Today, the focus is on preliminary agreement on the extension of OPEC+ has been reached, protests in the USA, as well as rising unemployment in Germany.
Saudi Arabia and Russia reached a preliminary agreement to extend production reductions for 2 months. Affects Brent
The number of unemployed in Germany increased by 238 thousand with a forecast of 200 thousand. Affects EUR
Protests in the US have not subsided, but President Trump will not use the military. Affects USD
The Bank of England advised commercial banks to prepare for the fact that London and Brussels will not conclude a business deal. Affects GBP
Hong Kong head Carrie Lam said China’s central authorities will continue the process of enacting the city’s national security law. Affects Hang Seng
The ECB will decide on the interest rate. It is expected that the regulator will maintain a level of 0%. Nevertheless, EUR volatility may increase.
There will be a report on the number of initial applications for unemployment benefits in the United States. Forecast: a growth of 1.8 million. If the real data is higher, the USD will receive a negative driver.
The European currency was ready to receive negative data from the German labor market. However, in addition to unemployment rising to 6.3%, the market received positive data on business activity in the country’s services sector. The indicator reached 32.6 points with a forecast of growth to 31.4 points.
After the formation of the “pin-bar” candlestick model, the currency pair turned around from the support level of 1.50600. Possible continuation of the trend to 1.53000.
Awakening of the bulls is possible in the region of 1700. The asset’s graph clearly showed the boundaries of the upward channel, so the movement of quotations is possible within the indicated range.
The chart of the asset has overcome the resistance level of 0.68000, above which it has not risen since mid-March. Possible continuation of the uptrend.
NZD/CAD on this day in history
- Since 2000, June 4th has been a trading day 13 times.
- On 69% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.86%.
- The downward trend was limited to 1.26%.