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News, Trends, & Analytics 29.08.2019

An unexpected step was taken by the Prime Minister of Great Britain

Mortgage applications fell in the U.S., Russia is not a fan of Washington’s newest sanctions, & Boris Johnson asks the queen for help with Brexit.

 

News

By cutting the amount of time it sits between now and the EU exit day on Oct. 31, British Prime Minister Boris Johnson moved to limit Parliament’s opportunity to derail Brexit. Affects GBP


The Russian Foreign Ministry said on Wednesday, new U.S. sanctions against Russia linked to the poisoning of former Russian double agent and his daughter that came into force on Monday are harming the possibility of normalizing bilateral ties, RIA news agency reported. Affects RUB


The Mortgage Bankers Association said on Wednesday, the U.S. mortgage applications recorded their biggest weekly drop in over four months as home borrowing costs posted their first broad increase in six weeks. Affects the U.S. Real Estate ETF


Alphabet Inc’s Google is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia. Affects Google


The RIA news agency cited a Russian official as saying on Wednesday, Russia and Turkey are discussing the possibility of deliveries of the Russian-made Sukhoi Su-57 stealth fighter jet and Su-35 aircraft to Turkey. Affects TRY

 

Calendar

12:30 GMT

The USA’s GDP (QoQ) for Q2 will be released. It is the broadest measure of economic activity and the primary indicator of the economy’s health. Affects USD.


14:00 GMT

U.S. Pending Home Sales (MoM) for July will be published. The National Association of Realtors (NAR) Pending Home Sales Report measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. Affects USD.

 

Technical analysis

GBP/USD

The Prime Minister of Great Britain asked the Queen to limit the work of Parliament from September 9 to October 14. Analysts believe that in this way Johnson wants to avoid another Brexit transfer. Labor leader Jeremy Corbin is trying to challenge his request.

Meanwhile, the British currency has lost more than 0.5%, and the chart of the currency pair has formed a Triple Bottom.

Gold

Traders understand that gold is overbought. The absence of bad news can lead to lower tensions and lower prices for the precious metal.

GBP/AUD

The pair’s 4-hour chart formed a bearish signal in the form of divergence according to the MACD indicator.

 

GBP/AUD on this day in history

  • Since 2000 August 29th has been a trading day 15 times.
  • On 53% of those days, the asset ended with growth.
  • The maximum reinforcement range was 1.53%.
  • The trend down was limited to 1.13%.

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