Today’s focus is on debt concerns in Germany, upcoming talks between China and the US, & the rise in unemployment in the US.
The US Existing Home Sales for July will be released. It is forecast to be 5, however if the result is higher it could positively affect USD.
The U.S. Federal Reserve will cut the number of seven-day swap operations with major central banks down to one tender per week from three. Affects USD
China and the US have agreed to hold trade talks “in the coming days” to assess the progress of their Phase 1 trade deal after it took effect in February. Affects NASDAQ
German Finance Minister Olaf Scholz has drawn criticism from Chancellor Angela Merkel’s conservatives with his proposal to suspend the constitutionally enshrined debt brake in 2021. Affects EUR
The number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week. Impacts USD
A number of members of the OPEC+ group would need to slash output by an extra 2 million barrels per day to make up for their recent oversupply. Affects Brent
The American index has seen gains this month thanks to a revival of the stock market. Tech and online shopping continue to lead the economic charge in the US and show little signs of slowing even as the pandemic rages on.
Regaining losses from earlier this week, its chart has shown a Three White Knights pattern signaling a strong uptrend that could test the latest resistance levels.
The electric car manufacturer has continued to see gains and the Bullish Doji Star and Bullish Engulfing signals indicate it should continue.
The pair has been in overall decline, but the Three White Knights may lead to quotes challenging the resistance level.