Today the focus is on the US crude oil stockpiles dwindling, growing inflation concerns, and new AI products and software from Baidu.
The US Initial Jobless Claims measures will be released. Forecast: 363K. If reading exceeds expectations, the USD might receive a negative push.
Assets to trade: USD/CAD, EUR/USD, USD/JPY
Crude Oil stockpiles in the US fell more than expected, as OPEC+ declined to increase the production at President Joe Biden’s urging. Affects Brent
Investors are concerned over the rising inflation rates in the US, as the readout of the US Federal Reserve’s policy meeting in July was released. Affects USD
A group of US senators is pushing the Federal Trade Commission to probe Tesla, claiming that the company was misleading their customers that its cars are fully self-driving. Affects Tesla
Baidu announced new and improved products set to widen access and application of AI on its conference Baidu World 2021. Affects Baidu
The US government announced its plans to make vaccine booster shots widely available in late September. Affects Pfizer
While Baidu suffered from the Chinese government’s close attention, Baidu World 2021 is a chance for the company to up its profits. With the demonstration of new projects and products, we can expect an increase in interest from investors.
The stock is seemingly set on a tentative recovery, and unless something drastic happens, we can expect its price to start growing.
The index is currently moving downwards, as its upward correction didn’t manage to completely reverse the previous downtrend.
The pair is moving down from its previous heights, and we expect this trend to continue for today.