Today, the focus is on falling sales in Norway, a pandemic forecast, as well as comments by the OPEC Secretary-General.
News
Isabelle Schnabel, a member of the Executive Board of the European Central Bank, said that the ECB needs patience to reach its inflation target. Affects EUR
Australian Prime Minister Scott Morrison spoke out for all the reasons that the COVID-19 pandemic will span the world. Affects AUD
Retail sales in Norway in January: 0.5% with a forecast of 1.1%. Affects NOK
OPEC Secretary-General Mohammed Barkindo on the sidelines of the Saudi Aramco forum commented on the situation with COVID-19 as follows: “We must continue to monitor and pray. Risky Times. ” Affects Brent
Microsoft plans to build data centers in Indonesia. Affects Microsoft
Calendar
08:55 GMT
A preliminary report on the change in the number of unemployed in Germany for February will be published. An increase of 3 thousand is expected. A deviation downward will positively affect the EUR.
13:30 GMT
A report on the dynamics of Canadian GDP in December last year will be released. Growth is projected at 0.1%. If the real amount is higher, CAD can strengthen.
Technical Analysis
Brent
The situation in the oil market is still difficult. Quotations of black gold continue to fall. OPEC, which succeeded in 2018 in containing the collapse, is not in a hurry to make drastic decisions this time. The Secretary-General of the organization Mohammed Barkindo, on the sidelines of the energy forum, said bluntly that the cartel would wait and hope for stabilization.
Perhaps Brent quotes will slow down only at the psychological threshold of 50.00.
GBP/USD
This currency pair’s chart formed the Head and Shoulders reversal pattern, which signals a possible continuation of the downward trend.
S&P 500
Judging by the Fibonacci levels calculated for the minimum and maximum for the period from December 2018 to the present, the asset correction down may last up to 8300.
GBP/USD on this day in history
- Since 2000, Feb. 28th has been a trading day 15 times.
- On 66% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.86%.
- The downward trend was limited to 1.07%.