Sunday 26/07/2020 - Recap of the week & looking to the week ahead
Updated: Oct 29, 2020
Last week had us all on the edge of our seats as the UK Government confirmed in no way was it to partner with the Chinese owned, Huawei's Technologies Co, Ltd. The UK Government stood alongside the US in agreement believing the tech company to be spying and as a result all tech currently being used by mobile providers is to be removed by 2027.
In the same week we heard how the Russian Government had used technology to possibly affect the outcome of the Brexit referendum, which the British PM strongly disagreed with.
With all this talk of cyber activity you would assume there would be a possible impact with the internet security companies selling their products and service, however that indication has yet to be seen in Nasdaq. Having said that it may best to keep an eye on the Nasdaq, Microsoft and Apple in the week ahead for a shift either long or short as to the sentiment in the market.
Both Gold and Silver seemed to end off the week on a flat note, lets see this week what the sentiment is, and how people are feeling about the Covid-19 virus as we slowly adjust to this knew norm of living.
This week we saw another positive move long as the EUR/USD reached a high of 1.16538. In part the strength we have seen this week is a result of the good news of an EU recovery fund of EUR750bn which has proved to be most positive for the Forex markets.
What we know about this fund is that it is split into two parts:
There will be EUR390bn released to countries hit hard by Coronavirus such as Spain and Italy.
The balance of EUR360bn is to be made available to to assist with interest rates across Europe.
As a result we expect this to be good for certain bonds as well as equities such as the DAX30 and the CAC40 which have already been positively impacted by this fantastic decision.
There is concern that within the next week there will be a level pullback which would be wise to observe in the EUR/USD charts. Currently the Euro is running bullish, but you know how the saying goes - what goes up must come down.
Happy trading, trader!
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