Analytics

News, Trends, & Analytics 23.11.2021

Holidays Are Coming

Today the focus is on Oil reserves, renewed COVID fears, & the US holiday season.

 

Calendar

7:00 UTC

The German GDP (YoY) for Q4 will be released. Forecast: 2.2% If the data is lower than expected the EUR could see negative pressure.

Assets to trade: EUR/USD, EUR/JPY, EUR/NZD


8:30 UTC

The German Manufacturing PMI will be reported. Forecast: 56.9 If the results are lower than predicted the EUR could see a negative push.

Assets to trade: EUR/USD, EUR/JPY, EUR/NZD


9:30 UTC

The British Composite PMI will be released. Forecast: 54.1 If the data is higher than predicted the GBP could see a positive push.

Assets to trade: GBP/USD, EUR/NZD, GBP/JPY

 

News

European stocks gave up their early gains and turned lower on Monday as traders weighed the likely impact of fresh European COVID-19 restrictions on economic prospects. Affects EURO STOXX 50


US airlines and airports braced for a surge of travelers ahead of the Thanksgiving holiday, hoping the weather forecast remains calm as millions more Americans will hit the roads or skies. Affects USD


Japanese officials are working on ways to get around restrictions on releasing national reserves of crude oil in tandem with other major economies to dampen prices, four government sources with knowledge of the plans told Reuters. Affects Brent


Oil prices fell on Monday as rising COVID-19 cases in Europe and a potential release of Japanese oil reserves raised concerns about both oversupply and weak demand. Affects Chevron

 

Technical Analysis

EUR/USD

The eurozone is seeing rising COVID cases which has sparked lockdowns in some countries and fear in investors across the board. The US has seen its share of mishaps, however with the holiday season around the corner, the economy is poised to overcome current concerns around supply.

The pair has shown a Bearish Engulfing pattern continuing the downtrend toward its support level.

Platinum

The metal is testing its support level as momentum wains.

Facebook

The tech giant has shown a Bullish Engulfing pattern showing the strength of the recent uptrend as it tests its resistance level.

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