Analytics

News, Trends, & Analytics 12.11.2020

The era of low rates

Today, the focus is on declining oil inventories, Alibaba regulation, and hints of a negative rate in the UK.

 

Calendar

13:30 UTC

The Core US Consumer Price Index will be released. Forecast: 0.2%. If the real data turns out to be higher, the USD will receive a positive impulse.

Assets to trade: USD/CHF, EUR/USD


16:00 UTC

A report on US crude oil reserves will be published. Reduction of reserves by 0.913 thousand barrels is expected. If the volume of contraction exceeds the forecast, Brent may rise.

Assets to trade: Brent


16:45 UTC

ECB President Christine Lagarde will deliver a speech. The event may cause an increase in EUR volatility.

Assets to trade: EUR/USD, EUR/JPY

 

News

China plans to expel opposition lawmakers from Hong Kong. Affects Hang Seng


Boston Federal Reserve Bank President Eric Rosengren believes that the next 6 months will be “rather unstable” for the economy. Affects the S&P 500


Alibaba may be subject to tough antitrust regulation by the PRC authorities. Affects Alibaba

 

Silvana Tenreyro, а member of the Monetary Policy Committee of the Bank of England, said the regulator needs to continue looking into negative rates. Affects GBP


US oil inventories are falling for the second week in a row. Affects Brent

 

Technical Analysis

GBP/USD

А member of the Monetary Policy Committee of the Bank of England Silvana Tenreyro announced yesterday that the country will maintain low rates for a long time. This inevitably forces us to continue assessing the possibility of introducing a negative key rate. In addition, Tenreyro stated that there was a positive experience on this issue.

The chart of the currency pair against the background of the official’s statements began to actively decline. Technical analysis shows this is due to the presence of an upward resistance level. The developing trend may continue to 1.30000 and below.

Gold

The price of the precious metal marked a strong support level at 1850.

EUR/CHF

The asset recovered sharply after the breakdown of the support level of 1.07300, which indicates the false nature of the breakdown. Now the pair’s chart is fixed above the downtrend resistance level and may continue the bullish trend.

 

EUR/CHF on this day in history

  • Since 2000, November 12th has been a trading day 13 times.
  • On 46% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.83%.
  • The downward trend was limited to 0.52%.
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