Today the focus is on Alibaba’s scandal, Australian tech laws, Eurozone sentiment.
The German Unemployment Change for August will be released. Forecast: -40K. If the data is lower than expected the DAX could receive a positive push.
Assets to trade: DAX, EURO STOXX 50
The Eurozone CPI (YoY) for August will be published. Forecast: 2.7%. If the results are lower than anticipated the EUR could receive a negative push.
Assets to trade: EUR/CAD, EUR/AUD, EUR/JPY
The Canadian GDP (MoM) for June will be announced. Forecast: 0.7%. If the data is higher than forecast the CAD could see positive pressure.
Assets to trade: EUR/CAD, CAD/CHF, CAD/JPY
The US CB Consumer Confidence report for August will be released. Forecast: 124.0. If the report is below expectations, the USD could experience negative pressure.
Assets to trade: NZD/USD, USD/MXN, USD/TRY
Alibaba Group Holding Ltd dismissed 10 employees for publicizing a female colleague’s account of sexual assault allegations against a former manager. Affects Alibaba
Eurozone economic sentiment has eased more than expected in August from a record high in July, hit by a sharp drop in optimism in France and the Netherlands, while selling price expectations in industry peaked, signaling inflationary pressure. Affects EUR
The Australian government is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet’s Google. Affects Apple & Google
McDonald’s and some U.S. fast-food restaurants are closing indoor seating areas or limiting hours of operation because of the spread of the Delta variant of COVID-19, according to franchisees. Affects McDonald’s
Germany’s annual consumer price inflation accelerated to hit a fresh 13-year high in August, data showed on Monday, underlining growing price pressures as Europe’s largest economy recovers from the pandemic and companies struggle with supply shortages. Affects EUR
The US economy is humming along trying to find a new normal, though fears of new COVID-19 measures loom large. The eurozone has seen consumer confidence drop in its largest economies as concerns around the Delta variant strangle hopes of further opening and normalizing.
The pair is trading into a stiff resistance zone, and prices could fall again.
Though prices are currently trending down, prices could reflect upward off of the support level.
The metal has sustained a slow uptrend likely to continue after the slight pullback.