What to Trade on August 22–26?
How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
Market outlook on May 19
How did Merkel push EUR up? What company will first make a vaccine? How long will oil rise? You’ll find all answers in the article!
Angela Merkel switched sides
Germany and France made a deal to fund $546 billion to support members of the European Union, that’ve been hit hardest amid the coronavirus. It was a surprise as only recently Germany made a decision that the EU's mass bond-buying violates the German constitution. It was a clear message that Germany doesn’t want to spend more money to support poor EU members. And now, Angela Merkel breaks the German taboo and lend money to the EU. Why? Is it the fight for the European idea? Anyway, everyone seems happy now except Austria, Netherlands and Denmark. As a result, EUR climbed on optimistic news.
Let’s look at some technical levels. If the price crosses the resistance line at 1.098, it can go even higher and reach 1.114. Otherwise, it goes down to the support line at 1.084, and after it may dip down to 1.0775.
Moderna Inc’s can save the world
The American biotech company Moderna revealed positive results on testing. The small group of volunteers managed to produce protective antibodies, what is definitely a good sign. Let’s wait for future tests and fingers crossed! Yesterday the stock jumped and almost reached $86. However, today it’s moving down.
Oil prices continue growing up
The vaccine optimism turned the market into the risk-on mode. The oil price formed a steady upward trend. It’s a result of a reduced supply and a boosted demand. The WTI price is headed to $35 a barrel. Support are at 23 and 20.
Stocks gain
An overall positive mood pushed the stocks indexes up. Just look at it! On Wall Street overnight, the S&P 500 gained 3.15%. The Dow Jones Industrial Average rose 3.85% and the Nasdaq Composite added 2.44%. Very promising!
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The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
