Today, the focus is on a possible increase in gold production in Russia, Boeing’s test flights, and the quarterly report on US GDP.
Canada’s June GDP report will be released. Growth is projected at 5%. if the real data comes out with a deviation in the big direction, CAD will receive a growth push.
Assets for trading: USD/CAD, EUR/CAD
Bank of England Governor Andrew Bailey will deliver a speech. The event may cause an increase in the volatility of the GBP currency pairs.
Assets for trading: GBP/USD, GBP/JPY
The European aviation regulator will begin test flights of the Boeing 737 MAX on September 7th. Affects Boeing
The preliminary estimate of the US GDP for the second quarter showed a contraction of 31%. Affects USD
Fitch Solutions predicts a significant increase in gold production in 2020-2021. Affects Gold
Hurricane Laura has retreated from the oil producing regions in Mexico, but continues to rage in the US. Affects Brent
Australia has reported a record decline in the incidence of COVID-19. Affects AUD
A block of important economic statistics from the United States entered the market yesterday. Thus, the decline in US GDP in the second quarter of 2020 amounted to 31%, according to preliminary estimates. However, the data came out slightly better than predicted. It is also worth noting that the number of initial applications for unemployment benefits has been stable at about 1 million for the third week in a row, which can be viewed by the market as a positive signal.
However, technical analysis shows a more likely scenario for a fall in the US dollar against the euro. The asset may show a bullish trend to the level of 1.
Boeing shares may resume the bullish trend from the Fibonacci level of 171. The target of the uptrend may be 184.
Probably, the currency pair is preparing to break through the resistance level of 77, which has been holding the pair for more than 1 year. Against the backdrop of news about an improvement in the epidemiological situation in Australia, demand for AUD may grow.
AUD/JPY on this day in history
- Since 2000, Aug 28th has been a trading day 14 times.
- On 57% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1%.
- The downward trend was limited to 1%.