Analytics

Weekly News 01.06.2020–05.06.2020

Introducing the most complete review of the upcoming week from analysts Olymp Trade


Notable events of this week include the resumption of domestic tourism in the EU, new products from BMW and Sony, and public hearings in the US Senate.

 

Economic Calendar

  • 01.06 17:00 GMT 🇺🇸Purchasing Managers Index — EUR/USD ▼
  • 02.06 07:55 GMT 🇩🇪Purchasing Managers Index — EUR/USD ▼
  • 03.06 12:15 GMT 🇺🇸ADP Employment Report — EUR/USD ▲
  • 04.06 08:30 GMT 🇬🇧Construction Purchasing Managers Index — GBP/USD ▲
  • 05.06 12:30 GMT 🇺🇸Nonfarm Payrolls— USD/СAD ▼

 

June 1. Resumption of Domestic Tourism in the EU. A Day Off in Some Countries

The European countries have agreed to resume domestic tourism as of 1 June and to open borders with each other. The region continues to recover from the shock of the COVID-19 pandemic. The European Commission has already agreed on a € 750 billion fund to counter the damage to the economy. Europe’s recovery plan is designed for the period until 2027.


June 1 is an official day off in Norway, Australia, Germany and Switzerland. For this reason, the volatility of such currencies as NOK, CHF and AUD may slightly decrease.

 

June 2. BMW Presents New Products

BMW will launch a number of new products: BMW 4 Series Coupe, as well as the redesigned 5 Series and Gran Turismo. Due to the COVID-19 pandemic, the launch will be digital.

 

June 3. Public Hearing on the “Trump Case”. PS5 Presentation

The first public hearing on the results of the investigation into Russian interference in Donald Trump’s campaign is to take place on this day. Former Deputy Attorney General Rod Rosenstein will testify before the Senate Judiciary Committee.


Sony plans to unveil its Playstation 5, as well as several games for this console. The date hasn’t been confirmed yet, but most likely, the virtual presentation will take place on June 3.

 

June 4. Signs of Recovery in the US

Hotels and betting facilities will reopen in Nevada (USA) after the quarantine. On the same day, the U.S. Citizenship and Immigration Service will reopen its offices throughout the country.

 

June 5. Russia Puts New Wells on Hold

By June 5, the Russian Ministry of Energy will prepare a revised plan to support the oilfield services sector. In particular, the plan provides the creation of a fund of non-operating wells. According to the Russian Ministry of Energy, drilling of new wells will continue in 2020-2021, but they won’t be put into production.

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