategy, a record reduction in inflation in Brazil, as well as statements by the U.S. Treasury Secretary.
U.S. Treasury Secretary Stephen Mnuchin announced the start of economic recovery. Affects S&P500
Starbucks expects a record decline in profits and plans to close more than 400 establishments in the Americas. Affects Starbucks
The U.S. Consumer Price Index is down for the third month in a row. Affects USD
Brazilian consumer inflation has fallen to lows rivaling 1998. Affects ETF MSCI Brazil
Elon Musk said that Tesla should begin mass production of commercial trucks. Affects Tesla
A report will be published on the number of initial applications for unemployment benefits in the United States. Forecast: 1.55 million. If the real data is lower, the USD position may improve.
U.S. Treasury Secretary Stephen Mnuchin said the country’s economy has begun to recover. The process will gain momentum in the III and IV quarters.
However, the current state of the U.S. stock market suggests a near-complete recovery from the recent shock caused by the COVID-19 pandemic. It is likely that the S&P 500 will soon begin the correction.
The bearish pattern “three ravens” has been formed on the asset’s chart. It is possible that after a short bounce up, the pair will continue to trend down.
A reversal down is still possible, as the asset is testing the upper boundary of the downward channel.
USD/CAD on this day in history
- Since 2000, June 11th has been a trading day 14 times.
- On 35% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.45%.
- The downward trend was limited to 0.89%.