Eurozone Aims Higher

The European Central Bank has raised its forecast for the eurozone economic growth for this year from 1.9 to 2.2 percent, which is the fastest growth in 10 years. According to Mario Draghi, the President of the ECB, the “19-country bloc grew faster than expected in the first half of the year” as the central bank has always kept its interest rates unchanged across the eurozone, at their current record lows. He also added that the bank could take decisions about its stimulus measures next month. The bank has lowered its forecast for the eurozone inflation to 1.2 percent next year and 1.5 percent in 2019.

source:BBC News, CNBC

U.K. releases its manufacturing production for the month of July at 08:30 GMT today, while Canada will publish its employment change for August at 12:30 GMT. Germany is all set to mass produce electric cars by 2020 and offer 12 different models by 2025 as carmakers want to gain share in the industry, dominated by U.S. upstart Tesla. BMW sold 2.34 million cars last year and announced its shift into more electric cars the same day its rival Jaguar revealed to offer electric vehicles.

Amazon said it plans to open a second company headquarters in North America and it expects to invest over $5 billion in construction and include as many as 50,000 high-paying jobs. Otherwise, China reported its August exports on Friday, which surged by 5.5 percent from a year ago in dollar terms while its imports edged up by 13.3 percent in dollar terms. China’s August trade balance was $41.99 billion and according to report, China’s economic data has showed a robust growth ahead of its leadership changes which will take place later this year.

Technical Analysis

UKOIL

UKOIL

The last time, the brent crude traded positively was on Wednesday and it eventually shifted towards a much volatile trend on the commodity market. Yesterday, it started tumbling around 09:00 GMT and was seen fluctuating through the day. Today, it initiated its session positively, pulled by bullish candles till $54.72 a barrel by 04:00 GMT, its highest level since April, on a sharp drop in U.S. production.

AUD/USD

AUD/USD

Since Wednesday, the AUD/USD pair is seen picking up momentum on the foreign exchange market, it had a strong performance yesterday, settling at its highest level since May 15, 2015 and it even ended its session bullishly. It was last quoted on a bullish candle today at the 0.81052 level around 03:00 GMT today. It could rise further through the day, following the positive trend set earlier today.

SPX500

SPX500

In yesterday’s early trade session, the S&P 500 was seen much volatile on the market and gained strength later around 17:00 GMT and closed this bullish trend at a record high of 2467.2 points by 22:00 GMT. A look at the Wall Street index depicts much volatility on the market today and it could maintain this trend through the day, according to the Ichimoku Cloud indicator.

Things to watch on the market

Tip 1

Traders can consider trading on the euro currency, with pairs such as the EUR/USD, EUR/GBP and EUR/JPY as the euro soared higher on Thursday.

 

Tip 2

Consider trading on the EUR/GBP, GBP/USD, USD/CAD, GBP/CAD in regards to events taking place today, along with shares of BMW, which prepares itself to beat its competitors.

 

Tip 3

Shares of Amazon can be traded with the TradeReplica tool, along with the Shanghai Composite.