Analytics

 News, Trends, & Analytics 25.11.2020

The US May Get New Treasury Secretary

Today, the focus is on the end of quarantine in the UK, the growth of bitcoin, as well as the possible appointment of Janet Yellen to the post of US Treasury Secretary.

 

Calendar

13:30 UTC

A report on basic US durable goods orders for October will be released. The indicator is forecast to grow by 0.1%. If the final value is higher than the forecast, the USD will get positive momentum.

Assets to trade: USD/CHF, EUR/USD


13:30 UTC

A report on the US GDP growth rate for Q3 2020 will be published. Growth is expected by 33.2%. If the real data turns out to be higher, the USD will receive a positive impulse.

Assets to trade: USD/CHF, EUR/USD


15:00 UTC

The report on changes in US crude oil reserves will be published. Forecast: reduction of reserves by 333 thousand barrels. However, if inventories rise, this will have a negative impact on Brent.

Assets to trade: Brent


19:00 UTC

The publication of the FOMC minutes of the US Federal Reserve will take place. The event may cause an increase in USD volatility.

Assets for trading: USD/CHF, EUR/USD

 

News

Former US Federal Reserve Chairman Janet Yellen may become Treasury Secretary. Affects S&P 500


In the UK, the quarantine will end on December 2. Affects GBP


Bitcoin breaks new records thanks to the support of investment funds. Affects Bitcoin


The German finance minister, Olaf Scholz, expects the adoption of a common EU budget in the coming days. Affects EUR


Goldman Sachs questioned the future of OPEC+. Affects Brent

 

Technical Analysis

S&P 500

The news of Joe Biden’s nomination of former US Federal Reserve Chairman Janet Yellen to the post of Treasury Secretary was greeted with optimism by stock indices. At the same time, the positive trend may continue further, since Yellen led the Fed during the period when the key rate was at the level of 0.25%.

The S&P 500 is trading above the 3580 resistance level, which is positive for the bulls.

AUD/NZD

The currency pair is preparing for a bullish trend. This is shown by a false breakthrough the descending support level.

EUR/AUD

The chart of the currency pair has formed a “Head and Shoulders” pattern, which portends a decline in asset quotes.

EUR/AUD on this day in history

  • Since 2000, November 25th has been a trading day 12 times.
  • On 50% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.64%.
  • The downward trend was limited to 0.58%.
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