Market Brief May 24th: Retail Sales due from the U.K.
EUR, 07:00 a.m. GMT +1, German GDP (QoQ) (Q1) – Gross Domestic Product is a major event for the euro and its pricing. The report shows change in the output of goods and services for the first quarter of 2018 could set the course of direction for the market. Market analyst projections predict for output to remain the same at 0.3% for the first quarter of 2018 same as the previous performance for the 4th quarter of 2017. Should the reading surprise with better than expected results, this should have a positive impact on the euro. A much worse result, however, could lead to price getting even lower.
The United Kingdom
GBP, 09:00 a.m. GMT + 1, BoE Gov Carney Speaks – the head of the central bank. Mark Carney, has strong influence over the valuation of the sterling. Comments from the Governor are related to the future course of monetary policy of the British economy. These often result in responses from the market which can be even in the form of short-term trends or directional moves. Expect higher levels of volatility.
GBP, 09:30 a.m. GMT + 1, Retail Sales (MoM) (Apr) – a prime indicator of consumer spending which shows the inflation -adjusted sales at the retail level. For the month of April, market analysts have an optimistic view forecasting an increase in sales at 0.8% in April compared to – 1.2 scored in March.
The United States
USD, 15:00 p.m. GMT + 1, Existing Home Sales (Apr) – the index measures change in the number of residential homes sold during April. Analyst forecast shows a lower number predicted at 5.56M compared to 5.60M reported in March. If the actual number is better than projections, this should be seen as a positive factor for the U.S. dollar. Conversely, a much weaker performance could bring the currency down.
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