Analytics

News, Trends, & Analytics 30.08.2019

Italy's new government is good news for Europe

Argentina is looking to restructure their debts, Labour Party opposition wants an election, & Italy’s ability to form a new coalition was praised by Germany.

 

News

Argentina will negotiate with holders of its sovereign bonds and the International Monetary Fund to extend the maturities of its debt obligations as a way of ensuring the country’s ability to pay, Treasury Minister Hernan Lacunza said on Wednesday. Affects the ETF MSCI Brazil


German inflation slowed in August and unemployment rose, data showed on Thursday, adding to signs that Europe’s largest economy is running out of steam and cementing expectations of a new European Central Bank stimulus package next month. Affects EUR


The finance chief of Britain’s main opposition Labour Party said they are still open to calling a vote of no confidence in Prime Minister Boris Johnson’s government and would welcome the chance of a general election. Affects GBP


France’s economy expanded faster than expected in the second quarter, proving – for now – to be impervious to the slowdown taking hold of the broader eurozone, official data showed on Thursday. Affects EUR


German Finance Minister Olaf Scholz said on Thursday that the formation of a new Italian coalition government was good news for Europe and that he was glad to see that a “stable and progressive” government could take over. Affects EUR

 

Calendar

09:00 GMT

The EU’s CPI (YoY) for August will be released. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. Affects EUR.


12:30 GMT

The Canadian GDP (MoM) for June will be published. Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. Affects CAD.

 

Technical analysis

EUR/USD

The Italian President instructed Giuseppe Conte to form a new government. Recall that politicians managed to make up their minds and form a new coalition, thereby avoiding early elections.

Despite this, the currency pair will continue its downtrend and try to break through the support level at 1.10500.

Brent

Oil quotes are prone to growth, as the chart formed a reversal pattern Triple Bottom.

EUR/AUD

On the four-hour timeframe, the candlestick model Bearish External Bar appeared. We expect a decline in quotes.

 

EUR/AUD on this day in history

  • Since 2000 August 30th has been a trading day 14 times.
  • On 29% of those days, the asset ended with growth.
  • The maximum reinforcement range was 0.79%.
  • The trend down was limited to 0.79%.
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