Today the focus is on Supply shortages, Oil demand concerns, & Eurozone business activity.
The German GDP (QoQ) Q2 will be released. Forecast: 1.5%. If the data is lower than expected, the EUR could receive a negative push.
Assets to trade: EUR/GBP, EUR/USD, EUR/JPY
US New Home Sales for July will be announced. Forecast: 700K. If the result is higher than expected the USD could receive a positive push.
Assets to trade: USD/NOK, USD/MXN, USD/JPY
Business activity in the eurozone grew strongly this month, only dipping from July’s two-decade high monthly pace, as a rapid COVID-19 vaccination drive allowed more firms to reopen and customers to venture out, a survey showed. Affects EUR
Asian share markets were trying to pick up the pieces on Monday following last week’s thrashing as coronavirus concerns showed little sign of abating. Affects Hang Seng
Oil prices jumped 3% on Monday, recovering from a seven-day losing streak, with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant. Affects Brent
British manufacturers reported the worst stock shortages on record, caused in large part by a post-lockdown lack of components for the electronics industry and in plastics, according to a survey published on Monday. Affects GBP
Bitcoin’s price surged past $50,000 on Monday for the first time since May, continuing its rebound from a months-long slump. Affects Bitcoin
The eurozone has shown a lot of progress in vaccinating populations against COVID which has allowed for more free travel and spending driving sales and further recovery.
The pair may be pulling out of its downtrend, and the Three Outside Up formation shows the reversal could have strength.
The metal has been trading in a channel and will likely bounce back down from the upper boundary.
Currently in an uptrend with little sign of slowing down.