Analytics

News, Trends, & Analytics 25.06.2021

GBP Dipped

Today the focus is on the US Core PCE and PCE price indices, CFTC GBP speculative net positions, CFTC JPY speculative net positions.

 

Calendar

12:30 UTC

The US Monthly Core PCE Price Index is out. Forecast: 0.6%. A higher-than-expected data may push the USD to the upside.

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


14:00 UTC

The US Michigan Consumer Sentiment for June will be released. Forecast: 86.4. If the actual figure is greater than the forecast, the USD may rise.

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

 

News

The Bank of England held its June meeting yesterday. The result was that the interest rate and the bond-buying program will be kept on hold until more signs of the UK’s upbeat economic outlook, lower unemployment, and better inflationary dynamics. Affects GBP


Microsoft becomes the second American public company to reach the market capitalization of $2trln. In the meantime, it’s fighting for its market share against Apple as it announces what the new version of Windows is capable of to attract new clients. Affects Microsoft


NASDAQ hit the new all-time highs above 14000. However, it’s mostly the tech sector that enjoys the breakthrough – while the S&P 500 is knocking on the door of 4300, it doesn’t look as bullish. Affects NASDAQ


Saudi Aramco’s Chair Yasir Al-Rumayyan is joining the board of the major Indian oil refiner Reliance. While this fact doesn’t impact the oil market directly, it expands the influence of OPEC and specifically Saudi Arabia on the global oil price dynamics. Affects Brent


Visa is about to acquire the Swedish open banking platform Tink for $2.2bln. The announcement was made yesterday, and it may help the stock to break through the resistance of $235 as the new deal offers Visa a chance to expand more rapidly in the European market. Affects Visa

 

Technical Analysis

GBP/USD

The Bank of England announced on Thursday that it’s going to keep the interest rate steady and continue with its current bond-buying program. Generally, the announcement didn’t exactly infuse much optimism into the audience. As a result, the GBP lost a considerable amount of value against its peers straight as the details were released to the public.

Tactically, GBP/USD is floating above the mid-term support of 1.38, and the BOE’s remarks pressed it further downwards to it. Therefore, it is very likely that the support of 100-EMA (orange) will soon be broken.

Gold

Coronavirus and inflationary worries around the world keep steadily pushing the gold price towards the upside target of 1800.

JP Morgan Chase

JP Morgan bought a stake in Kraft Analytics Group. That should help the stock price finally break the resistance of 100-EMA (orange) at $150 per share.

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