Analytics

News, Trends, & Analytics 13.08.2021

US Labor Market is Improving

Today the focus is the Commitments of Traders report put out by the Commodity Futures Trading Commission on various assets from the US, UK, and Japan.

 

Calendar

06:45 UTC

The French Monthly CPI for July will be released. Forecast: 0.1% If the data is higher than expected, the EUR may receive a negative USD push.

Assets to trade: EUR/USD, EUR/GBP, EUR/CAD


14:00 UTC

The US Michigan Consumer Sentiment Index for August will be out. Forecast: 85.0% If the data is higher than expected, USD could receive a positive push.

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

 

News

Producer prices in the US were reported to have soared by over 1% in July. That means a 7.8% annual growth, which is the fastest on record. Affects USD


The Bank of England and Bank of France expressed their reliance on cloud computing services provided by a handful of companies such as Amazon and Microsoft. They are planning to take steps to reduce the risks associated with that. Affects Amazon


The US Department of Energy awarded $2 million to Nikola for research related to hydrogen-based autonomous refueling stations. Tesla is Nikola’s direct competitor. Therefore, Tesla can hardly be happy about it. Affects Tesla


The virus expansion in Australia is reported to be surpassing the previous waves since the very beginning of the pandemic. Affects AUD

 

Technical Analysis

Tesla

Chip shortage in the EV industry has been the focus of discussions. It be seen in the Twitter comments Elon Musk has been recently exchanging with Cathie Wood from Ark Innovation.

Noting these considerations, we expect Tesla’s stock price to fluctuate around $700. After a possible dip below this level, we still believe the stock will continue the uptrend indicated on the chart.

Gold

Virus-related worries will likely keep providing support to the gold price. Therefore, we believe it will be going upwards towards the resistance level of $1,800.

USD/JPY

Japan has little control over the spread of the virus now. That may make JPY weak against USD. That’s why we believe this pair may go up towards and cross 111.00 today.

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