Market Brief May 14th: Cryptos retrace
Bitcoin – New York, one of the major financial hubs of the world, now gathers thousands of individuals to more than 20 conference events. With tickets costing $2000 each and well over 4000 people expected to attend CoinDesk’s Consensus three-day conference, the event is expected to bring in more than $8 million. Despite falling prices of cryptomarkets interest doesn’t seem to subside. It will be interesting to see if prices are impacted after those events takes place or not.
EUR, 07:00 a.m. GMT +1, German GDP (QoQ) (Q1)- change in the total production of goods and services for the main driver of the European Union could cause a major increase in the levels of volatility for the euro and pairs involved. Projections for the first quarter point to a drop in the growth of production at 0.4% for the first quarter of 2018 compared to 0.6% for the last quarter of 2017. Should Gross Domestic Product come in lower than projected, this could drive down the value of the euro. If the number surprises with positive news and beats expectations, this should be read as a bullish factor for the currency.
Wednesday, May 16, 2018
The United States
USD, 13:30 p.m. GMT, Building Permits (Apr)- a key indicator of demand in the housing sector, Building Permits measures the change in the number of permits issued by the government for the month of April. Forecast suggests a decrease in the number of permits at 1.350M compared to 1.379M for the month of February. If the event is reported to miss expectations and permits have gone down even lower, this should be read as a bearish sign for the dollar. A much stronger result, on the other hand, is to be read as a positive factor for the Greenback.
Thursday, May 17, 2018
The United States
USD, 13:30 p.m. GMT+1, Philadelphia Fed Manufacturing Index (May) – business conditions are rated based on the research of 250 manufacturers in the Philadelphia Federal Reserve District. Market analyst forecast points to a decline in the conditions for the month of May at 21.00 compared to the performance from the previous month which came out at 23.2. Just to turn your attention to the fact that this is a second indicator for the U.S. where projections point to a potential slow down. If the actual result is better than expected, this should be taken as a bullish impact on the dollar. If, however, the reading is a significant miss, we could see weakness coming from the currency.
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