Today’s focus is on the changing French economic forecast, the impact of new outbreaks, and what’s happening around oil
A record rise in coronavirus cases in six U.S. states dented market sentiment after a three-day rally. Affects S&P 500
Oil prices fell as investors worried about fuel demand amid recent outbreaks of COVID-19. Affects Brent
INSEE believes France, the euro zone’s second-largest economy, should contract by 17% in the second quarter rather than the previously forecast 20% contraction. Affects CAC 40
The European Union will work to reach an agreement with Britain before the end of the year, but vows not to compromise its core values to accomplish it. Affects EUR
U.S. shale producers are expected to restore a quarter of pre-COVID-19 activity, roughly half a million barrels per day, of crude output by the end of June. Affects Brent
Bank of England (BOE) monetary policy committee members will vote on where to set the interest rate. The rate is expected to remain the same, however, a higher rate could be a bullish signal for the GBP.
Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week in the U.S. 1,300K is the expected amount. If the results are higher it will be a negative driver for the USD.
This American index has made a climb back to pre-pandemic prices. Recent outbreaks in 22 U.S. states have cast doubt on the recovery of the largest economy.
Looking at the chart we can see that though there is both an upward trend and accompanying signal that the price is headed towards the resistance level around 3233.
This French index has shown a “Three White Knights” figure signaling a continuation of the uptrend.
The precious metal’s chart is trending up and has shown a “Three Outside Up” pattern indicating a likely trend continuation.