Today the focus is on US Initial Jobless Claims and Canadian Monthly GDP change.
US Initial Jobless Claims will be out. Forecast: 205K Lower-than-expected figures may boost USD.
Assets to trade: GBP/USD, EUR/USD, USD/JPY
Canadian Month-on-Month GDP Change for October will be announced. Forecast: 0.8% CAD may increase if the actual data is higher than the forecast.
Assets to trade: USD/CAD, CAD/CHF, CAD/JPY
UK GDP was reported to have grown less than expected in the last quarter. Affects the FTSE 100
The World Bank has revised its forecast for China’s economic growth in 2022 downwards. Affects Gold
Unlike Pfizer and Moderna, Johnson & Johnson’s vaccine was reported to not be as effective against Omicron according to recent research. Affects Johnson & Johnson
Procter and Gamble recalled some of its products on concerns that they may contain cancer-causing chemicals. Affects Procter and Gamble
Procter and Gamble
$147 has been capping this stock since 2020. Recently, this key resistance level was crossed by a confident uptrend reaching $160.
In the last several days, the stock has cooled off, going below $160. However, we don’t expect it to lose bullish momentum and believe it will be going up.
With all the volatility, this index appears to be steadily moving up towards 7,400.
Johnson & Johnson
The stock is slowly drifting downwards in a channel. Its nearest objective may be at the support level of $160.