Storms in the Gulf of Mexico are in the spotlight today, JPMorgan Chase & Co. about gold, as well as Trump’s dissatisfaction with the work of the FDA.
The Conference Board’s US Consumer Confidence Index for August will be released. Growth is forecasted to 93 points. If the real data is in line with expectations or turns out to be higher, the USD may gain a positive momentum.
Assets for trading: USD/CAD, EUR/USD.
Trump criticizes the Food and Drug Administration (FDA) for being too slow in approving a COVID-19 vaccine. Affects the S&P 500
Storms in the Gulf of Mexico support oil prices. Affects Brent
Analyst at JPMorgan Chase & Co. John Normand called gold too expensive an asset. Affects Gold
The pre-election congress of the Republican Party has started in the USA. Affects USD
Facebook will pay France 104 million euros in unpaid taxes. Affects Facebook
Johnson & Johnson
There are several dozen companies in the United States that have made significant progress in the development of the COVID-19 vaccine. However, there is still no FDA-approved drug. For this reason, President Trump criticized the work of this department, and the market immediately started talking about a possible acceleration of the vaccine approval process.
Against this background, Johnson & Johnson shares may rise. The company announced the beginning of clinical trials almost a month ago and has already managed to get a contract for $1 billion.
In addition, the stock’s chart has formed an inverted Head and Shoulders pattern, which indicates a likely strengthening of the asset value.
This is a great time to enter a bullish trade, as the asset may once again show movement within its upward channel.
The pair may continue to grow within the boundaries of the “expanding triangle”. The first target of the trend is the resistance level 0.
EUR/GBP on this day in history
- Since 2000, Aug 25th has been a trading day 13 times.
- On 46% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0%.
- The downward trend was limited to 0%.