Analytics

News, Trends, & Analytics 22.06.2021

It’s Oils Summer

Today the focus is on expected tightening in Canada, China’s crack down on crypto, and Oil floating around highs.

 

Calendar

14:00 UTC

The US Existing Home Sales data for May will be released. Forecast: 5.72M. If the result is lower than expected the USD could receive a negative push.

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

 

News

With fiscal spending booming and households flush with cash, investors are betting that the Bank of Canada’s next tightening cycle, expected to begin in 2022, will result in interest rates climbing above the previous peak for the first time in decades. Affects CAD


Oil prices edged higher on Monday, underpinned by strong demand during the northern hemisphere summer driving season and a pause in talks to revive the Iran nuclear deal that could lead to a resumption of crude supplies from the OPEC producer. Affects Brent


Britain’s top central bank officials look set to remain divided this week over whether to pull the plug on their 875 billion-pound ($1.2 trillion) government bond purchase programme, after inflation hit its highest in nearly two years. Affects GBP


China’s central bank said on Monday it had summoned some banks and payment institutions recently, urging them to crack down harder on cryptocurrency trading. Affects Bitcoin


Amazon.com Inc will face challenges from big retailers during its annual Prime Day promotion, as more merchants piggyback on the multibillion-dollar online sales event. Affects Amazon

 

Technical Analysis

Brent

Oil prices have leveled off after reaching new highs thanks to opening countries and northern hemisphere summer increasing demand as drivers hit the road. Iranian talks have slowed, which has decreased fears of market liquidation.

Brent has found a new support level around 72.278. Prices may test it, but are not likely to break through.

GBP/CAD

The pair is testing its resistance level around 1.7223 and could break above it.

GBP/CHF

The pair is testing its resistance level with an upward trend that may push it above the cap soon.

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