Analytics

News, Trends, & Analytics 23.06.2020

New coronavirus outbreaks

Today, the focus is on China’s plans to increase oil and gas production, statements by the head of the US Federal Reserve, as well as new outbreaks of COVID-19.

 

News

In Florida, an outbreak of COVID-19 has been reported. Affects S&P 500


China plans to increase oil and natural gas production in 2020. Affects Brent


Fed Chairman Jerome Powell promised to apply economic incentives until 2022. Affects USD


South Korea announced the start of the second wave of COVID-19. Affects Brent


The EU plans to conclude cooperation agreements with the PRC until 2025. Affects EUR

 

Calendar

08:30 GMT

The index of business activity in the UK services sector will be published. The previous report recorded the indicator at the level of 29 points. If the current data is lower, the GBP may decline.


08:45 GMT

A speech by the head of the Bank of England Andrew Bailey will take place. The banker’s comments may trigger an increase in GBP volatility.


14:00 GMT

The report on New Home Sales in the United States will be released; 640,000 is the forecast. If a lower value is published, the USD will come under pressure.

 

Technical Analysis

S&P 500

Fed incentives do not allow the US stock market to panic, despite signs of the start of the second wave of COVID-19. Jerome Powell prolonged incentives through 2022 at the end of last week.

The index chart is trading above the support level, in addition, recent asset movements resemble the appearance of the continuation of the “flag” trend. A technical look at the situation suggests a likely continuation of the bull trend.

NZD/CAD

The currency pair is quoted near the strategic resistance level of 0.88000. Perhaps, until the price fixes on it, it is better to stick to predictions of a lower value.

USD/CHF

We expect that the fall in quotations will continue. Traders should take advantage of the lack of support levels. The closest at 0.92000.

 

USD/CHF on this day in history

  • Since 2000, June 23rd has been a trading day 13 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.91%.
  • The downward trend was limited to 1.04%.
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