Analytics

News, Trends, & Analytics 31.07.2020

US GDP: -32.9%

Today, the focus is on the P&G report, a call for a boycott of Facebook, and a preliminary estimate of US GDP.

 

Calendar

12:30 UTC

Canada’s GDP growth rate report for May will be published. The indicator is forecast to grow by 3.5%. An upward deviation will lead to an increase in CAD.

Assets for trading: AUD/CAD, CAD/JPY.

 

News

Procter & Gamble beat experts’ forecasts for profit. Affects Procter & Gamble


The preliminary estimate of the US GDP for the II quarter showed a drop of -32.9% against the forecast of -34.1%. Affects USD


The organizers of the Facebook advertising boycott called for European companies to join. Influences Facebook


Germany’s GDP decreased by 10.1% in the second quarter. Affects EUR


Retail sales in Hong Kong plunged 24.8%. Affects Hang Seng

 

Technical Analysis

USD/JPY

The first estimate of the US quarterly GDP was slightly more positive than analysts expected. However, the fall of such an important economic indicator by more than 30% may cause a decline in stock indices.

But the USD/JPY currency pair withstood the influence of such a negative. This speaks to the firmness of the bulls. We continue to wait for the asset’s trend reversal.

CAC 40

The French stock index has lost support from the uptrend, which may be a reason for a drop in quotations.

GBP/CAD

Currency pair quotes have been actively growing for almost a week. Traders are waiting for the asset’s correction, which may start from 1.75310. This is evidenced by the Fibonacci levels, calculated at the minimum and maximum for the period from August 2019.

GBP/CAD on this day in history

  • Since 2000, July 31st has been a trading day 14 times.
  • On 57% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.96%.
  • The downward trend was limited to 0.46%.
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